UAFRS vs As Reported Weekly Highlights - Asia - 2020 03 20
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 603203:CHN, 300379:CHN, and AP:PHL.Aboitiz Power is a holding company. Through its subsidiaries and associated companies, Co. operates within two segments: power generation, which is engaged in the generation and supply of power to various customers under power supply contracts, ancillary service procurement agreements and for trading in wholesale electricity spot market; and power distribution, which is engaged in the distribution and sale of electricity to the end-users. Co. supplies electricity to franchise areas covering a total of 18 cities and municipalities in Central Luzon, Visayas and Mindanao. As of Dec 31 2011, Co. had a total of 740,833 customers.
Beijing Tongtech Co., Ltd. is principally engaged in the research, development and distribution of intermediate products, and the provision of related technology services. The Company is mainly engaged in the provision of basic software, including intermediate products and virtualization software, enterprise mobile information, big data network optimization and government affairs big data, among others. The Company primarily provides application server TongWeb, message intermediate TongLINK/Q, transaction intermediate TongEASY, application integrated intermediate TongIntegrator, general document transfer platform TongGTP and others. The Company also offers development support and product after-sale services. Its products and services are applied in governments, transportation, finance, telecommunication and other industries.
In 2009, just as the dust was settling from the last major equity and credit market crises, we launched a boutique research firm with the intention of breaking Wall Street’s biases and broken incentives:
- GAAP and IFRS have failed to provide rules for reliable financial statement reporting
- Stock analyst recommendations are not grounded in disciplined financial analysis
- Credit agencies have been set up to grossly fail in their responsibilities to investors and the public markets
- Utter lack of willingness of major research firms to employ the the most advanced forensic analysis available
We sought to provide investors and company analysts with a source of information that changed all that.
Many years later, our business model remains because little has changed on Wall Street.
- Corporate credit ratings remain years behind the fundamental underpinnings of company performance
- Stock analysts continue to make recommendations with deeply inherent biases
- Research firms have failed to break down the walls between credit, equity, and macroeconomic research
- The governing accounting bodies have created more leeway for mis-estimates and mis-classifications as financials have become unwieldy and overwhelming
The integrity of Valens Research is founded in our disciplined processes and analytics. No “star” analysts. No corporate advisory relationships. No-nonsense opinions and recommendations.
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