UAFRS vs As Reported Weekly Highlights - Asia - 2020 05 29
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 2020:HKG, 2685:JPN, and 538835:IND.Adastria is a holding company mainly engaged in the merchandise sales business. Co. conducts its business through two business units. The Merchandise Sales unit is engaged in the sale of casual clothing and miscellaneous goods to general customers under the brand names of "GLOBAL WORK," "LOWRYS FARM," "LEPSIM," "LOWRYS FARM," "JEANASiS," "RAGEBLUE," "Heather," "niko" and "studio CLIP" through specialty stores. The Logistics unit is engaged in the stocking, inspection, warehousing and shipping of merchandise.
ANTA Sports Products is principally engaged in the manufacturing, trading and distribution of sporting goods, including footwear, apparel and accessories, in the People's Republic of China. As of Dec 31 2014, there were 7,662 ANTA Stores, 1,228 Kids sportswear series stores and 519 FILA stores in China, Hong Kong and Macao.
Intellect Design Arena Limited, formerly Fin Tech Grid Limited, is a holding company. The Company is engaged in the business of software development, and providing software product license and related services. Its geographical segments include India, Middle East & Africa; Asia Pacific; Europe, and Americas. The Company has a portfolio of products across Global Consumer Banking, Central Banking, Risk and Treasury Management, Global Transaction Banking and Insurance. Its Global Consumer Banking products include Digital Core, a Web-enabled banking software; Lending, a loan management system that supports all the financial facilities for the bank for market segments, from retail to corporate; Wealth, an integrated front, middle and back-office solution for private banks, wealth management firms, advisory firms, broker dealers and independent financial advisors, and Quantum Central Banking Solution, a banking solution for the requirements of central banks with technology frameworks.
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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