UAFRS vs As Reported Weekly Highlights - Asia - 2020 08 07
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 000049:CHN, 6415:TAI, and 9627:JPN.AIN HOLDINGS is a holding company. Co., through its subsidiaries, is mainly engaged in the management and franchising of pharmacies and drugstores. Co. operates 1,066 dispensing pharmacies and 52 drugstores including franchises as of Apr 30 2017. Dispensing Pharmacy segment is engaged in the operation and franchising of dispensing pharmacies, the provision of consulting services and staffing services, and the sale of generic drugs. Drug and Cosmetic Store segment operates drugstores which offer medical products, quasi drugs, cosmetics, foods and living ware; and provides consulting services to set up shopping centers. Others segment is engaged in the leasing of real estate.
Shenzhen Dasey Battery Technologies is engaged in the development and sale of non-mercury alkali-manganese batteries, primary lithium batteries, zinc air batteries, Ni-MH rechargeable batteries, lithium polymer batteries, fuel cell and other type of batteries, batteries materials, parts and equipment; technology development and sale of power system management and new type electronic components; technical development and sale of wireless telecommunication products and parts; and investment and development of industries. Co.'s major products are marketed under the brand of "DESAY".
Silergy and its subsidiaries are principally engaged in the research and development, design, and sale of power-management integrated circuit products, and related technical services. Co.'s major products include LED lighting, tablet computers, notebook computers, solid-state drives, video surveillance systems, servers, digital set-top boxes, smart phones, televisions, LED backlight modules, routers, mobile power sources, and smart meters.
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
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