UAFRS vs As Reported Weekly Highlights - Asia - 2020 02 21
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 1883:HKG, WNS, and 600271:CHN.AISINO CORPORATION is a China-based company, principally engaged in golden tax and business market business, financial technology and service business and Internet of Things technology and application business. The Company's main products are VAT (value-added tax) anti-forgery tax control systems and related equipment and integrated circuit (IC) cards, among others. The Company is also engaged in network, software and system integration, channel distribution and financial payment businesses.
CITIC Telecom International Holdings is an investment holding company. Through its subsidiaries, Co. is primarily engaged in the provision of financial and operational support; the provision of telecommunications leasing and technology services; the provision of telecommunications consultancy services; the provision of content services to licensed telecoms operators; the provision of systems integration services; the provision of systems integration and maintenance services; property investment and equipment holding. As of Dec 31 2011, Co. conducted its operations through the following segments: voice services, short message services and other telecommunications services.
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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