UAFRS vs As Reported Weekly Highlights - Asia - 2020 07 24
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 603990:CHN, 600588:CHN, and 2020:HKG.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.
Suzhou MedicalSystem Technology Co., Ltd. is a China-based company principally engaged in the research and development of clinic information system (CIS) software and the provision of overall solution of clinical-informatization. The Company's products mainly include DoCare series clinic medical management system software and clinical-informatization overall solutions. Its DoCare series clinic medical management system software include DoCare anesthesia clinical information system, DoCare severe clinical information system, DoCare operation medical behavior management system, DoCare emergency clinical information system, as well as DoCare pre hospital first aid clinical information system. Its products are mainly applied in hospitals. The Company mainly operates its business in domestic market, with East China, Northeast, North China and Central China as its major markets.
Ufida Software is engaged in the technology development, consultation, transfer, services and sale of computer software, hardware and peripheral equipment; and, the provision of enterprise management consultation, database and information services. Through its subsidiaries, Co. is also engaged in investments holding; the wholesale and retail of computer and fittings, office use machinery and electronic components; import and export trade; communication and network construction installation, and comprehensive wiring. Co. provides three categories of software products, including enterprise resource planning, management software and financial software.
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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