UAFRS vs As Reported Weekly Highlights - Asia - 2019 12 20
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for ATHM, SINA, and 2181:JPN.
Persol Holdings is a holding company. Along with its group companies, Co. operates in four business segments. Co. provides temporary staffing and contracting services for general office work; business consulting services, planning and management of businesses; R&D outsourcing support; re-employment support services and overseas recruitment services especially in China and South East Asia. Co. is also engaged in the design and development of network systems; the dispatch of engineers and contract works for machinery design, electrical and electronic design; and the management of recruitment related media such as recruit information magazines and websites.
Sina is an online media company serving China and the global Chinese communities. Co.'s digital media network includes SINA.com (It offers professional content on each of its region specific websites), SINA.com (It provides information and entertainment content from SINA portal customized for WAP users) and Weibo (It is a form of social media, featuring microblogging services and social networking services that allow users to connect and share information). Co. offers an array of services including mobile value added services, online video, music streaming, online games, photo sharing, blog, email, classified listings, fee-based services, e-commerce and enterprise 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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