UAFRS vs As Reported Weekly Highlights - Asia - 2020 06 12
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for GDEX:MYS, 8051:JP, and 300010:CHN.Beijing Lanxum Technology is a service provider of office information system. Co. provides content security management solutions, educational products and management solutions, and video and audio conference solutions and services. Through its subsidiaries, Co. is also engaged in the development and sale of application software, system integration, and other IT services.
GD Express Carrier Bhd is a Malaysia-based investment holding company. The Company's segments are Express delivery and Logistics. The Company, through its subsidiaries, is engaged in the provision of express delivery services, provision of transportation services, rental of computer equipment to related company, provision of facilities and assets management services, provision of insurance services, and engaged in logistics operations. Its domestic express carrier services include next day delivery service, same day delivery service (SDD), diplomatic service, bulk service, reverse charge service, delivery order return service, late pick-up and early deliveries. Its international express carrier services include international delivery service and freight service. Its logistics services include warehousing and distribution, temperature control rooms, packing and customs clearance. The Company has a vehicle fleet of approximately 650 trucks and small vans.
Yamazen is a specialized trading company of producer goods and consumer goods. Along with its affiliates, Co. is engaged in the trading of machine tools, industrial tools and equipment, building materials, and home products. Co.'s principal products include FMS & FMC, industrial robots, CAD/CAM, CAE, factory automation equipment, distribution-related equipment, mechatronics-related equipment, air-conditioning equipment, kitchen equipment, bathroom equipment, water heater, electric equipment, interior/exterior equipment, garden supplies, and others. In addition, Co., through its subsidiaries, is engaged in the event planning, travel agency, warehouse and storage businesses.
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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