UAFRS vs As Reported Weekly Highlights - Asia - 2020 09 11
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 030000:KOR, 4587:JPN, and 6287:JPN.CHEIL Worldwide is engaged in the advertising, strategy and consulting, creative media promotion and sports marketing. Co.'s advertising, strategy and consulting services provide brand evaluation and measurement, brand communication and strategies and advertising/marketing strategies and implementation. Co.'s creative media services provide media planning and consulting, sales promotions and public relations promotions. Co.'s sports marketing services provide sponsorship strategic planning and consulting.
PeptiDream is a biopharmaceutical company engaged in the research and development of new drug candidate substances through its proprietary drug discovery development platform system called PDPS (Peptide Discovery Platform System) under joint research and development with domestic and foreign pharmaceutical companies. Co. operates business specialized in special peptide medicine contained L-amino acid, D-amino acid, and/or N-methyl amino acid which enables to create drug candidate substances. Co. is also engaged in the research and development for own drug discovery with its own pipelines, as well as the provision of PDPS technology license to pharmaceutical companies.
Sato Holdings is a holding company mainly engaged in the manufacture and sale of electronic printers, hand labelers and other products. Co. offers electronic printers and hand labelers, integrated circuit (IC) tags and labels, seals, tags, tickets, ribbons and magnetic cards (MC). Co. is also engaged in businesses related to manpower dispatch, employment agency, cargo delivery, electronic equipment inspection and assembly, the maintenance of electronic printers, the construction, application and management of intellectual property (IP), as well as the development of application 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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