UAFRS vs As Reported Weekly Highlights - Asia - 2019 12 06
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 2269:HKG, 000568:CHN, and CPALL:THA.CC.P. All Public Co. is mainly engaged in the businesses of operating convenience stores, cash and carry, payment centers and the related supporting services. Co. operates convenience stores under the 7-Eleven trademark and franchises to other retailers in the territory of Thailand. Co. has three segments: Segment 1, which consists of convenience stores; Segment 2, which consists of cash and carry; and segment 3, which consists of Co.'s other operations including bill payment services. At Dec 31 2014, Co. owned 3,570 7-Eleven convenience stores, 3,916 7-Eleven convenience stores under management agreements to other retailers and 641 7-Eleven convenience stores under sub-license agreements.
Luzhou Lao Jiao is engaged in the production and sale of "Luzhou Lao Jiao" series of wine and fermentation products; import and export business; technology transfer; and sale of automobile parts, construction materials and chemical raw materials. Through its subsidiaries, Co. is also engaged in the production, packaging and sale of distilled wine; real estate development, property management, landscaping engineering; construction project; the wholesale and retail of wine products; the provision of tourism services; and production and sale of glass products.
Wuxi Biologics Cayman Inc. WUXI BIOLOGICS (CAYMAN) INC. is an investment holding company. The Company along with its subsidiaries is mainly engaged in the discovery, research and development, manufacturing and sales of biologics products. The Company's primary products include the clinical active pharmaceutical ingredients, sterile liquid preparations, freeze-dried preparations, as well as small molecules antibiotics for injection drugs. The Company mainly distributes its products in the United States of America (USA) and the People's Republic of China (PRC) markets.
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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