UAFRS vs As Reported Weekly Highlights - Asia - 2020 10 02
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 1126:HKG, 1910:HKG, and 300274:CHN.Dream International and its subsidiaries are engaged in the design, development, manufacture and sale of plush stuffed toys and fabric; manufacture and trading of steel and plastic toys; and investment holding.
Samsonite International is active on the travel luggage market. Co. is engaged in the design, manufacture, sourcing and distribution of luggage, business and computer bags, outdoor and casual bags, and travel accessories throughout the world, primarily under the Samsonite® and American Tourister® brand names and other owned and licensed brand names. Co. sells its products through wholesale distribution channels and through Co.'s operated retail stores. Co.'s principal luggage wholesale distribution customers are department and specialty retail stores, mass merchants, catalog showrooms and warehouse clubs. Co. sells its products primarily in Asia, Europe, North America and Latin America.
Sungrow Power Supply Co., Ltd. is a China-based company principally engaged in the research, development and manufacture of photovoltaic inverters, as well as power station system integration businesses. The main products of the Company include photovoltaic inverters, wind energy converters, energy storage systems and motor controllers for electric vehicles, among others. Its power station system integration businesses include the development, design and system integration of photovoltaic power generation projects, as well as the provision of power station-level performance optimization services and operation and maintenance services. The Company operates businesses in both domestic market and overseas market.
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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