Valens Research

UAFRS vs As Reported Weekly Highlights - 2019 12 02

This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 600570:CHN, EDU, and EA:THA.
Energy Absolute

Energy Absolute Public Company Limited is a Thailand-based company engaged in the renewable energy businesses. The Company manufactures and distributes methyl ester biodiesel products, high speed diesel oil and pure glycerine products; generates electricity from solar and wind power, and provides consultation in the project regarding alternative electric energy.

Hundsun Technologies (A)

Hundsun Electronics is engaged in the technology development, provision of consultation and services, and transfer of technical know-how of computer software; the computer systems integration; the design, contract, and installation of automation control engineering; the sale of computers and parts; the manufacture and sale of electronic equipments, communication equipments, computer hardware and external instrumentation; the lease of houses; and the import and export businesses. Through its subsidiaries, Co. is also engaged in the provision of economic information consultation services. Co. develops and sells its products to be used in securities, finance and transportation industries.

New Oriental Education & Technology Group ADS

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Valens Research

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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