UAFRS vs As Reported Weekly Highlights - Asia - 2020 08 21
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions fo 300480:CHN, CO, and 4684:JPN.GL Tech Co Ltd. GL Tech Co., Ltd., formerly ZHENGZHOU GL TECH CO., LTD, is a China-based company principally engaged in research, manufacture and sales of coal mine safety monitoring equipment and systems. The Company's products are divided into coal mine safety monitoring system, coal mine production monitoring system. The Company's main products include gas extraction monitoring equipment, gas extraction monitoring system; dust monitoring equipment, dust monitoring and treatment system; testing instrument (including the components) and monitoring equipment.
Global Cord Blood is a provider of umbilical cord blood storage and ancillary services in China. Co. provides cord blood testing, processing and storage services under the direction of subscribers for a cord blood processing fee and a storage fee. Co. tests, processes and stores donated cord blood, and provides matching services to the public for a fee. Co. also preserves cord blood units donated by the public, provide matching services on such donated units and deliver matching units to patients in need of transplants. Co. has operating cord blood banks in the Beijing municipality, the Guangdong and Zhejiang province.
OBIC is mainly engaged in the provision of system integration, system support, office automation and other computer related services. Along with its affiliates, Co. operates in three business segments. System Integration Services segment develops software for customers based on an analysis of customer requirements for the system. System Support Services segment provides system operation support and maintenance, and hardware maintenance for customers that use Co.'s products. Office Automation Services segment is engaged in the sale of PC-peripherals, telecommunication equipment and related supplies, as well as office furniture. Co. also provides packaged software of financial accounting.
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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