Valens Research

UAFRS vs As Reported Weekly Highlights - Asia - 2020 05 08

This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for PGOLD:PHL, 600633:CHN, and 002776:CHN.
Guangdong Bobaolon (A)

Guangdong Bobaolon Co Ltd. GUANGDONG BOBAOLON CO., LTD. is a China-based company principally engaged in clothing design, and provides matching organization production of design styles according to the customer's requirements. The Company's products include T-shirts, shirts and others. The Company distributes its products in domestic markets.

Puregold Price Club Inc.

Puregold Price Club is engaged in the business of trading goods such as consumer products (canned goods, housewares, toiletries, dry goods, food products, pharmaceutical and medical goods, etc.) on a wholesale and retail basis. As of Dec 31, 2015, Co. has 282 operating stores and 16 food service stalls in Metro Manila, North Luzon, South Luzon, Visayas and Mindanao, Philippines..

Zhejiang Daily Digital Culture Group (A)

Shanghai Whitecat Shareholding is engaged in the manufacture and sale of scouring pads, paper products, consumer goods, clothing, sanitizing utensils for household-purpose; mesh bags and and chemical products; industry investment; domestic trading; provision of packaging and printing services; export of Co.'s self-produced products and technologies; and import of production and research-needed auxiliary materials, machineries and equipments, instruments, spare parts and technologies. Through its subsidiaries, Co. is also engaged in the provision of beauty treatment and tooth cleaning services. Co.'s products include toothpaste, sodium lauryl sulfate, sorbite and composite tube.

Valens Research
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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