UAFRS vs As Reported Weekly Highlights - 2019 11 15
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 6861:JPN, TME, and 6324:JPN.Harmonic Drive Systems is mainly engaged in the manufacture and sale of precision actuators and controllers of precision speed reducer equipment that combine motors and sensors, precision positioning devices and systems, as well as precision speed reducer equipment, and the sale of precision planet speed reducer equipment. Through its affiliates, Co. is also engaged in the development, manufacture and sale of harmonic drive products, mechatronics products, cast iron products, electronic devices for marine, industry, as well as information system equipment and hydraulic equipment. Co. provides products under the brand names "HarmonicDrive®," "AccuDrive®" and "Harmonicsyn®."
KEYENCE and its affiliates are mainly engaged in the design, development, manufacture and sale of factory automation ("FA") sensors, opto-electronic equipment and related systems, and high technology hobby products. Co.'s principal products are fiber optic sensor, laser sensor, contact sensor, ultrasonic sensor, pressure sensor, photoelectric sensor, laser sensor (compact), RGB color sensor, proximity sensor and temperature sensor; machine vision, inductive displacement sensor, image measurement system, laser displacement sensor, optical micrometer and digital microscope; bar-code reader, laser marker, programmable logic controller; and safety light curtain.
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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