UAFRS vs As Reported Weekly Highlights - Asia - 2020 07 10
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 000666:CHN, IMI:PHL, and 4626:JPN.Integrated MicroElectronics Inc. (IMI) is a provider of electronics manufacturing services (EMS) and power semiconductor assembly and test services. The Company operates through segments, including Philippines, Singapore/China, Bulgaria, Czech, Mexico, USA and Japan. The Company exports printed circuit board assemblies (PCBA), flip chip assemblies, electronic sub-assemblies, box build products and enclosure systems. It also provides solutions, including product design and development, test and systems development, advanced manufacturing engineering and power module assembly. It is also engaged in the procurement of raw materials, supplies and provision of customer services. The Company serves markets, including automotive, industrial, medical, telecommunications infrastructure, storage device, renewable energy and consumer electronics industries. Its subsidiaries include IMI International (Singapore) Pte. Ltd., IMI USA, Inc., IMI Japan, Inc. and PSi Technologies, Inc.
Jingwei Textile Machinery is principally engaged in the manufacture and sale of textile machinery. Through its subsidiaries, Co. is also engaged in the trading of furnace materials, metals, textile machinery components and charcoal; provision of technology information and technical consultancy services; technical development and manufacture of computer software and hardware; sale of specialized machinery, agricultural machinery, instruments, panel, automobile components, electronic and chemical products, construction materials and wood; investment management; and manufacture and sale of blowing-carding machinery and related components.
Taiyo Holdings is a holding company which is the Group's overall business policy formulation and business management functions. Co.'s Group is mainly involved in the manufacture and sale of chemical products for use in the electronics industries. The main product categories Co. cover are printed wiring board (PWB) materials and flat panel display (FPD) materials. PWB materials are mainly solder resist for PWBs, and FPD materials are chemical materials used mainly in touch panels. Co., through its subsidiaries, is also engaged in the provision of technical services related to PWB, as well as the provision of delivery and warehousing services, and natural energy power generation business.
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- 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
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