UAFRS vs As Reported Weekly Highlights - Asia - 2020 03 13
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 2914:JPN, 300079:CHN, and 600699:CHN.Japan Tobacco is mainly engaged in the manufacture and sale of tobacco products in the domestic and overseas markets. Along with its affiliates, Co. operates in four principal business segments: Japanese domestic tobacco, international tobacco, pharmaceutical, and processed food. Co. is engaged in the manufacture and sale of cigarettes in Japan and overseas; the research, development, manufacture and sale of ethical pharmaceuticals; and the manufacture and sale of frozen and ambient processed foods, bakery items and seasoning. In addition, Co. is involved in the leasing and management of real estate and the other businesses.
Liaoyuan Joyson Electronic is engaged in the production of spinning and weaving products, as well as chemical fiber products. In addition, Co. is also engaged in the manufacture of health care fiber and composite fiber; and the development of of real estate. Co.'s main products include polyester fiber products, polyurethane fiber products, polypropylene fiber products, cotton spinning made products and real estate property.
Sumavision Technologies Co.,Ltd. is a China-based company principally engaged in the research, development, production, distribution and provision of services of digital broadcasting and television software and hardware. The Company's main products and services include cloud and big data services, digital television systems and services, new media technology services and applications, intelligent gateway and terminals, financial and Internet financial technology services and applications, as well as television operation system (TVOS) and security products, among others. The Company distributes its products in domestic market and to overseas markets.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.