UAFRS vs As Reported Weekly Highlights - Asia - 2020 08 28
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 300538:CHN, 2181:JPN, and 000666:CHN.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.
Persol Holdings is a holding company. Along with its group companies, Co. operates in four business segments. Co. provides temporary staffing and contracting services for general office work; business consulting services, planning and management of businesses; R&D outsourcing support; re-employment support services and overseas recruitment services especially in China and South East Asia. Co. is also engaged in the design and development of network systems; the dispatch of engineers and contract works for machinery design, electrical and electronic design; and the management of recruitment related media such as recruit information magazines and websites.
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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