UAFRS vs As Reported Weekly Highlights - Asia - 2020 10 09
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 028150:KOR, 700:HKG, and RFM:PHL.GS Home Shopping is engaged in retail business through home shopping programs on TV, telemarketing and on-line shopping sites. Co. provides clothes, shoes, cosmetics, furniture, household products and food products through a cable television and Internet.
RFM is engaged in food and beverage industry, specifically in the processing and manufacture of flour, bread, flour-based products such as pasta and cake mixes, sauces, milk and juice drinks, and ice cream. Co. also operates non-food businesses, which include barging services and leasing of commercial/office spaces. Co. segments include: institutional, which manufactures and sells flour, pasta, bakery and other bakery products; and consumer, which manufactures and sells ice cream, meat, milk and juices, pasta products, and flour and rice based mixes. Co.'s other segments consist of insurance, financing, lighterage, moving, cargo handling, office space leasing and other services.
Tencent Holdings Limited is an investment holding company principally involved in the provision of value-added services (VAS) and online advertising services. The Company operates through three main segments. The VAS segment is mainly involved in provision of online/mobile games, community value-added services and applications across various Internet and mobile platforms. The Online Advertising segment is mainly engaged in display based and performance based advertisements. The Others segment is mainly involved in provision of payment related services, cloud services and other services.
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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