UAFRS vs As Reported Weekly Highlights - Asia - 2019 11 22
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 600588:CHN, 3659:JPN, and 036570:KOR.NCsoft is engaged in the development and distribution of on-line games, software licensing and other related services. Co.'s products are "Lineage", "Lineage II", "Guild Wars" and "Tabula Rasa". Co.'s games are massively multiplayer online role-playing games that enable players from different countries play together through the Internet.
Nexon is engaged in the production, development and delivering on-line games. Along with its subsidiaries and affiliates, Co. provides PC online-games and mobile games in Japan, Korea, China, North America and Europe as well as Asian countries. Co.'s principal existing game titles include "MapleStory," "Sudden Attack," "Dungeon & Fighter," "Counter-Strike Online," and "EA SPORTS™ FIFA Online 3." Co. also offers services such as consulting related to PC online-game distribution, in-game advertising, and merchandising incidental to PC online business. As of Dec 31 2017, Co. has 26 consolidated subsidiaries and 14 affiliates.
Ufida Software is engaged in the technology development, consultation, transfer, services and sale of computer software, hardware and peripheral equipment; and, the provision of enterprise management consultation, database and information services. Through its subsidiaries, Co. is also engaged in investments holding; the wholesale and retail of computer and fittings, office use machinery and electronic components; import and export trade; communication and network construction installation, and comprehensive wiring. Co. provides three categories of software products, including enterprise resource planning, management software and financial software.
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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