Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Equity Bottom-Up

A shift in our valuation of <a href="https://www.smartkarma.com/entities/132" target="_blank" data-smartkarma-citation="entities:132:1">CK Hutchison Holdings Ltd (1 HK)</a>--from a DCF-only methodology to one that incorporates a sum-of-the-parts total value--lifts our fair value estimate to HKD 120 from HKD 110. We believe a total value approach better reflects CKHH’s potential value, given its varied parts that are not fully reflected in its cash flow. We also incorporate more optimistic ports growth as we factor in a stronger recovery in global trade. While we expect China’s GDP growth to slow, healthy…

A shift in our valuation of CK Hutchison Holdings Ltd (1 HK)--from a DCF-only methodology to one that incorporates a sum-of-the-parts total value--lifts our fair value estimate to HKD 120 from HKD 110. We believe a total value approach better reflects CKHH’s potential value, given its varied parts that are not fully reflected in its cash flow. We also incorporate more optimistic ports growth as we factor in a stronger recovery in global trade. While we expect China’s GDP growth to slow, healthy…

Realizing Its Potential Breakup Value Lifts Our CK Hutchison FVE to HKD 120

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This week I briefly look at recent (&amp; ongoing) bifurcations in <a href="https://www.smartkarma.com/entities/359" target="_blank" data-smartkarma-citation="entities:359:1">Japan Post Holdings Co Ltd (6178 JP)</a> and <a href="https://www.smartkarma.com/entities/52" target="_blank" data-smartkarma-citation="entities:52:1">Wheelock &amp; Co Ltd (20 HK)</a>.These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed as a % - of at least 20%.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.

This week I briefly look at recent (&amp; ongoing) bifurcations in Japan Post Holdings Co Ltd (6178 JP) and Wheelock &amp; Co Ltd (20 HK).These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed as a % - of at least 20%.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.

StubWorld - Set-Up/​Unwind Extremes: Japan Post, Wheelock (6 Sept 2017)

Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a>'s  Waymo could be worth $70bn and Google should IPO Waymo. No doubt there are caveats in the contention.  ... And, well, of course it should IPO Waymo if it gets a pile of money. And Morgan Stanley should get an anchor underwriter spot too! …. <a href="http://www.investors.com/news/technology/google-should-spin-out-waymo-to-beat-tesla-ford-morgan-stanley/" target="_blank">Media reports</a> put this story without batting an eyelash. <a href="http://www.cnbc.com/2017/05/23/alphabets-self-driving-waymo-unit-could-be-worth-70-billion-more-than-gm-morgan-stanley-says.html" target="_blank">This version</a> was even more…

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that Alphabet Inc Cl C (GOOG US)'s  Waymo could be worth $70bn and Google should IPO Waymo. No doubt there are caveats in the contention.  ... And, well, of course it should IPO Waymo if it gets a pile of money. And Morgan Stanley should get an anchor underwriter spot too! …. Media reports put this story without batting an eyelash. This version was even more…

Valuations Without Frontiers: Waymo and Echoes of 2000 (Lessons from KS Li)

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near term valuations seem undemanding to us and are at risk of running ahead of fundamentals. The bottoming out process in 2016 and subsequent run up in 2017 has been on the back of reversal in asset values, narrowing supply-demand imbalance and expectations of supportive commodity demand. We have earlier talked about the sector under ownership and…

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near term valuations seem undemanding to us and are at risk of running ahead of fundamentals. The bottoming out process in 2016 and subsequent run up in 2017 has been on the back of reversal in asset values, narrowing supply-demand imbalance and expectations of supportive commodity demand. We have earlier talked about the sector under ownership and…

Dry Bulk Shipping - Why It's Time for Dry Bulk Stocks to Take a Breather

Hong Kong

CK Hutchison Holdings Limited holds all of the non-property businesses of the Cheung Kong Group and the Hutchison Group, including ports and related services, telecommunications, retail, infrastructure, energy, and movable assets leasing operations.

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CK Hutchison Holdings (1 HK)

Realizing Its Potential Breakup Value Lifts Our CK Hutchison FVE to HKD 120

A shift in our valuation of CK Hutchison Holdings Ltd (1 HK)--from a DCF-only methodology to one that incorporates a sum-of-the-parts total...

Morningstar, Inc.

StubWorld - Set-Up/Unwind Extremes: Japan Post, Wheelock (6 Sept 2017)

This week I briefly look at recent (& ongoing) bifurcations in Japan Post Holdings Co Ltd (6178 JP) and Wheelock & Co Ltd (20 HK).These...

David Blennerhassett

Valuations Without Frontiers: Waymo and Echoes of 2000 (Lessons from KS Li)

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that Alphabet...

Charles De Trenck

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the...

Drewry Maritime Financial Research

Dry Bulk Shipping - Why It's Time for Dry Bulk Stocks to Take a Breather

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near...

Drewry Maritime Financial Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Realizing Its Potential Breakup Value Lifts Our CK Hutchison FVE to HKD 120

A shift in our valuation of CK Hutchison Holdings Ltd (1 HK)--from a DCF-only methodology to one that incorporates a sum-of-the-parts total...

Morningstar, Inc.

StubWorld - Set-Up/​Unwind Extremes: Japan Post, Wheelock (6 Sept 2017)

This week I briefly look at recent (& ongoing) bifurcations in Japan Post Holdings Co Ltd (6178 JP) and Wheelock & Co Ltd (20 HK).These...

David Blennerhassett

Valuations Without Frontiers: Waymo and Echoes of 2000 (Lessons from KS Li)

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that Alphabet...

Charles De Trenck

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the...

Drewry Maritime Financial Research

Dry Bulk Shipping - Why It's Time for Dry Bulk Stocks to Take a Breather

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near...

Drewry Maritime Financial Research

StubWorld - Set-Up/Unwind Extremes: Japan Post, Wheelock (6 Sept 2017)