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.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

We are maintaining our fair value estimate after incorporating Toyota’s first-quarter fiscal 2018 results into our model. Total company operating income fell 10.6% year over year as cost-reduction efforts could not offset incentive spending, higher labor and other spending, and a JPY 35 billion foreign currency headwind. The weaker yen against the dollar provided a JPY 30 billion favorable contribution to operating profit, but a stronger yen against a variety of unnamed currencies, likely in…

We are maintaining our fair value estimate after incorporating Toyota’s first-quarter fiscal 2018 results into our model. Total company operating income fell 10.6% year over year as cost-reduction efforts could not offset incentive spending, higher labor and other spending, and a JPY 35 billion foreign currency headwind. The weaker yen against the dollar provided a JPY 30 billion favorable contribution to operating profit, but a stronger yen against a variety of unnamed currencies, likely in…

Toyota Raises Guidance to Start Fiscal 2018 and Announces Mazda Partnership

Asia and Global Semiconductor and Tech Research

Andrew Lu

<h2>Double digit 2Q17 sales beat but guides 3Q17 below seasonal growth</h2><ul><li>
Double digit 2Q17 sales beat: The leading gaming and AI graphic chip vendor, <a href="https://www.smartkarma.com/entities/5891" target="_blank" data-smartkarma-citation="entities:5891:1">Nvidia Corp (NVDA US)</a> reports 2Q17 EPS of US$0.92, which was US$22 cents or 31% better than Bloomberg consensus estimates mainly due to 14% beat on sales to US$2.23bn (15% q/q and 56% y/y) and 3ppts better on net margin. We attribute 2Q17 sales upside surprise from Pascal-based GeForce gaming (15% q/q, 52% y/y), professional visualization for high-end…</li></ul>

Double digit 2Q17 sales beat but guides 3Q17 below seasonal growth
Double digit 2Q17 sales beat: The leading gaming and AI graphic chip vendor, Nvidia Corp (NVDA US) reports 2Q17 EPS of US$0.92, which was US$22 cents or 31% better than Bloomberg consensus estimates mainly due to 14% beat on sales to US$2.23bn (15% q/q and 56% y/y) and 3ppts better on net margin. We attribute 2Q17 sales upside surprise from Pascal-based GeForce gaming (15% q/q, 52% y/y), professional visualization for high-end…

Nvidia - Most of Good News Priced in if Following the Below Seasonal Sales Guidance?

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

With approx. 90% of names with mkt-cap above ¥50bn already announcing 1Q results, we looked back to see how companies did. If we look at the overall numbers, total Sales is up 7% YoY, OP is up 11% YoY and Net Income is up 26% YoY.At the sector level, Semiconductors &amp; Semiconductor Equipment sales is up 32% YoY and Material sector sales is up 12%. On the other side, only the Retail sector had sales fall YoY. 1Q Sales is down 2% in Retail. Sales for Health Care Equipment &amp; Services is only up 1%…

With approx. 90% of names with mkt-cap above ¥50bn already announcing 1Q results, we looked back to see how companies did. If we look at the overall numbers, total Sales is up 7% YoY, OP is up 11% YoY and Net Income is up 26% YoY.At the sector level, Semiconductors &amp; Semiconductor Equipment sales is up 32% YoY and Material sector sales is up 12%. On the other side, only the Retail sector had sales fall YoY. 1Q Sales is down 2% in Retail. Sales for Health Care Equipment &amp; Services is only up 1%…

1Q Results a Good Start in Japan - 133 Names Achieved More than 30% of Full-Year OP Guidance....

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

<div class="content-highlight"> Retail (+6%), Wholesale (+6%) and Production (+2%)</div> Auto Sales Rebounded to 6% yoy1.7 mm passenger vehicles were sold (both wholesale and retail) in July.  Wholesale, retail and production volume grew 6%, 6%, and 2% year-over-year, respectively, reflecting a rebound in auto industry.Through 7months (7M 2017), retail, wholesale, and production in China grew 2%, 3%, and 5% year-over-year respectively.   SUV sales continued to drive the industry growth. 7M 2017, SUV sales grew by 17.5%, 18.6% and…

 Retail (+6%), Wholesale (+6%) and Production (+2%) Auto Sales Rebounded to 6% yoy1.7 mm passenger vehicles were sold (both wholesale and retail) in July.  Wholesale, retail and production volume grew 6%, 6%, and 2% year-over-year, respectively, reflecting a rebound in auto industry.Through 7months (7M 2017), retail, wholesale, and production in China grew 2%, 3%, and 5% year-over-year respectively.   SUV sales continued to drive the industry growth. 7M 2017, SUV sales grew by 17.5%, 18.6% and…

China's Auto Sales Rebounded in July 2017

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

The press conference held by <a href="https://www.smartkarma.com/entities/73" target="_blank" data-smartkarma-citation="entities:73:1">Toyota Motor Corp (7203 JP)</a> and <a href="https://www.smartkarma.com/entities/20528" target="_blank" data-smartkarma-citation="entities:20528:1">Mazda Motor Corp (7261 JP)</a> on Friday August 4th, announcing a capital tie-up, was quite remarkable, in our view: While there was the usual outlining of the scope of the new partnership, with expected cost synergies, manufacturing projects etc., the main focus was on how the two automakers were going to face an uncertain future together. We have known for a while that there is a lot of soul-searching going on at Toyota, and it seems…

The press conference held by Toyota Motor Corp (7203 JP) and Mazda Motor Corp (7261 JP) on Friday August 4th, announcing a capital tie-up, was quite remarkable, in our view: While there was the usual outlining of the scope of the new partnership, with expected cost synergies, manufacturing projects etc., the main focus was on how the two automakers were going to face an uncertain future together. We have known for a while that there is a lot of soul-searching going on at Toyota, and it seems…

Toyota (7203)- Unusual Press Conference as Mazda Is Treated as Equal

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor (7203 JP)

Toyota Raises Guidance to Start Fiscal 2018 and Announces Mazda Partnership

We are maintaining our fair value estimate after incorporating Toyota’s first-quarter fiscal 2018 results into our model. Total company operating...

Morningstar, Inc.

Nvidia - Most of Good News Priced in if Following the Below Seasonal Sales Guidance?

Double digit 2Q17 sales beat but guides 3Q17 below seasonal growth Double digit 2Q17 sales beat: The leading gaming and AI graphic chip...

Andrew Lu

1Q Results a Good Start in Japan - 133 Names Achieved More than 30% of Full-Year OP Guidance....

With approx. 90% of names with mkt-cap above ¥50bn already announcing 1Q results, we looked back to see how companies did. If we look at the...

Custom Products Group

China's Auto Sales Rebounded in July 2017

Retail (+6%), Wholesale (+6%) and Production (+2%) Auto Sales Rebounded to 6% yoy1.7 mm passenger vehicles were sold (both wholesale and retail)...

JL Warren Capital

Toyota (7203)- Unusual Press Conference as Mazda Is Treated as Equal

The press conference held by Toyota Motor Corp (7203 JP) and Mazda Motor Corp (7261 JP) on Friday August 4th, announcing a capital tie-up, was...

Pelham Smithers Associates

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