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

<ul><li class="p1">During the past month, authorities have raided pawn shops&nbsp;in Macau that use illegal terminals, economic data in China&nbsp;has shown signs of weakening and Macau gaming revenue&nbsp;in August showed a decline of 35.5% year over year.</li><li class="p1">We&nbsp;plan to adjust our 2015 industry gaming revenue decline&nbsp;from mid-20% to low-30%, partially offset by higher growth&nbsp;in 2017-18 due to the expected completion of the Hong&nbsp;Kong-Zhuhai-Macau bridge in 2017.</li><li class="p1">With a lower revenue base, we have implemented cuts to&nbsp;our fair value estimates: down 15% for MGM China to HKD17.00 per share; down 10% for Galaxy Entertainment to HKD&nbsp;37.00 per share; down 8% for SJM Holdings to HKD 11.00&nbsp;per share; and down 8% for Sands China to HKD 33.00 per&nbsp;share.</li><li class="p1">Our fair value estimate declined by less than 5% for&nbsp;Wynn Macau; thus, we maintain our fair value estimate of&nbsp;HKD 15.00 per share unchanged</li></ul><p>Analysts: Brian Han and Chelsey Tam</p><p>Full report below the fold...</p>

During the past month, authorities have raided pawn shops&nbsp;in Macau that use illegal terminals, economic data in China&nbsp;has shown signs of weakening and Macau gaming revenue&nbsp;in August showed a decline of 35.5% year over year.We&nbsp;plan to adjust our 2015 industry gaming revenue decline&nbsp;from mid-20% to low-30%, partially offset by higher growth&nbsp;in 2017-18 due to the expected completion of the Hong&nbsp;Kong-Zhuhai-Macau bridge in 2017.With a lower revenue base, we have implemented cuts to&nbsp;our fair value estimates: down 15% for MGM China to HKD17.00 per share; down 10% for Galaxy Entertainment to HKD&nbsp;37.00 per share; down 8% for SJM Holdings to HKD 11.00&nbsp;per share; and down 8% for Sands China to HKD 33.00 per&nbsp;share.Our fair value estimate declined by less than 5% for&nbsp;Wynn Macau; thus, we maintain our fair value estimate of&nbsp;HKD 15.00 per share unchangedAnalysts: Brian Han and Chelsey TamFull report below the fold...

Downgrading FVEs of Macau Gaming Coverage; China Economy and Policies Extend Near-Term Uncertainty

Hong Kong

Galaxy Entertainment Group Limited, through its subsidiary, operates casino, hotel and other entertainment facilities in Macau. The company also manufactures sells and distributes construction materials.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Galaxy Entertainment Group (27 HK)

Downgrading FVEs of Macau Gaming Coverage; China Economy and Policies Extend Near-Term Uncertainty

During the past month, authorities have raided pawn shops in Macau that use illegal terminals, economic data in China has shown signs of weakening...

Morningstar, Inc.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)