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

Nippon Steel Corporation / Equity Bottom-Up

We see little in <a href="https://www.smartkarma.com/entities/961" target="_blank" data-smartkarma-citation="entities:961:1">Nippon Steel &amp; Sumitomo Metal Corp (5401 JP)</a>'s, or NSSMC’s, 2020 Midterm Management Plan, which runs from fiscal 2019 (ending March) to fiscal 2021, that will change our view on the firm. We think NSSMC remains overvalued and we reduce our fair value estimate to JPY 2,090 (from JPY 2,130) mainly due to a higher-than-expected capital expenditures guidance, which lowers our free cash flow assumptions. Our no-moat and stable moat trend ratings remain.Among the key initiatives in…

We see little in Nippon Steel &amp; Sumitomo Metal Corp (5401 JP)'s, or NSSMC’s, 2020 Midterm Management Plan, which runs from fiscal 2019 (ending March) to fiscal 2021, that will change our view on the firm. We think NSSMC remains overvalued and we reduce our fair value estimate to JPY 2,090 (from JPY 2,130) mainly due to a higher-than-expected capital expenditures guidance, which lowers our free cash flow assumptions. Our no-moat and stable moat trend ratings remain.Among the key initiatives in…

NSSMC’s 2020 Midterm Plan Mainly Focuses on Steel; FVE Lowered to JPY 2,090; Shares Overvalued

Thematic (Sector/Industry)

After meeting with steel and aluminum executives at the White House on March 1, President Donald Trump announced that he'll be enacting a 25% steel tariff next week. It is unclear, however, if this approach will be applied in a blanket fashion to all countries or only to a targeted list of countries. In its Feb. 16 Section 232 report, the blanket tariffs proposed by the U.S. Department of Commerce were 24% for all steel imports, which is less severe than the figures indicated by Trump on March…

After meeting with steel and aluminum executives at the White House on March 1, President Donald Trump announced that he'll be enacting a 25% steel tariff next week. It is unclear, however, if this approach will be applied in a blanket fashion to all countries or only to a targeted list of countries. In its Feb. 16 Section 232 report, the blanket tariffs proposed by the U.S. Department of Commerce were 24% for all steel imports, which is less severe than the figures indicated by Trump on March…

Minimal Impact on Our Asian Steel Coverage Following U.S.Steel Import Tariffs; FVEs Unchanged

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSE Tokyo Price Index TOPIX / Technical Analysis

Economic data finally confirms what the charts have been saying all year: global growth in the major regions is now in sync.  We see the bullish advance in equities continuing well into 2018, a continuation of a long-term trend. However, the Sectors that propel this trend may be different.In our December International Strategy, we explore these and the following themes in further detail: <ul><li>Overweight Japan. </li><li>Cyclicals continue to lead, defensive continues to lag. </li><li>Actionable Sector/Group themes:<ol><li>Global banks are breaking out/bullishly inflecting. </li><li>Energy is bottoming – still a non-consensus view. </li><li>Pullback opportunity in metals &amp; mining.</li></ol></li></ul>

Economic data finally confirms what the charts have been saying all year: global growth in the major regions is now in sync.  We see the bullish advance in equities continuing well into 2018, a continuation of a long-term trend. However, the Sectors that propel this trend may be different.In our December International Strategy, we explore these and the following themes in further detail: Overweight Japan. Cyclicals continue to lead, defensive continues to lag. Actionable Sector/Group themes:Global banks are breaking out/bullishly inflecting. Energy is bottoming – still a non-consensus view. Pullback opportunity in metals &amp; mining.

International Equity Strategy: Bullish Big Picture

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

We commented earlier that Kobe Steel's downward revision to recurrent profit guidance was too conservative and that the assumptions for the Steel and Construction Machinery segments in particular were highly unrealistic. If our analysis is correct, this puts the company at less than 7x PE and less than 5x EV/EBITDA before factoring in recall or compensation costs for products with falsified specifications. While these potential costs could have a large impact and represent a significant risk…

We commented earlier that Kobe Steel's downward revision to recurrent profit guidance was too conservative and that the assumptions for the Steel and Construction Machinery segments in particular were highly unrealistic. If our analysis is correct, this puts the company at less than 7x PE and less than 5x EV/EBITDA before factoring in recall or compensation costs for products with falsified specifications. While these potential costs could have a large impact and represent a significant risk…

Kobe Steel: Steel and Construction Machinery Businesses Likely to Drive Recurrent Profit to JPY75bn

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Nippon Steel Corporation / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/961" target="_blank" data-smartkarma-citation="entities:961:1">Nippon Steel &amp; Sumitomo Metal Corp (5401 JP)</a> 's strategic alliance partner <a href="https://www.smartkarma.com/entities/208" target="_blank" data-smartkarma-citation="entities:208:1">POSCO (005490 KS)</a> is selling USD200 worth of shares in NSSM after market close today. In this insight, we will have a look at NSSM's fundamentals, the background of the deal and score the deal in our ECM Framework. <h2>Placement specifics</h2><ul>
<li>Company Name: Nippon Steel &amp; Sumitomo Metal Corp</li>
<li>Ticker: 5401 JP</li>
<li>Secondary offering</li>
<li>Settlement date: 6 Nov, 2017</li>
<li>Bookrunner: BAML, NOMURA</li>
<li>Indicative deal price: JPY2,676 - 2,758 per share</li>
<li>Last…</li>
</ul>

Nippon Steel &amp; Sumitomo Metal Corp (5401 JP) 's strategic alliance partner POSCO (005490 KS) is selling USD200 worth of shares in NSSM after market close today. In this insight, we will have a look at NSSM's fundamentals, the background of the deal and score the deal in our ECM Framework. Placement specifics
Company Name: Nippon Steel &amp; Sumitomo Metal Corp
Ticker: 5401 JP
Secondary offering
Settlement date: 6 Nov, 2017
Bookrunner: BAML, NOMURA
Indicative deal price: JPY2,676 - 2,758 per share
Last…


Nippon Steel Placement: Fundamentals Improving but Nothing Too Exciting

Japan

Nippon Steel Corp is an integrated steel maker. The Company produces various types of steel products used for industrial machinery & equipment and exports them worldwide.  Nippon Steel provides plant construction and urban development and also develops new businesses such as chemicals, ceramics, electronic equipment and information & communication systems.

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Nippon Steel Corporation (5401 JP)

NSSMC’s 2020 Midterm Plan Mainly Focuses on Steel; FVE Lowered to JPY 2,090; Shares Overvalued

We see little in Nippon Steel & Sumitomo Metal Corp (5401 JP)'s, or NSSMC’s, 2020 Midterm Management Plan, which runs from fiscal 2019 (ending...

Morningstar, Inc.

Minimal Impact on Our Asian Steel Coverage Following U.S.Steel Import Tariffs; FVEs Unchanged

After meeting with steel and aluminum executives at the White House on March 1, President Donald Trump announced that he'll be enacting a 25% steel...

Morningstar, Inc.

International Equity Strategy: Bullish Big Picture

Economic data finally confirms what the charts have been saying all year: global growth in the major regions is now in sync. We see the bullish...

Vermilion Research

Kobe Steel: Steel and Construction Machinery Businesses Likely to Drive Recurrent Profit to JPY75bn

We commented earlier that Kobe Steel's downward revision to recurrent profit guidance was too conservative and that the assumptions for the Steel...

Mio Kato

Nippon Steel Placement: Fundamentals Improving but Nothing Too Exciting

Nippon Steel & Sumitomo Metal Corp (5401 JP) 's strategic alliance partner POSCO (005490 KS) is selling USD200 worth of shares in NSSM after...

Ke Yan, CFA, FRM

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