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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Thematic (Sector/Industry)

The positive 2016 profit alerts from China’s coal companies are within expectations, with profit rebounds driven by higher coal prices. The benchmark Bohai-Rim Steam-Coal Price Index, or BSPI, closed at CNY 593 per tonne on Dec. 28, up 60% year over year. While the peak heating season should keep prices elevated over the next few months, we think coal prices will start to decline by the end of the first quarter of 2017 to be around 15%-20% below where they are now. We think the coal price gains are largely reflected in the current share prices, and anticipate limited upside boosts following a more subdued long-term view.We maintain fair value estimates for narrow-moat <a href="https://www.smartkarma.com/entities/382" target="_blank" data-smartkarma-citation="entities:382:1">China Shenhua Energy Co H (1088 HK)</a> of HKD 16.40, and no-moat <a href="https://www.smartkarma.com/entities/383" target="_blank" data-smartkarma-citation="entities:383:1">China Coal Energy Co H (1898 HK)</a> and <a href="https://www.smartkarma.com/entities/384" target="_blank" data-smartkarma-citation="entities:384:1">Yanzhou Coal Mining Co H (1171 HK)</a> of HKD 3.30 and HKD 4.30, respectively, ahead of the full-year earnings results due out in March, pending more details.Analysts: Jennifer Song and Lorraine Tan, CFA

The positive 2016 profit alerts from China’s coal companies are within expectations, with profit rebounds driven by higher coal prices. The benchmark Bohai-Rim Steam-Coal Price Index, or BSPI, closed at CNY 593 per tonne on Dec. 28, up 60% year over year. While the peak heating season should keep prices elevated over the next few months, we think coal prices will start to decline by the end of the first quarter of 2017 to be around 15%-20% below where they are now. We think the coal price gains are largely reflected in the current share prices, and anticipate limited upside boosts following a more subdued long-term view.We maintain fair value estimates for narrow-moat China Shenhua Energy Co H (1088 HK) of HKD 16.40, and no-moat China Coal Energy Co H (1898 HK) and Yanzhou Coal Mining Co H (1171 HK) of HKD 3.30 and HKD 4.30, respectively, ahead of the full-year earnings results due out in March, pending more details.Analysts: Jennifer Song and Lorraine Tan, CFA

Surging Coal Prices Drove Positive 2016 Profit Alerts for Coal Companies

EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
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More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

The Middle East has already hit the headlines in 2016 as the relationship between Saudi Arabia and Iran deteriorated further after the execution of 47 convicts including Shia cleric Sheikh Nimr al-Nimr.While some claim this is the latest manifestation of a historic Sunni-Shia hatred, digging deeper shows other, more important factors at work that could determine the fallout for the region.

The Middle East has already hit the headlines in 2016 as the relationship between Saudi Arabia and Iran deteriorated further after the execution of 47 convicts including Shia cleric Sheikh Nimr al-Nimr.While some claim this is the latest manifestation of a historic Sunni-Shia hatred, digging deeper shows other, more important factors at work that could determine the fallout for the region.

China

China Education Group Holdings Limited offers educational services. The Company provides private universities operating services, education training services, and other services. China Education Group Holdings offers services in Hong Kong.

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China Education Group (839 HK)

Surging Coal Prices Drove Positive 2016 Profit Alerts for Coal Companies

The positive 2016 profit alerts from China’s coal companies are within expectations, with profit rebounds driven by higher coal prices. The...

Morningstar, Inc.

The Sunni-Shia Canard

The Middle East has already hit the headlines in 2016 as the relationship between Saudi Arabia and Iran deteriorated further after the execution of...

Emad Mostaque

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