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

Our AUD 6.00 fair value estimate is unchanged. Nufarm shares have largely held on to the strong 40% price gains from AUD 6.30 February 2016 lows, and at AUD 8.80 we think remain materially overvalued.We think the market is pricing in potential for a takeover bid while our fair value is necessarily on a stand-alone basis. Nufarm's potential longer-term worth to a corporate/sovereign buyer wanting a safe beachhead in close proximity to end markets, could see its shares continue to trade higher than our fair value for an extended period. Even if Nufarm itself doesn’t become prey, required third-party divestments as deals progress could present opportunities.Analyst: Mark Taylor

Our AUD 6.00 fair value estimate is unchanged. Nufarm shares have largely held on to the strong 40% price gains from AUD 6.30 February 2016 lows, and at AUD 8.80 we think remain materially overvalued.We think the market is pricing in potential for a takeover bid while our fair value is necessarily on a stand-alone basis. Nufarm's potential longer-term worth to a corporate/sovereign buyer wanting a safe beachhead in close proximity to end markets, could see its shares continue to trade higher than our fair value for an extended period. Even if Nufarm itself doesn’t become prey, required third-party divestments as deals progress could present opportunities.Analyst: Mark Taylor

Our AUD 6.00 Nufarm Fair Value Estimate Stands Despite Share Price Strength

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

The African Centre for Biodiversity (ACB), a Johannesburg-based non-profit organization promoting food sovereignty and campaigning against corporate control of Africa’s food resources, is going to file comments against the ongoing agrochemical mergers with the Competition Commission of South Africa, and will ask the regulator to review the approval of the Syngenta/ChemChina deal, Mariam Mayet, the center’s founder and director, told CTFN.

The African Centre for Biodiversity (ACB), a Johannesburg-based non-profit organization promoting food sovereignty and campaigning against corporate control of Africa’s food resources, is going to file comments against the ongoing agrochemical mergers with the Competition Commission of South Africa, and will ask the regulator to review the approval of the Syngenta/ChemChina deal, Mariam Mayet, the center’s founder and director, told CTFN.

African Non-Profit to Fight Agrochem Mergers

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

·  A year ago, the key issue to understand was that commodity markets were about to tighten and position accordingly – energy and materials have been the best performing MSCI sectors.·  The global economy is starting the year on a strong cyclical footing, with EM factory PMIs accelerating ex India and Brazil, while both Europe and the US have seen momentum build further.·  A key risk is the fallout from an attempt by the new US administration to close the merchandise trade deficit which has…

·  A year ago, the key issue to understand was that commodity markets were about to tighten and position accordingly – energy and materials have been the best performing MSCI sectors.·  The global economy is starting the year on a strong cyclical footing, with EM factory PMIs accelerating ex India and Brazil, while both Europe and the US have seen momentum build further.·  A key risk is the fallout from an attempt by the new US administration to close the merchandise trade deficit which has…

US Policy Focus Shifts to Closing Trade Deficit…

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

It's the end of the year - time to reflect on the past year, spend time with friends &amp; family, think about changes to one's portfolio, and watch good movies!We are switching into XLB Materials ETF (XLB US) and take out <a href="https://www.smartkarma.com/entities/22660" target="_blank" data-smartkarma-citation="entities:22660:1">Samsung Kodex Securities Etf</a> (102970 KS) from our model portfolio. We believe that the XLB Materials ETF has a better risk-adjusted potential returns as compared to the <a href="https://www.smartkarma.com/entities/22660" target="_blank" data-smartkarma-citation="entities:22660:1">Samsung Kodex Securities Etf</a>. Three major reasons why we prefer XLB is due to 1) higher US infrastructure…

It's the end of the year - time to reflect on the past year, spend time with friends &amp; family, think about changes to one's portfolio, and watch good movies!We are switching into XLB Materials ETF (XLB US) and take out Samsung Kodex Securities Etf (102970 KS) from our model portfolio. We believe that the XLB Materials ETF has a better risk-adjusted potential returns as compared to the Samsung Kodex Securities Etf. Three major reasons why we prefer XLB is due to 1) higher US infrastructure…

Switch into XLB Materials ETF (What Did You Notice in the First Three Minutes of La La Land?)

<ul>
<li>The overwhelming investor consensus a year ago was for further EM/commodity downside amid deflation fears - this year it is a USD secular bull and global reflation; positioning has shifted accordingly.</li>
<li><div>The value over momentum positioning advocated all year has paid off dramatically - globally, value has outperformed by about 20 ppts since July, the second-best run versus quality in almost 40 years.</div></li>
<li><div>Calling the oil market right in 2016 was critical to everything else in asset allocation including…</div></li>
</ul>


The overwhelming investor consensus a year ago was for further EM/commodity downside amid deflation fears - this year it is a USD secular bull and global reflation; positioning has shifted accordingly.
The value over momentum positioning advocated all year has paid off dramatically - globally, value has outperformed by about 20 ppts since July, the second-best run versus quality in almost 40 years.
Calling the oil market right in 2016 was critical to everything else in asset allocation including…


2017 Asset Allocation Outlook – Part 2: Trump Reflation Euphoria to Fade?

United States

Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and fabricated products.  The Company serves a range of consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, and residential and commercial construction.

LyondellBasell Industries NV manufactures plastic, chemical, and fuel products. The Company offers products for the manufacturing of personal care products, fresh food packaging, lightweight plastics, construction materials, automotive components, durable textiles, medical applications, and biofuels. LyondellBasell Industries conducts its business worldwide.

Air Products and Chemicals, Inc. produces industrial atmospheric and specialty gases, and performance materials and equipment. The Company's products include oxygen, nitrogen, argon, helium, specialty surfactants and amines, polyurethane, epoxy curatives and resins. Air Products and Chemicals, Inc. products are used in the beverage, health and semiconductors fields.

Albemarle Corporation produces specialty and fine chemicals.  The Company's chemicals are additives to or intermediates for plastics, polymers and elastomers, cleaning products, agricultural compounds, pharmaceuticals, photographic chemicals, drilling compounds, and biocides.  Albemarle produces the majority of its products in the United States.

CF Industries Holdings, Inc. manufactures and distributes nitrogen and phosphate fertilizer products globally. The Company's principal products in the nitrogen segment are ammonia, urea, urea ammonium nitrate solution, ammonium nitrate, diesel exhaust fluid and aqua ammonia. The principal products in the phosphate segment are diammonium phosphate and  monoammonium phosphate.

PPG Industries, Inc. supplies products for the manufacturing, construction, automotive, chemical processing, and other industries worldwide.  The Company makes protective and decorative coatings, flat glass, fabricated glass products, continuous-strand fiber glass products, and industrial and specialty chemicals.

DuPont de Nemours, Inc. operates as a chemical company. The Company offers elastomeric photopolymer printing plates, structural and elastic adhesives, fluids, reinforcing composites, foams, coatings, rubber and elastomers, topical ingredients, food ingredients, animal nutrition, biomaterials, water purification technologies, and fibers.

RPM International, Inc. manufactures, markets, and sells various specialty chemical product lines. The Company's product lines include specialty paints, protective coatings and roofing systems, sealants and adhesives, focusing on the maintenance needs of both the industrial and consumer markets.

International Flavors & Fragrances Inc. creates, manufactures, and supplies flavors and fragrances for the food, beverage, personal care and household products industries. The Company's flavors and fragrances are individual ingredients or compounds of a large number of ingredients that are blended, mixed or reacted together to produce proprietary formulas.

Celanese Corporation is a global integrated producer of chemicals and advanced materials. The Company's products include acetyl, acetate, vinyl emulsion, and engineered polymers. Celanese Corp's operations are primarily located in North America, Europe and Asia.

PT Chandra Asri Petrochemical Tbk (CAP) is an integrated petrochemical producer. The Company produces ethylene, propylene, mixed C4, pyrolysis gasoline, polyethylene, polypropylene, and styrene monomer.  CAP serves both the domestic downstream industries and regional export markets in Indonesia.

LG Chem Ltd. is a chemical manufacturer.  The Company's products include petrochemicals, plastic resins, and engineering plastics.  LG Chem also produces industrial and electronic materials.

NITTO DENKO CORPORATION manufactures and markets a wide range of chemical products which are used as materials for industrial and electronic components. The Company's products include materials for sealants, semiconductors, and wrappings.  Nitto Denko has a network of sales/manufacturing subsidiaries worldwide.

Solar Industries India Limited manufactures and supplies explosives and explosives accessories. The company's products include bulk, cartridge, detonators, detonating cords Pentaerythritol Tetranitrate ("PETN"), and cast boosters.

Wanhua Chemical Group Co., Ltd. develops, manufactures, and markets pure isocyanate, polymeric isocyanate, polyurethane, and other related chemical products.

Qinghai Salt Lake Industry Co.,Ltd manufactures and markets fertilizer products. The Company produces potash fertilizers, potassium chloride, and other products. Qinghai Salt Lake Industry also produces salts, chemicals, and other products.

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

NIPPON PAINT HOLDINGS CO., LTD. produces paints for automobiles, ships, and other industrial paints.  The Company also manufactures fine chemicals such as finishing agents and adhesives.

Zhejiang Juhua Co. Ltd. manufactures and markets chemical products.  The Company's products include alkali products, fluoride products, ammonia products, acid products, pesticides, biochemicals, and other chemical products.

Nan Ya Plastics Corporation manufactures and markets plastic and chemical fiber products.  The Company's products include polyester filament yarns, flexible PVC (Polyvinyl Chloride) film products, plastic leather products, and rigid film products.  Nan Ya also manufactures printed circuit boards.

Dow Inc. produces and distributes chemical products. The Company manufactures and supplies chemicals for liquid injection molding, architecture fabrication, leather, textiles, automobiles, rubber consumer goods, and food industries. Dow serves customers worldwide.

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Our AUD 6.00 Nufarm Fair Value Estimate Stands Despite Share Price Strength

Our AUD 6.00 fair value estimate is unchanged. Nufarm shares have largely held on to the strong 40% price gains from AUD 6.30 February 2016 lows,...

Morningstar, Inc.

African Non-Profit to Fight Agrochem Mergers

The African Centre for Biodiversity (ACB), a Johannesburg-based non-profit organization promoting food sovereignty and campaigning against...

CTFN

US Policy Focus Shifts to Closing Trade Deficit…

· A year ago, the key issue to understand was that commodity markets were about to tighten and position accordingly – energy and materials have...

Sean Maher

Switch into XLB Materials ETF (What Did You Notice in the First Three Minutes of La La Land?)

It's the end of the year - time to reflect on the past year, spend time with friends & family, think about changes to one's portfolio, and...

Douglas Kim

2017 Asset Allocation Outlook – Part 2: Trump Reflation Euphoria to Fade?

The overwhelming investor consensus a year ago was for further EM/commodity downside amid deflation fears - this year it is a USD secular bull and...

Sean Maher

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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