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

Thematic (Sector/Industry)

The decision by OPEC to cut production is certain to have a material impact on short-term oil and energy share prices.This brief report aims to address what we believe are the key supply aspects underpinning 2017-18 fundamentals. Our aim is to assist long-term investors with making sense of the implications of whatever supply strategy OPEC ultimately decides to pursue. Whatever strategy is decided upon, the short-term nature of any production cuts and the long-term problem for oil prices that is U.S. shale means our bearish $55/barrel West Texas Intermediate, or WTI, long-term price outlook will not be changing.Analyst: Stephen Simko, CFA

The decision by OPEC to cut production is certain to have a material impact on short-term oil and energy share prices.This brief report aims to address what we believe are the key supply aspects underpinning 2017-18 fundamentals. Our aim is to assist long-term investors with making sense of the implications of whatever supply strategy OPEC ultimately decides to pursue. Whatever strategy is decided upon, the short-term nature of any production cuts and the long-term problem for oil prices that is U.S. shale means our bearish $55/barrel West Texas Intermediate, or WTI, long-term price outlook will not be changing.Analyst: Stephen Simko, CFA 

Cold Water: An OPEC Cut Can't Fix Oil's Structural Issues

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.

This piece highlights my recent proposal for a mechanism to solve the enforceability and adaptability issues faced by OPEC in their proposed production cuts and provides some worked examples of how the Tactical Petroleum Fund would work in practice for Smartkarma readers.

This piece highlights my recent proposal for a mechanism to solve the enforceability and adaptability issues faced by OPEC in their proposed production cuts and provides some worked examples of how the Tactical Petroleum Fund would work in practice for Smartkarma readers.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

The merger between <a href="https://www.smartkarma.com/entities/109" target="_blank" data-smartkarma-citation="entities:109:1">Idemitsu Kosan Co Ltd (5019 JP)</a> and <a href="https://www.smartkarma.com/entities/108" target="_blank" data-smartkarma-citation="entities:108:1">Showa Shell Sekiyu KK (5002 JP)</a> has been on the rocks for many months as the Idemitsu family's son has been publicly against the merger for months. On September 7th, the two companies <a href="http://v4.eir-parts.net/v4Contents/View.aspx?template=ir_material&amp;sid=57603&amp;code=5019" target="_blank">announced</a> a delay to Idemitsu's purchase of a 33+% stake in Showa Shell from Royal Dutch Shell because the JFTC had not yet approved the deal (though the release noted that all other anti-trust approvals had been received), but they kept the schedule for the…

The merger between Idemitsu Kosan Co Ltd (5019 JP) and Showa Shell Sekiyu KK (5002 JP) has been on the rocks for many months as the Idemitsu family's son has been publicly against the merger for months. On September 7th, the two companies announced a delay to Idemitsu's purchase of a 33+% stake in Showa Shell from Royal Dutch Shell because the JFTC had not yet approved the deal (though the release noted that all other anti-trust approvals had been received), but they kept the schedule for the…

In a somewhat surprising development, OPEC members have tentatively agreed to a production target of between 32.5 million and 33.3 million barrels per day, representing a reduction of up to 700 mb/d from current production levels of 33.2 mmb/d.Oil prices rallied on the news, but our view for continued low prices of $50/bbl in 2017 (detailed in <a href="https://www.smartkarma.com/insights/oil-markets-fundamentals-improving-but-u-s-shale-still-looms" target="_blank">Oil Markets: Fundamentals Improving, but U.S. Shale Still Looms</a>) remains unchanged, as we do not believe the potential reduction will have a meaningful sustainable impact on oil prices. While the low end of the target range is nearly 1 mmbd lower than our 2017 forecast for OPEC production, and if realized, it would balance markets and reduce inventories sooner than our original expectations, we see numerous risk factors that we think prevent a sustained recovery in prices until 2018.Analysts: Stephen Simko, CFA &amp; Lorraine Tan, CFA

In a somewhat surprising development, OPEC members have tentatively agreed to a production target of between 32.5 million and 33.3 million barrels per day, representing a reduction of up to 700 mb/d from current production levels of 33.2 mmb/d.Oil prices rallied on the news, but our view for continued low prices of $50/bbl in 2017 (detailed in Oil Markets: Fundamentals Improving, but U.S. Shale Still Looms) remains unchanged, as we do not believe the potential reduction will have a meaningful sustainable impact on oil prices. While the low end of the target range is nearly 1 mmbd lower than our 2017 forecast for OPEC production, and if realized, it would balance markets and reduce inventories sooner than our original expectations, we see numerous risk factors that we think prevent a sustained recovery in prices until 2018.Analysts: Stephen Simko, CFA &amp; Lorraine Tan, CFA

OPEC Cuts, U.S. E&Ps Drill: Our Oil Price Outlook Remains Unchanged

In May we noted that Saudi was likely to pursue a production maximisation policy for 6 months, with a freeze or cuts likely as we head into winter.This appears to have been prescient as OPEC yesterday announced that OPEC-14 production levels would be capped at 32.5-33mbpd, a slight decrease over the levels achieved over summer and back at Doha talks levels.However, detail is lacking on the proposal and there is strong reason to doubt potential enforceability of any agreement, with oil jumping but still being flat month on month as a result.This piece explores some of these issues and potential market action.

In May we noted that Saudi was likely to pursue a production maximisation policy for 6 months, with a freeze or cuts likely as we head into winter.This appears to have been prescient as OPEC yesterday announced that OPEC-14 production levels would be capped at 32.5-33mbpd, a slight decrease over the levels achieved over summer and back at Doha talks levels.However, detail is lacking on the proposal and there is strong reason to doubt potential enforceability of any agreement, with oil jumping but still being flat month on month as a result.This piece explores some of these issues and potential market action.

Japan

ENEOS Holdings, Inc. operates refining and marketing businesses. The Company refines and distributes petroleum and petroleum chemical products. ENEOS Holdings also provides non ferrous metals, electronic materials, and other products.

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ENEOS Holdings (5020 JP)

Cold Water: An OPEC Cut Can't Fix Oil's Structural Issues

The decision by OPEC to cut production is certain to have a material impact on short-term oil and energy share prices.This brief report aims to...

Morningstar, Inc.

How to Fix Oil Prices

This piece highlights my recent proposal for a mechanism to solve the enforceability and adaptability issues faced by OPEC in their proposed...

Emad Mostaque

Idemitsu/ShowaShell Merger Delayed?

The merger between Idemitsu Kosan Co Ltd (5019 JP) and Showa Shell Sekiyu KK (5002 JP) has been on the rocks for many months as the Idemitsu...

Travis Lundy

OPEC Cuts, U.S. E&Ps Drill: Our Oil Price Outlook Remains Unchanged

In a somewhat surprising development, OPEC members have tentatively agreed to a production target of between 32.5 million and 33.3 million barrels...

Morningstar, Inc.

Can OPEC Cut Production

In May we noted that Saudi was likely to pursue a production maximisation policy for 6 months, with a freeze or cuts likely as we head into...

Emad Mostaque

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