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)

Eighteen sales and marketing executives at Crown Resorts were reported as being detained in China, likely due to illegally soliciting Chinese to gamble in overseas casinos. Our contacts in the industry have already seen immediate termination of marketing efforts in mainland China by Macau casinos, which imply lower near-term gaming revenue in our view. A loss of higher-margin direct VIP business could also mean lower overall VIP margin for the Macau casinos, as junket VIP margins are one to two percentage points lower compared with direct VIP margins. Near-term sentiment will be unfavorable for the Macau gaming stocks. However, we gauge that marketing activities in mainland China will resurface as the dust settles, though casinos will take a lower-profile approach.To reflect the short-term impact, if we reduced 2016 full-year VIP, mass and slot revenue by 7.5% for our Macau gaming coverage, there would still be no impact on fair value estimates. Therefore, we maintain our long-term forecast and long-term-based, DCF-generated fair value estimates. Our narrow moat ratings also remain unchanged.Analyst: Chelsey Tam

Eighteen sales and marketing executives at Crown Resorts were reported as being detained in China, likely due to illegally soliciting Chinese to gamble in overseas casinos. Our contacts in the industry have already seen immediate termination of marketing efforts in mainland China by Macau casinos, which imply lower near-term gaming revenue in our view. A loss of higher-margin direct VIP business could also mean lower overall VIP margin for the Macau casinos, as junket VIP margins are one to two percentage points lower compared with direct VIP margins. Near-term sentiment will be unfavorable for the Macau gaming stocks. However, we gauge that marketing activities in mainland China will resurface as the dust settles, though casinos will take a lower-profile approach.To reflect the short-term impact, if we reduced 2016 full-year VIP, mass and slot revenue by 7.5% for our Macau gaming coverage, there would still be no impact on fair value estimates. Therefore, we maintain our long-term forecast and long-term-based, DCF-generated fair value estimates. Our narrow moat ratings also remain unchanged.Analyst: Chelsey Tam

Negative Near-Term Read-Throughs from the Detainment of Crown Resorts' Marketing Executives in China

Hong Kong

International Housewares Retail Company Limited operates retail houseware retail stores. The Company offers customers a variety of houseware products in Hong Kong, Singapore, West Malaysia, China and Macau.

International Housewares Retail (1373 HK)

Emperor Watch & Jewellery Ltd retails luxurious branded watches, and offers design and sales of jewellery products.

Mulsanne Group Holding Limited offers omni channel branding and marketing services. The Company offers online advertising, social media campaign, and other services. Mulsanne Group Holding provides its services throughout China.

Auto Italia Holdings Limited distributes brand-name products including motor vehicles. The Company serves customers in Hong Kong, Macau, mainland China, and elsewhere in Asia.

Hengdeli Holdings Limited, through its subsidiaries, retails and wholesales international brand watches in China.

ENM Holdings Limited, through its subsidiaries, wholesales and retails fashion wear and accessories. The Company also operates recreational club, and invests in securities.

Glorious Sun Enterprises Limited, through its subsidiaries, retails and exports casual wear apparel.  The Company also manufactures casual wear products and trades fabric.

Esprit Holdings Limited, through its subsidiaries, designs, licenses, sources, wholesales, and retails high quality life-style products under the ESPRIT brand name in Europe, Asia Pacific and North America.  The Company also sells Red Earth cosmetics, skin, and body care products and operates Salon Esprit in Asia Pacific.

Bossini International Holdings Limited, through its subsidiaries, retails and distributes garment.

King Fook Holdings Limited, through its subsidiaries, retails jewelry and trades bullions. The Company also provides securities and commodities broking services as well as wholesales diamond.

Laox CO., LTD. operates a chain store known as Laox specialized in household appliances and computers based in Kanto region.  The Company also sells import goods, watch, and musical instruments.

Tribhovandas Bhimji Zaveri Limited retails jewelry products in India. The Company primarily sell gold jewelry and diamond-studded jewelry through its retails stores. Tribhovandas Bhimji Zaveri  also sells other products, including platinum jewelry and jadau jewelry.

Guangzhou Canudilo Fashion & Accessories Company Limited designs and develops own-brand high-end men's clothing, brand promotion, retail management and acts as a sales agent of international brands of apparel products. The Company's main product is high-end men's clothing.

Guangzhou Canudilo Fshn And Acsrs (002656 CH)

MANDARAKE INC. sells new and used books and magazines, specialized in comic and animation.  The Company also sells animation cells, videos, LDs, postcards, and  toys.

The Cato Corporation and its subsidiaries operate and manage stores in the United States.  The stores, under the names Cato, Cato Fashions, Cato Plus, and It's Fashion!, feature women's apparel and accessories for juniors, misses, and large sizes.  The Company's apparel includes dresses, careerware, coats, hosiery, shoes, handbags, and other related items.

Tsann Kuen Enterprise Co., Ltd. manufactures and markets home appliances such as irons, coffee makers, outdoor barbecue grills, citrus juicers, vacuum cleaners, toasters, and related parts.  The Company sells its products under the EUPA, Swift, and Fujimaru brand names.  Tsann Kuen also operates chain stores and sells personal computers and communication products.

PARIS MIKI HOLDINGS Inc. is a retailer of eyeglasses, contact lenses and other related goods.  The Company operates chain stores in Japan and overseas markets. Paris Miki also sells hearing aid.

SUNDAY CO., LTD. operates a chain of home center stores which specializes in providing home improvement products, leisure goods, and sundry goods.  The Company has stores in primarily Aomori Prefecture, and also in Hokkaido and the Tohoku region.

The Colonial Motor Company Limited distributes Ford Motor vehicles to car dealerships in New Zealand. The Company also invests in and develops property which will be used to construct dealerships and other types of car facilities.

Baby Bunting Group Limited operates as a nursery retailer and one-stop-baby shop. The Company offers prams, car seats, cots, nursery furniture, high chairs, change tables, portable cots, home safety, toys, feeding, monitors, baby wear, and related products.

Goldlion Holdings Limited, through its subsidiaries, distributes and manufactures garments and accessories.  The Company also invests in properties and operates a commercial center with restaurants and a business center.

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Goldlion Holdings (533 HK)

Negative Near-Term Read-Throughs from the Detainment of Crown Resorts' Marketing Executives in China

Eighteen sales and marketing executives at Crown Resorts were reported as being detained in China, likely due to illegally soliciting Chinese to...

Morningstar, Inc.

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