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

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

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.

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.

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)

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.

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.

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.

Veeko International Holdings Limited, through its subsidiaries, designs, manufactures, and retails branded ladies apparel products.

Asia Commercial Holdings Limited is principally engaged in high-end watch retailing and its retail sales network set up luxury watch stores and flagship stores to sell international brands of watches to customers. The Company also invests in properties.

Cash Converters International Limited is a franchised retail network that specialises in the sale of second hand goods. The Stores located around the world offers a range of service which varies, with pawn-broking loans available in selected markets, as well as a personal finance business that operates, in various forms in the micro-lending category around the world.

Sreeleathers Limited Name is a retailer and wholesaler of footwear and other leather accessories throughout India.

HIMARAYA Co., Ltd. operates a chain of sporting goods stores based in the Chubu region.  The Company mainly sells ski, snowboard, golf, and camping equipment.

Moneymax Financial Services Ltd. provides financial services through pawnbroking, retailing and trading of pre-owned jewelry and watches. The Company owns and operates stores throughout Singapore.

HANDSMAN CO., LTD. sells building materials and home improvement products in Miyazaki prefecture.  The Company also sells consumer electronics, automobile accessories, and pet supplies.  Handsman offers workshops that provide various tools and sawing machines, and free rental trucks.

GFOOT CO., LTD. operates a shoe store chain in mainly in Aichi Prefecture, and Tokyo, Kanagawa, and Saitama Prefectures.  The Company sells shoes for men, women and children, sports shoes, and rain shoes.

Art Vivant Co Ltd operates art galleries selling mainly contemporary art printings and selection of popular artists at stores and also at exhibitions. The Company's main products include oil and water color printings, carvings, and glass works.

DAIMARUENAWIN Co., Ltd. distributes fuel products such as Liquefied Petroleum Gas (LPG), kerosene, light oil, and heavy oil.  The Company also sells air conditioning equipment, housing equipment, industrial machine parts, and industrial and medical gas.

RIGHT ON Co, Ltd. retails jeans and casual wear.  The Company operates the chain stores nationwide in various type of styles such as suburban roadside stores, and stores in shopping centers and station buildings.

Bonia Corporation Berhad is investment holding and management company. Through its subsidiaries, the Company designs, manufactures, retails, and wholesales leather goods, menswear, watches, and eyewear under the Bonia and Bonia Uomo brand names. Bonia also develops and invests in properties.

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

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Hengdeli Holdings (3389 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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