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 Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser extent. We plan to reduce the fair value estimates for Nomura Holdings as the company remains poorly positioned as a subscale investment bank with high conduct risk and repeated failures in expanding the global fixed income franchise. Nomura makes significant use of three subsidiaries under European Economic Area, or EEA, passporting privileges to reach its wholesale clients in continental Europe. For other banks, the impacts are likely to be less acute relative to Nomura as they do not hold too many derivative contracts under United Kingdom entities, and their direct exposures are largely limited to traditional lending functions to support foreign subsidiaries of the Japanese parent companies.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser extent. We plan to reduce the fair value estimates for Nomura Holdings as the company remains poorly positioned as a subscale investment bank with high conduct risk and repeated failures in expanding the global fixed income franchise. Nomura makes significant use of three subsidiaries under European Economic Area, or EEA, passporting privileges to reach its wholesale clients in continental Europe. For other banks, the impacts are likely to be less acute relative to Nomura as they do not hold too many derivative contracts under United Kingdom entities, and their direct exposures are largely limited to traditional lending functions to support foreign subsidiaries of the Japanese parent companies.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

The Brexit Vote Result Means Additional Headwinds ForJapanese Banks

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Kenedix Retail REIT / Equity Capital Markets

Kenedix Retail plans to raise JPY17bn (US$155 million) in order to fund its acquisition of seven additional properties worth JPY27.1bn. The deal scores a positive score on our framework as valuations appear reasonable, the acquisition will be accretive to earnings, past deal has done well and recent price momentum remains strong. <h2>Deal overview</h2><ul>
<li>Company Name: Kenedix Retail REIT Corp</li>
<li>Ticker: 3453 JP Equity</li>
<li>Primary placement -Global Offering</li>
<li>Settlement is longer than normal, with stock settling on 21…</li>
</ul>

Kenedix Retail plans to raise JPY17bn (US$155 million) in order to fund its acquisition of seven additional properties worth JPY27.1bn. The deal scores a positive score on our framework as valuations appear reasonable, the acquisition will be accretive to earnings, past deal has done well and recent price momentum remains strong. Deal overview
Company Name: Kenedix Retail REIT Corp
Ticker: 3453 JP Equity
Primary placement -Global Offering
Settlement is longer than normal, with stock settling on 21…


Kenedix Retail REIT - IPO and past Deal Has Done Well, Valuation Remains Undemanding

Japan Metropolitan Fund Investment Corporation / Equity Capital Markets

Japan Metropolitan Fund Investment Corporation

Japan Retail Fund (8953 JP) plans to raise US$215m through a global follow on offering, in order to fund the purchase of additional properties.The deal scores a negative score on our framework largely owing to the lackluster&nbsp;momentum for the sector and market as a whole.However, we remain inclined to take the deal given: 1) the stock has corrected by 10% since the deal was announced (more than Topix or the reit index), &nbsp;and is likely pricing in the most of the negatives; 2)&nbsp;&nbsp;The stock has provided a positive return in the short-term in all its past nine deals; 3) Valuation appears inline with peers; and 4) Proceeds from the deal will be used to acquire seven more properties, however, accretion remains minimal according to the company's revised earnings.&nbsp;&nbsp;

Japan Retail Fund (8953 JP) plans to raise US$215m through a global follow on offering, in order to fund the purchase of additional properties.The deal scores a negative score on our framework largely owing to the lackluster&nbsp;momentum for the sector and market as a whole.However, we remain inclined to take the deal given: 1) the stock has corrected by 10% since the deal was announced (more than Topix or the reit index), &nbsp;and is likely pricing in the most of the negatives; 2)&nbsp;&nbsp;The stock has provided a positive return in the short-term in all its past nine deals; 3) Valuation appears inline with peers; and 4) Proceeds from the deal will be used to acquire seven more properties, however, accretion remains minimal according to the company's revised earnings.&nbsp;&nbsp;

Most previous deals have done well; however, minimal DPU accretion could limit upside

Japan

Japan Metropolitan Fund Investment Corporation operates real estate investment trust. The Company provides securitized real estate investment, real estate leasing, shopping centers investment, and other services. Japan Metropolitan Fund Investment provides its services throughout Japan.

Japan Metropolitan Fund Investment Corporation (8953 JP)

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Japan Metropolitan Fund Investment Corporation (8953 JP)

The Brexit Vote Result Means Additional Headwinds ForJapanese Banks

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser...

Morningstar, Inc.

Kenedix Retail REIT - IPO and past Deal Has Done Well, Valuation Remains Undemanding

Kenedix Retail plans to raise JPY17bn (US$155 million) in order to fund its acquisition of seven additional properties worth JPY27.1bn. The deal...

Sumeet Singh

Most previous deals have done well; however, minimal DPU accretion could limit upside

Japan Retail Fund (8953 JP) plans to raise US$215m through a global follow on offering, in order to fund the purchase of additional properties.The...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)