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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Equity Bottom-Up

<ul><li>We regard Crown Resorts as a unique company offering both a defensive earnings quality, and an attractive growth profile.</li><li>Its two Australian casinos have a proven track record of delivering resilient earnings, underpinned by long-term licences.</li><li>Each enjoys a privileged position as the sole casino operator in the relevant state and, as a result of consistent reinvestment throughout the years, has built up such a market position that it is likely to deter new entrants, even if authorities contemplate issuing further licences.</li><li>This is augmented by an attractive growth profile through its 34.3%-owned Melco Crown Entertainment, one of only six concession holders to operate casinos in Macau, the world's largest gaming market.</li><li>Further blue-sky potential is provided by an impressive pipeline of long-term projects, including Crown Sydney from 2020, and potential entry into other Asian markets longer term.</li></ul>Analyst: Brian HanFull report below the fold...

We regard Crown Resorts as a unique company offering both a defensive earnings quality, and an attractive growth profile.Its two Australian casinos have a proven track record of delivering resilient earnings, underpinned by long-term licences.Each enjoys a privileged position as the sole casino operator in the relevant state and, as a result of consistent reinvestment throughout the years, has built up such a market position that it is likely to deter new entrants, even if authorities contemplate issuing further licences.This is augmented by an attractive growth profile through its 34.3%-owned Melco Crown Entertainment, one of only six concession holders to operate casinos in Macau, the world's largest gaming market.Further blue-sky potential is provided by an impressive pipeline of long-term projects, including Crown Sydney from 2020, and potential entry into other Asian markets longer term.Analyst: Brian HanFull report below the fold...

Knock-on Impact from Macau Associate Leads to Fair Value Estimate Cut for Crown Resorts

<ul><li class="p1">During the past month, authorities have raided pawn shops&nbsp;in Macau that use illegal terminals, economic data in China&nbsp;has shown signs of weakening and Macau gaming revenue&nbsp;in August showed a decline of 35.5% year over year.</li><li class="p1">We&nbsp;plan to adjust our 2015 industry gaming revenue decline&nbsp;from mid-20% to low-30%, partially offset by higher growth&nbsp;in 2017-18 due to the expected completion of the Hong&nbsp;Kong-Zhuhai-Macau bridge in 2017.</li><li class="p1">With a lower revenue base, we have implemented cuts to&nbsp;our fair value estimates: down 15% for MGM China to HKD17.00 per share; down 10% for Galaxy Entertainment to HKD&nbsp;37.00 per share; down 8% for SJM Holdings to HKD 11.00&nbsp;per share; and down 8% for Sands China to HKD 33.00 per&nbsp;share.</li><li class="p1">Our fair value estimate declined by less than 5% for&nbsp;Wynn Macau; thus, we maintain our fair value estimate of&nbsp;HKD 15.00 per share unchanged</li></ul>Analysts: Brian Han and Chelsey TamFull report below the fold...

During the past month, authorities have raided pawn shops&nbsp;in Macau that use illegal terminals, economic data in China&nbsp;has shown signs of weakening and Macau gaming revenue&nbsp;in August showed a decline of 35.5% year over year.We&nbsp;plan to adjust our 2015 industry gaming revenue decline&nbsp;from mid-20% to low-30%, partially offset by higher growth&nbsp;in 2017-18 due to the expected completion of the Hong&nbsp;Kong-Zhuhai-Macau bridge in 2017.With a lower revenue base, we have implemented cuts to&nbsp;our fair value estimates: down 15% for MGM China to HKD17.00 per share; down 10% for Galaxy Entertainment to HKD&nbsp;37.00 per share; down 8% for SJM Holdings to HKD 11.00&nbsp;per share; and down 8% for Sands China to HKD 33.00 per&nbsp;share.Our fair value estimate declined by less than 5% for&nbsp;Wynn Macau; thus, we maintain our fair value estimate of&nbsp;HKD 15.00 per share unchangedAnalysts: Brian Han and Chelsey TamFull report below the fold...

Downgrading FVEs of Macau Gaming Coverage; China Economy and Policies Extend Near-Term Uncertainty

Hong Kong

Melco Resorts & Entertainment Limited develops, owns, and operates casinos. The Company offers casino gaming, restaurants, bars, and resorts facilities. Melco Resorts & Entertainment serves customers in Asia.

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Melco Resorts & Entertainment (MLCO US)

Knock-on Impact from Macau Associate Leads to Fair Value Estimate Cut for Crown Resorts

We regard Crown Resorts as a unique company offering both a defensive earnings quality, and an attractive growth profile. Its two Australian...

Morningstar, Inc.

Downgrading FVEs of Macau Gaming Coverage; China Economy and Policies Extend Near-Term Uncertainty

During the past month, authorities have raided pawn shops in Macau that use illegal terminals, economic data in China has shown signs of weakening...

Morningstar, Inc.

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