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

Event-Driven

<p>We view <a href="https://www.smartkarma.com/entities/708" target="_blank" data-smartkarma-citation="entities:708:1">Nine Entertainment Co Holdings (NEC AU)</a>'s merger proposal as a positive for shareholders of <a href="https://www.smartkarma.com/entities/8996" target="_blank" data-smartkarma-citation="entities:8996:1">Fairfax Media (FXJ AU)</a>. Based on the latest closing prices, the deal values no-moat-rated Fairfax at AUD 0.84 per share comprising 0.3627 Nine shares (at AUD 2.26) and AUD 0.025 cash. This is 20% above our AUD 0.70 fair value estimate for Fairfax, so little wonder the board will unanimously recommend the proposal to shareholders.</p><p>The consideration is generous, struck on a forward EBITDA multiple of…</p>

We view Nine Entertainment Co Holdings (NEC AU)'s merger proposal as a positive for shareholders of Fairfax Media (FXJ AU). Based on the latest closing prices, the deal values no-moat-rated Fairfax at AUD 0.84 per share comprising 0.3627 Nine shares (at AUD 2.26) and AUD 0.025 cash. This is 20% above our AUD 0.70 fair value estimate for Fairfax, so little wonder the board will unanimously recommend the proposal to shareholders.The consideration is generous, struck on a forward EBITDA multiple of…

Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<p>This is the part two of a series of reports on <a href="https://www.smartkarma.com/entities/27255" target="_blank" data-smartkarma-citation="entities:27255:1">Tencent Music Entertainment</a>'s (TME) planned IPO in the US. In this report, we present our initial thoughts on TME’s financials and valuation. This is a collaborative report between <a href="https://www.smartkarma.com/profiles/1653" target="_blank" data-smartkarma-citation="accounts:1653">Farha Sabri</a> and myself.</p>
<p><strong>Lower Revenue but Better Profitability than Spotify</strong></p>
<p>Specific financial details about the IPO are not available at this point. According to several media reports US investment banks are valuing TME around USD30bn ahead of the IPO. This is a bit high…</p>

This is the part two of a series of reports on Tencent Music Entertainment's (TME) planned IPO in the US. In this report, we present our initial thoughts on TME’s financials and valuation. This is a collaborative report between Farha Sabri and myself.
Lower Revenue but Better Profitability than Spotify
Specific financial details about the IPO are not available at this point. According to several media reports US investment banks are valuing TME around USD30bn ahead of the IPO. This is a bit high…

Tencent Music IPO Preview (Part II): Initial Thoughts on Financials & Valuation

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<h2>During a call with the management, we discussed the following things:</h2><ol>
<li>Free-to-air vs Pay TV</li>
<li>CapEx for new technology</li>
<li>The new market</li>
<li>Dividend Sustained or Possibly Increased?</li>
</ol><h2>Free-to-Air TV is still the medium to go</h2><p>Despite the increasing penetration of internet in the Philippines, television is still the medium with the widest audience reach. It reaches 100% of urban population in the Philippines, while radio listenership reaches 74% and internet penetration is still 63%. Although active internet…</p>

During a call with the management, we discussed the following things:
Free-to-air vs Pay TV
CapEx for new technology
The new market
Dividend Sustained or Possibly Increased?
Free-to-Air TV is still the medium to goDespite the increasing penetration of internet in the Philippines, television is still the medium with the widest audience reach. It reaches 100% of urban population in the Philippines, while radio listenership reaches 74% and internet penetration is still 63%. Although active internet…

Actionable Insights, Assured Alpha, ANTYA Investments

ANTYA Investments

Actionable Insights, Assured Alpha

Investing That Empowers You

ANTYA Investments Inc., regulated by the Ontario Securities Commission, is registered to provide wealth management services in Canada. ANTYA manages institutional, and high net-worth client portfolios on a discretionary basis. Our investment philosophy embraces a Core-Satellite approach.  The core of the portfolio is chosen from a group of fifteen asset classes. A few stock specific asymmetrical investment opportunities comprise the satellite segment. ANTYA invests only in global, large capitalization, and investment grade companies.  

<p>With the acquisition of CA Technologies, <a href="https://www.smartkarma.com/entities/999" target="_blank" data-smartkarma-citation="entities:999:1">Broadcom Corp Cl A (BRCM US)</a> is sending a signal that the smartphone business has peaked. It also highlights the challenge associated with finding the next leg of the Company's growth story, which in our view, met its end at the hands of CFIUS. </p>

With the acquisition of CA Technologies, Broadcom Corp Cl A (BRCM US) is sending a signal that the smartphone business has peaked. It also highlights the challenge associated with finding the next leg of the Company's growth story, which in our view, met its end at the hands of CFIUS. 

Broadcom Limited – From Leading Edge to Over the Edge. Multiple Compression Forthcoming!

ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

<ul>
<li>A close look at <a href="https://www.smartkarma.com/entities/26970" target="_blank" data-smartkarma-citation="entities:26970:1">Meituan Dianping (MEITUAN CH)</a> reveals that the market could value the company as the "Next Big Thing" given its dominance and services/experiential consumption angle.</li>
<li>On tremendous progress in monetization rate and margins (especially food delivery margins), MEITUAN is on the cusp of breaking through financially, in our opinion.</li>
<li>Our earnings model suggests that the company could post (small) profits as early as 2019E.</li>
<li>IPO's valuation (multiple) would largely be determined by investors' conviction on MEITUAN's path to profitability. </li>
</ul>


A close look at Meituan Dianping (MEITUAN CH) reveals that the market could value the company as the "Next Big Thing" given its dominance and services/experiential consumption angle.
On tremendous progress in monetization rate and margins (especially food delivery margins), MEITUAN is on the cusp of breaking through financially, in our opinion.
Our earnings model suggests that the company could post (small) profits as early as 2019E.
IPO's valuation (multiple) would largely be determined by investors' conviction on MEITUAN's path to profitability. 


Meituan Dianping IPO: The "Next Big Thing"?

United States

Netflix Inc. is an Internet subscription service for watching tv shows and movies. Subscribers can instantly watch unlimited TV shows and movies streamed over the Internet to their TVs, computers and mobile devices and in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

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Netflix Inc (NFLX US)

Fairfax on Cloud Nine

We view Nine Entertainment Co Holdings (NEC AU)'s merger proposal as a positive for shareholders of Fairfax Media (FXJ AU). Based on the latest...

Morningstar, Inc.

Tencent Music IPO Preview (Part II): Initial Thoughts on Financials & Valuation

This is the part two of a series of reports on Tencent Music Entertainment's (TME) planned IPO in the US. In this report, we present our initial...

Supun Walpola

GMA7: Destiny Changing Dongle

During a call with the management, we discussed the following things: Free-to-air vs Pay TV CapEx for new technology The new market Dividend...

Henry Soediarko

Broadcom Limited – From Leading Edge to Over the Edge. Multiple Compression Forthcoming!

With the acquisition of CA Technologies, Broadcom Corp Cl A (BRCM US) is sending a signal that the smartphone business has peaked. It also...

ANTYA Investments

Meituan Dianping IPO: The "Next Big Thing"?

A close look at Meituan Dianping (MEITUAN CH) reveals that the market could value the company as the "Next Big Thing" given its dominance and...

Johannes Salim, CFA

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