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

Thematic (Sector/Industry)

<ul><li>Balance sheet strength, management acuity, and regulatory systems matter more for financial services firms than other stock sectors.</li><li>Financial crises are rarely driven by economic shocks alone. Nonmacro factors embedded in the regulatory, competitive, political, and economic environments are bigger contributors to banking crises.</li><li>Leverage can be moat-destructive. Given the hefty amounts of financial and operating leverage in the business models of Financial Services firms, it is critical to focus on firms with stable management teams, consistent business strategies, and selective mergers and acquisitions policies.</li><li>Transformative deals are rarely moat-enhancing. With relationships, reputations and business culture all being critical contributors to business success, it is rare to see a firm pull off a "transformative" deal that does not disrupt one of these pillars, which is why most acquisitions fall short of their original intent.</li></ul>Analyst: Greggory Warren, CFA

Balance sheet strength, management acuity, and regulatory systems matter more for financial services firms than other stock sectors.Financial crises are rarely driven by economic shocks alone. Nonmacro factors embedded in the regulatory, competitive, political, and economic environments are bigger contributors to banking crises.Leverage can be moat-destructive. Given the hefty amounts of financial and operating leverage in the business models of Financial Services firms, it is critical to focus on firms with stable management teams, consistent business strategies, and selective mergers and acquisitions policies.Transformative deals are rarely moat-enhancing. With relationships, reputations and business culture all being critical contributors to business success, it is rare to see a firm pull off a "transformative" deal that does not disrupt one of these pillars, which is why most acquisitions fall short of their original intent.Analyst: Greggory Warren, CFA

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

For many years now, there has been a perception that the banks of Australia and Canada are similar. This stems from the resource-rich nature of each country.It may also arise from the exceptional long-term credit ratings for both countries: AAA on Fitch and Aaa on Moodys. &nbsp;Of course this was brought to the fore with the onset of the Global Financial Crisis (GFC) in 2008 and followed by many downgrades.&nbsp;Another basis for this may be the fact that the top four banks in each country account for a high 66% (Canada) to 76% (Australia) of total bank system assets. To us though, there remain critical differences that favour Australia, and their banks. First and foremost is public debt to GDP.More below the fold....&nbsp;

For many years now, there has been a perception that the banks of Australia and Canada are similar. This stems from the resource-rich nature of each country.It may also arise from the exceptional long-term credit ratings for both countries: AAA on Fitch and Aaa on Moodys. &nbsp;Of course this was brought to the fore with the onset of the Global Financial Crisis (GFC) in 2008 and followed by many downgrades.&nbsp;Another basis for this may be the fact that the top four banks in each country account for a high 66% (Canada) to 76% (Australia) of total bank system assets. To us though, there remain critical differences that favour Australia, and their banks. First and foremost is public debt to GDP.More below the fold....&nbsp;

Australia's Bank's Fare Well vs. Those in Canada

Canada

The Toronto-Dominion Bank conducts a general banking business through banking branches and offices located throughout Canada and overseas. The Bank and other subsidiaries offer a broad range of banking, advisory services, and discount brokerage to individuals, businesses, financial institutions, governments, and multinational corporations.

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Toronto Dominion Bank (TD CN)

Breaking the Bank

Balance sheet strength, management acuity, and regulatory systems matter more for financial services firms than other stock sectors. Financial...

Morningstar, Inc.

Australia's Bank's Fare Well vs. Those in Canada

For many years now, there has been a perception that the banks of Australia and Canada are similar. This stems from the resource-rich nature of...

Daniel Tabbush

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