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. 

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Equity Bottom-Up

We are lowering our fair value estimate to JPY 2,635 per share from JPY 3,284.The change is from the yen strengthening against the dollar since our last valuation. We are using a new foreign exchange methodology of modelling a dollar-yen exchange rate based on forward curve data throughout our five-year explicit forecast period rather than the spot rate throughout.Analyst: David Whiston

We are lowering our fair value estimate to JPY 2,635 per share from JPY 3,284.The change is from the yen strengthening against the dollar since our last valuation. We are using a new foreign exchange methodology of modelling a dollar-yen exchange rate based on forward curve data throughout our five-year explicit forecast period rather than the spot rate throughout.Analyst: David Whiston

Faulty Takata Air Bags Will Remain a Storm Cloud for Honda for a Long Time.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

Global Macro Strategy

Callum Henderson

Macroeconomics

* The BoJ's move to negative rates failed to calm markets and may have exacerbated the sell-off* There are however strong reasons for expecting further policymaker action ahead of the July elections* The BoJ has warned it could take further action and if stocks continue lower that may be their focus* Government also needs to take bolder reform measures to unlock growth potential* JPY gains are done for now with a pullback likely near-termThis is a follow-up to my in-depth report <a href="https://www.smartkarma.com/insights/asia-calling-from-currency-wars-to-competitive-monetary-easing" target="_blank" data-smartkarma-citation="insights:2537">Asia Calling:</a>…

* The BoJ's move to negative rates failed to calm markets and may have exacerbated the sell-off* There are however strong reasons for expecting further policymaker action ahead of the July elections* The BoJ has warned it could take further action and if stocks continue lower that may be their focus* Government also needs to take bolder reform measures to unlock growth potential* JPY gains are done for now with a pullback likely near-termThis is a follow-up to my in-depth report Asia Calling:…

Japanese Policy Measures Likely to Be Ramped up Ahead of July Elections

'Tis the season of merger announcements as subsidiaries/affiliates/partners get swallowed up by their larger sponsors. <h2>THE ANNOUNCEMENT</h2>Friday after the close saw <a href="https://www.smartkarma.com/entities/73" target="_blank" data-smartkarma-citation="entities:73">Toyota Motors</a> and <a href="https://www.smartkarma.com/entities/16926" target="_blank" data-smartkarma-citation="entities:16926">Daihatsu Motors</a> officially announce their long-expected tie-up.The statement released (<a href="http://newsroom.toyota.co.jp/en/detail/11038357/" target="_blank">E</a>, <a href="http://newsroom.toyota.co.jp/jp/detail/11038291/" target="_blank">J</a>) had some vague platitudes (poppycock) about...<ul>
<li>working together but competing on a friendly basis with separate brands,</li>
<li>Toyota and Daihatsu not "feeling like they had to go it alone", and "now being able to focus on their core…</li>
</ul>

'Tis the season of merger announcements as subsidiaries/affiliates/partners get swallowed up by their larger sponsors. THE ANNOUNCEMENTFriday after the close saw Toyota Motors and Daihatsu Motors officially announce their long-expected tie-up.The statement released (E, J) had some vague platitudes (poppycock) about...
working together but competing on a friendly basis with separate brands,
Toyota and Daihatsu not "feeling like they had to go it alone", and "now being able to focus on their core…


Daihatsu: Maybe Wrong Ratio. Not Much You Can Do

* The BoJ shocked the market, cutting rates to negative and threatening further rate cuts if needed* The apparent change in BoJ stance has to be viewed in the wake of the ECB and Fed statements* The BoJ rate cut is a de facto protest of tighter Japanese monetary conditions due to JPY strength* Leveraged funds on the CFTC had the largest long JPY position ahead of this since October 2012* Recent JPY gains are likely to retrace over the next few weeks, notably against AUD, INR and KRW

* The BoJ shocked the market, cutting rates to negative and threatening further rate cuts if needed* The apparent change in BoJ stance has to be viewed in the wake of the ECB and Fed statements* The BoJ rate cut is a de facto protest of tighter Japanese monetary conditions due to JPY strength* Leveraged funds on the CFTC had the largest long JPY position ahead of this since October 2012* Recent JPY gains are likely to retrace over the next few weeks, notably against AUD, INR and KRW

Asia Calling: From Currency Wars to Competitive Monetary Easing

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor Corp Spon Adr (TM US)

Faulty Takata Air Bags Will Remain a Storm Cloud for Honda for a Long Time.

We are lowering our fair value estimate to JPY 2,635 per share from JPY 3,284.The change is from the yen strengthening against the dollar since our...

Morningstar, Inc.

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on...

Travis Lundy

Japanese Policy Measures Likely to Be Ramped up Ahead of July Elections

* The BoJ's move to negative rates failed to calm markets and may have exacerbated the sell-off* There are however strong reasons for expecting...

Callum Henderson

Daihatsu: Maybe Wrong Ratio. Not Much You Can Do

'Tis the season of merger announcements as subsidiaries/affiliates/partners get swallowed up by their larger sponsors. THE ANNOUNCEMENTFriday after...

Travis Lundy

Asia Calling: From Currency Wars to Competitive Monetary Easing

* The BoJ shocked the market, cutting rates to negative and threatening further rate cuts if needed* The apparent change in BoJ stance has to be...

Callum Henderson

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