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

Following a recent company visit to Air China, we marginally increase our 2016 net income and revenue growth projections to 36% (from 32%) and 5% (from 3%), respectively, mainly on better-than-expected yield from international flights.We maintain our fair value estimate of HKD 7 per share and consider the current market price undervalued, as Air China’s long-term growth outlook remains intact despite near-term economic uncertainty. Our no-moat and very high uncertainty ratings stand, as the airline industry is defined by low switching cost, low entry barriers, and hypercompetition.Analyst: John Hu

Following a recent company visit to Air China, we marginally increase our 2016 net income and revenue growth projections to 36% (from 32%) and 5% (from 3%), respectively, mainly on better-than-expected yield from international flights.We maintain our fair value estimate of HKD 7 per share and consider the current market price undervalued, as Air China’s long-term growth outlook remains intact despite near-term economic uncertainty. Our no-moat and very high uncertainty ratings stand, as the airline industry is defined by low switching cost, low entry barriers, and hypercompetition.Analyst: John Hu

Air China Management Meeting Takeaway: International Expansion Drives Top-Line and Earnings Growth

Air China Ltd (H)

Air China Management Meeting Takeaway: International Expansion Drives Top-Line and Earnings Growth