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

Narrow-moat-rated CapitaLand posted a strong fourth quarter to end fiscal 2016. Operating profit after tax and minority interest for the fourth quarter was SGD 289.1 million, compared with SGD 251.8 million in the third quarter and SGD 249.2 million in the year-ago period. The strong fourth quarter lifted full-year operating profit after tax and minority interest to SGD 834.8 million, versus SGD 653 million last year.There is little in the result to alter our long-term view on the property conglomerate. With a prudent balance sheet and cash balance of SGD 4.8 billion, the company has plenty of financial capacity to deploy its capital for growth. The company remains active with its portfolio by divesting CapitaGreen into CapitaLand Commercial Trust. The company will focus on its core market in Singapore and China but also stepped up investments in Vietnam and its service residence business.We are raising our fair value estimate to SGD 4 from SGD 3.80, with a slight increase in our forecasts. Despite a strong rally in its share price in the year to date and outperformance over the Strait Times Index, we still believe CapitaLand is undervalued at a 12.5% discount to our fair value estimate, trading on an attractive 3.1% forecast dividend yield.Analyst: Michael Wu

Narrow-moat-rated CapitaLand posted a strong fourth quarter to end fiscal 2016. Operating profit after tax and minority interest for the fourth quarter was SGD 289.1 million, compared with SGD 251.8 million in the third quarter and SGD 249.2 million in the year-ago period. The strong fourth quarter lifted full-year operating profit after tax and minority interest to SGD 834.8 million, versus SGD 653 million last year.There is little in the result to alter our long-term view on the property conglomerate. With a prudent balance sheet and cash balance of SGD 4.8 billion, the company has plenty of financial capacity to deploy its capital for growth. The company remains active with its portfolio by divesting CapitaGreen into CapitaLand Commercial Trust. The company will focus on its core market in Singapore and China but also stepped up investments in Vietnam and its service residence business.We are raising our fair value estimate to SGD 4 from SGD 3.80, with a slight increase in our forecasts. Despite a strong rally in its share price in the year to date and outperformance over the Strait Times Index, we still believe CapitaLand is undervalued at a 12.5% discount to our fair value estimate, trading on an attractive 3.1% forecast dividend yield.Analyst: Michael Wu

CapitaLand Posts Strong Fourth-Quarter Result to End Fiscal 2016; FVE Lifted to SGD 4

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CapitaLand Posts Strong Fourth-Quarter Result to End Fiscal 2016; FVE Lifted to SGD 4