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

China Railway Construction Corp / Equity Bottom-Up

China Railway Construction Corp (1186 HK)

&nbsp;China Railway Construction Corp, or CRCC, reported mixed results for the year to Sept. 30 that fell around 10% short of our original revenue and net profit estimates. The miss was driven by slower-than-expected commencements in new infrastructure projects, in addition to a sharp decline in new overseas contracts wins.We continue to believe that CRCC&rsquo;s 2016-17 growth prospects remain intact, as the government has rolled out more infrastructure projects to help stimulate the economy. We maintain our fair value estimate of HKD 11, along with our very high uncertainty rating, and we consider the current share price to be fairly valued.Our nomoat rating remains unchanged, underpinned by fierce competition that leaves CRCC with little pricing power.Analyst:&nbsp;John Hu

&nbsp;China Railway Construction Corp, or CRCC, reported mixed results for the year to Sept. 30 that fell around 10% short of our original revenue and net profit estimates. The miss was driven by slower-than-expected commencements in new infrastructure projects, in addition to a sharp decline in new overseas contracts wins.We continue to believe that CRCC&rsquo;s 2016-17 growth prospects remain intact, as the government has rolled out more infrastructure projects to help stimulate the economy. We maintain our fair value estimate of HKD 11, along with our very high uncertainty rating, and we consider the current share price to be fairly valued.Our nomoat rating remains unchanged, underpinned by fierce competition that leaves CRCC with little pricing power.Analyst:&nbsp;John Hu

China Railway Signal & Communication (3969 HK)

CRCC Reported Mixed Q3 2015 result; FVE Maintained at HKD 11