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

Equity Bottom-Up

Beijing Capital International Airport (BCIA) / Equity Bottom-Up

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

After transferring coverage of <a href="https://www.smartkarma.com/entities/10626" target="_blank" data-smartkarma-citation="entities:10626:1">Beijing Capital International Airport (BCIA) (694 HK)</a>, we are downgrading our economic moat rating to none from narrow while maintaining a stable moat trend rating. We are keeping our fair value estimate at HKD 4 but raising our uncertainty rating to high and lowering our stewardship rating to Poor. We think the company’s shares are currently overvalued.Analyst: Ivan Su

After transferring coverage of Beijing Capital International Airport (BCIA) (694 HK), we are downgrading our economic moat rating to none from narrow while maintaining a stable moat trend rating. We are keeping our fair value estimate at HKD 4 but raising our uncertainty rating to high and lowering our stewardship rating to Poor. We think the company’s shares are currently overvalued.Analyst: Ivan Su

In Fresh Look at BCIA, Downgrading to No Moat, Raising Uncertainty to High, Maintaining HKD 4 FVE