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

Henderson Land Development / Equity Bottom-Up

Henderson Land Development has won the tender for the Murray Road parking garage in Central Hong Kong. This is the first government site in Central for sale in 20 years. The winning bid was HKD 23.3 billion for the site, with a maximum gross floor area of 465,000 square feet, higher than the market expectation of HKD 20 billion. The acquisition price seems expensive, but may be supported by the recently achieved office rent seen in the Central district. However, the redevelopment project is not expected to be completed until 2022.We maintain our no-moat rating for the company, along with our fair value estimate of HKD 48.Analyst: Phillip Zhong

Henderson Land Development has won the tender for the Murray Road parking garage in Central Hong Kong. This is the first government site in Central for sale in 20 years. The winning bid was HKD 23.3 billion for the site, with a maximum gross floor area of 465,000 square feet, higher than the market expectation of HKD 20 billion. The acquisition price seems expensive, but may be supported by the recently achieved office rent seen in the Central district. However, the redevelopment project is not expected to be completed until 2022.We maintain our no-moat rating for the company, along with our fair value estimate of HKD 48.Analyst: Phillip Zhong

Prime Land Plot Acquisition on the Expensive Side, Despite a Strong Hong Kong Office Market