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

Hyundai Motor sold 2.38 million vehicles in first-half 2016, up 2% from the year-ago period. The sales increase was attributable to stronger performance in China and Korea, up 1.8% and 4.4% year on year, respectively. Europe and India were the bright spots, up 11% and 13% year on year, respectively. Sales in the United States were flat, notching a slight gain of 0.8%. The company's sales in China during the first quarter were down 9.6%, but a strong second-quarter performance enabled the company to squeeze out a gain for the first half.Based on the sales data from the first half, we have revised our volume and gross margin assumptions, reflecting the improving sales in the China market. For the year, we expect sales volume to be up 3% and 10% in China and Europe, respectively. We also project the full-year gross margin to contract 40 basis points to 19.5%.Analyst: Phillip Zhong

Hyundai Motor sold 2.38 million vehicles in first-half 2016, up 2% from the year-ago period. The sales increase was attributable to stronger performance in China and Korea, up 1.8% and 4.4% year on year, respectively. Europe and India were the bright spots, up 11% and 13% year on year, respectively. Sales in the United States were flat, notching a slight gain of 0.8%. The company's sales in China during the first quarter were down 9.6%, but a strong second-quarter performance enabled the company to squeeze out a gain for the first half.Based on the sales data from the first half, we have revised our volume and gross margin assumptions, reflecting the improving sales in the China market. For the year, we expect sales volume to be up 3% and 10% in China and Europe, respectively. We also project the full-year gross margin to contract 40 basis points to 19.5%.Analyst: Phillip Zhong

Sales Improving, but Margin Still Under Pressure