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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Thematic (Sector/Industry)

<ul><li class="p1">We view high quality shopping centres as benefiting from strong competitive advantages, and generally ascribe narrow economic moat ratings to REITs with better quality shopping malls.</li><li class="p1">However, identifying a quality mall is complex as there are multiple factors impacting how a mall will trade.</li><li class="p1">In terms of sustainable competitive advantage, which underlies Morningstar's Economic Moat methodology, the best placed are large shopping centres dominating their catchment areas, particularly in built-up areas with high population density.</li><li class="p1">The wide range of retailers in one location, along with good transport infrastructure, underpins ongoing shopper foot traffic and hence tenant demand. With demand in the catchment being largely met by a dominant mall, a new entrant would be dissuaded by the high cost of development of a similarly attractive mall, particularly in built-up areas where land prices are high.</li><li class="p1">Incremental demand growth can often be met by expansion of the existing mall, generating strong returns on investment and cementing the incumbent's dominance.</li></ul>Analysts: Tony Sherlock, Adrian Atkins, Todd Lukasik, David Ellis and Stephen Ellis.Full report below the fold....

We view high quality shopping centres as benefiting from strong competitive advantages, and generally ascribe narrow economic moat ratings to REITs with better quality shopping malls.However, identifying a quality mall is complex as there are multiple factors impacting how a mall will trade.In terms of sustainable competitive advantage, which underlies Morningstar's Economic Moat methodology, the best placed are large shopping centres dominating their catchment areas, particularly in built-up areas with high population density.The wide range of retailers in one location, along with good transport infrastructure, underpins ongoing shopper foot traffic and hence tenant demand. With demand in the catchment being largely met by a dominant mall, a new entrant would be dissuaded by the high cost of development of a similarly attractive mall, particularly in built-up areas where land prices are high.Incremental demand growth can often be met by expansion of the existing mall, generating strong returns on investment and cementing the incumbent's dominance.Analysts: Tony Sherlock, Adrian Atkins, Todd Lukasik, David Ellis and Stephen Ellis.Full report below the fold....

Assessing Driver of Moats in Retail Shopping Centres

Equity Bottom-Up

China Overseas Land & Investment / Equity Bottom-Up

<ul><li class="p1">We believe the Chinese residential housing market remains well-supported by strong end-user demand that is expected to continue over the next decade.</li><li class="p1">This is underpinned by an accelerating urbanisation trend driven by economic growth and government policy.</li><li class="p1">Further, we believe the market has overestimated the excess residential housing capacity by failing to account for the poor quality of housing that a large portion of the population still resides in. Therefore, robust upgrade demand is likely to help absorb supply.</li><li class="p2">While the sector as a whole is unlikely to experience the high growth rate seen in the past decade, we think commercialisation and consolidation within the sector will provide ample growth opportunities for leading property developers.</li><li class="p2">The recent slowdown in the growth of new real estate construction largely reflects tighter funding access in the midst of the structural reform that China in undergoing.</li><li class="p2">However, we anticipate that bank lending is likely to increase to better quality developers as monetary policy loosens.</li></ul>Analyst: Philip ZhongDirector of Research: Lorraine TanFull Report on China's Residential Property Market, and preferred listed developers below the fold...&nbsp;

We believe the Chinese residential housing market remains well-supported by strong end-user demand that is expected to continue over the next decade.This is underpinned by an accelerating urbanisation trend driven by economic growth and government policy.Further, we believe the market has overestimated the excess residential housing capacity by failing to account for the poor quality of housing that a large portion of the population still resides in. Therefore, robust upgrade demand is likely to help absorb supply.While the sector as a whole is unlikely to experience the high growth rate seen in the past decade, we think commercialisation and consolidation within the sector will provide ample growth opportunities for leading property developers.The recent slowdown in the growth of new real estate construction largely reflects tighter funding access in the midst of the structural reform that China in undergoing.However, we anticipate that bank lending is likely to increase to better quality developers as monetary policy loosens.Analyst: Philip ZhongDirector of Research: Lorraine TanFull Report on China's Residential Property Market, and preferred listed developers below the fold...&nbsp;

China Residential:Well supported by end-user demand and long-term positive for leading developers

Hong Kong

China Overseas Land & Investment Limited provides real estate services. The Company develops, manages, and invests in commercial properties. China Overseas Land & Investment serves customers globally.

China Overseas Land & Investment (688 HK)

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China Overseas Land & Investment (688 HK)

Assessing Driver of Moats in Retail Shopping Centres

We view high quality shopping centres as benefiting from strong competitive advantages, and generally ascribe narrow economic moat ratings to...

Morningstar, Inc.

China Residential:Well supported by end-user demand and long-term positive for leading developers

We believe the Chinese residential housing market remains well-supported by strong end-user demand that is expected to continue over the next...

Morningstar, Inc.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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