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

Thematic (Sector/Industry)

After an average 82% run-up in share price since the fourth quarter of 2016 for the six narrow-moat Macau gaming names we cover, we think the Macau gaming sector is no longer undervalued from a long-term investment perspective. After a review of prospective gross gaming revenue growth and margins over the next decade, we find the shares of <a href="https://www.smartkarma.com/entities/806" target="_blank" data-smartkarma-citation="entities:806:1">Galaxy Entertainment Group Limited (27 HK)</a>, <a href="https://www.smartkarma.com/entities/473" target="_blank" data-smartkarma-citation="entities:473:1">Wynn Macau Ltd (1128 HK)</a>, <a href="https://www.smartkarma.com/entities/606" target="_blank" data-smartkarma-citation="entities:606:1">Wynn Resorts Ltd (WYNN US)</a> (70% of EBITDA from Macau), <a href="https://www.smartkarma.com/entities/810" target="_blank" data-smartkarma-citation="entities:810:1">Melco Resorts &amp; Entertainment</a>…

After an average 82% run-up in share price since the fourth quarter of 2016 for the six narrow-moat Macau gaming names we cover, we think the Macau gaming sector is no longer undervalued from a long-term investment perspective. After a review of prospective gross gaming revenue growth and margins over the next decade, we find the shares of Galaxy Entertainment Group Limited (27 HK), Wynn Macau Ltd (1128 HK), Wynn Resorts Ltd (WYNN US) (70% of EBITDA from Macau), Melco Resorts &amp; Entertainment…

Macau Gaming Stocks Not Incorporating Cyclicality and Policy Risks; Shares Overvalued

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and EM, one indicator in particular keeps us optimistic: monthly charts.  What is clear right now is: (1) Europe is on the doorstep of breaking above secular resistance; (2) Japan is breaking out above secular resistance; (3) and EM already has. Speaking of EM, we view this as the place to be, or overweight, in 2018. The EM/EAFE’s 20-year chart (below) reveals an in-progress trend reversal (which developed at a secular trendline) in favor of EM.In today’s report we review every global sector, highlighting actionable stocks within each.

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and EM, one indicator in particular keeps us optimistic: monthly charts.  What is clear right now is: (1) Europe is on the doorstep of breaking above secular resistance; (2) Japan is breaking out above secular resistance; (3) and EM already has. Speaking of EM, we view this as the place to be, or overweight, in 2018. The EM/EAFE’s 20-year chart (below) reveals an in-progress trend reversal (which developed at a secular trendline) in favor of EM.In today’s report we review every global sector, highlighting actionable stocks within each.

Approaching the close of 2017, a year whose subdued volatility masked frequent rotation, we turn to Sector and Group themes that we expect to offer opportunities heading into 2018.  We discuss the likelihood of a correction and offer a number of actionable ideas within our favorite sectors; tech, financials, miners, and manufacturing.

Approaching the close of 2017, a year whose subdued volatility masked frequent rotation, we turn to Sector and Group themes that we expect to offer opportunities heading into 2018.  We discuss the likelihood of a correction and offer a number of actionable ideas within our favorite sectors; tech, financials, miners, and manufacturing.

U.S. Equity Outlook: Sector Themes & Synopsis

The primary trend in U.S. equity markets remains bullish, and the usual suspects continue to lead: growth (Tech and FANG), homebuilders, industrials, etc.  Yet unusually bullish price patterns continue to develop in long-term laggards like energy (esp. E&amp;Ps), retail (XRT), and engineering &amp; construction (JEC).  We view this stabilization, or participation, in weak segments as a boost to the market’s breadth, a point of contention in recent months for some, who have pointed out that fewer stocks are trading above their 200-day moving averages.  Attractive entry points are also visible in many cyclical Groups, especially Casinos and Investment Banks.  In today’s report we highlight actionable charts in both Groups... see pages 8-24]

The primary trend in U.S. equity markets remains bullish, and the usual suspects continue to lead: growth (Tech and FANG), homebuilders, industrials, etc.  Yet unusually bullish price patterns continue to develop in long-term laggards like energy (esp. E&amp;Ps), retail (XRT), and engineering &amp; construction (JEC).  We view this stabilization, or participation, in weak segments as a boost to the market’s breadth, a point of contention in recent months for some, who have pointed out that fewer stocks are trading above their 200-day moving averages.  Attractive entry points are also visible in many cyclical Groups, especially Casinos and Investment Banks.  In today’s report we highlight actionable charts in both Groups... see pages 8-24]

U.S. Equity Weekly: Actionable Ideas in Casinos, Investment Banks

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Based on our research, we estimate that the total gaming revenue for the first ten days in September was about MOP 6.8 billion and Average Daily Revenue (ADR) MOP680 million, representing 11% growth year-over-year, 9% lower than the 20% GGR growth in Aug year-over-year (Exhibit 1).   VIP growth still leads the mass segment, although the extremely low luck factor comprises the GGR from VIP segment.  MTD, the overall VIP luck factor was ~2.7%, or 10% lower than the average of 3% historically.We…

Based on our research, we estimate that the total gaming revenue for the first ten days in September was about MOP 6.8 billion and Average Daily Revenue (ADR) MOP680 million, representing 11% growth year-over-year, 9% lower than the 20% GGR growth in Aug year-over-year (Exhibit 1).   VIP growth still leads the mass segment, although the extremely low luck factor comprises the GGR from VIP segment.  MTD, the overall VIP luck factor was ~2.7%, or 10% lower than the average of 3% historically.We…

Macau Gaming Sept Update: Turning China's FX Policy Is A Positive

United States

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

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Wynn Resorts (WYNN US)

Macau Gaming Stocks Not Incorporating Cyclicality and Policy Risks; Shares Overvalued

After an average 82% run-up in share price since the fourth quarter of 2016 for the six narrow-moat Macau gaming names we cover, we think the Macau...

Morningstar, Inc.

Global Equity Strategy: Overweight EM

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and...

Vermilion Research

U.S. Equity Outlook: Sector Themes & Synopsis

Approaching the close of 2017, a year whose subdued volatility masked frequent rotation, we turn to Sector and Group themes that we expect to offer...

Vermilion Research

U.S. Equity Weekly: Actionable Ideas in Casinos, Investment Banks

The primary trend in U.S. equity markets remains bullish, and the usual suspects continue to lead: growth (Tech and FANG), homebuilders,...

Vermilion Research

Macau Gaming Sept Update: Turning China's FX Policy Is A Positive

Based on our research, we estimate that the total gaming revenue for the first ten days in September was about MOP 6.8 billion and Average Daily...

JL Warren Capital

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