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

Softbank reported in line third-quarter fiscal 2016 (quarter ending December 2016) results with revenue down 0.6%, operating profit up 71% and net income up 285%, compared with negative 0.2%, positive 3.5% and 80% rises in the first half respectively. No management guidance was provided for fiscal 2016 and we broadly maintain our existing forecasts with our fair value estimate growing to JPY 7,500 per share from JPY 6,800 per share due mainly to our increased fair value of <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding</a>…

Softbank reported in line third-quarter fiscal 2016 (quarter ending December 2016) results with revenue down 0.6%, operating profit up 71% and net income up 285%, compared with negative 0.2%, positive 3.5% and 80% rises in the first half respectively. No management guidance was provided for fiscal 2016 and we broadly maintain our existing forecasts with our fair value estimate growing to JPY 7,500 per share from JPY 6,800 per share due mainly to our increased fair value of Alibaba Group Holding…

Softbank Result in Line; FVE Raised to JPY 7,500 Due to Increased Alibaba Value

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>It’s much harder for computers to learn simple inference than a human brain, but once neural network software is ‘trained’ it can apply the lessons far more reliably and cheaply.</li>
<li>Ever faster processors, ‘deep learning’ algorithms and unprecedented amounts of tagged online data have allowed AI to challenge human accuracy in image and voice recognition and translation.</li>
<li>Recent applications include cataloguing images, assessing insurance claims, interpreting medical scans and legal documents and…</li>
</ul>


It’s much harder for computers to learn simple inference than a human brain, but once neural network software is ‘trained’ it can apply the lessons far more reliably and cheaply.
Ever faster processors, ‘deep learning’ algorithms and unprecedented amounts of tagged online data have allowed AI to challenge human accuracy in image and voice recognition and translation.
Recent applications include cataloguing images, assessing insurance claims, interpreting medical scans and legal documents and…


Rise of the Machines: The AI Arms Race…

Information Technology Consultant

Ishita Jain

As I turn into bed, I can picture my mother telling me to brush before I sleep. However, in my wildest imagination, I cannot picture my toothbrush telling me how to brush correctly. But something tells me that I should get used to this very soon as a wave of dumb products suddenly become 'smart'. Artificial intelligence ("AI") and Internet of Things ("IoT") are changing the way we interact with everyday objects. With so much happening in this space, it can be overwhelming to make sense of it. This insight will help in that I will explain how AI and IoT come together. I will then follow it up with an insight on investing in this area.

As I turn into bed, I can picture my mother telling me to brush before I sleep. However, in my wildest imagination, I cannot picture my toothbrush telling me how to brush correctly. But something tells me that I should get used to this very soon as a wave of dumb products suddenly become 'smart'.   Artificial intelligence ("AI") and Internet of Things ("IoT") are changing the way we interact with everyday objects. With so much happening in this space, it can be overwhelming to make sense of it.   This insight will help in that I will explain how AI and IoT come together. I will then follow it up with an insight on investing in this area.

Artificial Intelligence & Internet of Things: Making Sense of It All

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Our friends at <a href="https://www.smartkarma.com/profiles/273" target="_blank" data-smartkarma-citation="accounts:273">Morningstar</a> have already produced a note on the recent 3Q17 results from <a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639:1">KDDI (9433 JP)</a> . We see the results as being in line with expectations, although the share price has been quite weak this week (along with the sector). These results and the ones from <a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">DoCoMo (9437 JP)</a> last week should ease concerns over revenue erosion from new Ultra plans (20GB) and competition in the mid to high-end of the mobile market. At the low-end, MVNOs continue to take share but this appears…

Our friends at Morningstar have already produced a note on the recent 3Q17 results from KDDI (9433 JP) . We see the results as being in line with expectations, although the share price has been quite weak this week (along with the sector). These results and the ones from DoCoMo (9437 JP) last week should ease concerns over revenue erosion from new Ultra plans (20GB) and competition in the mid to high-end of the mobile market. At the low-end, MVNOs continue to take share but this appears…

KDDI 3Q17 Results Mostly Positive and Support Our BUY Call. Japanese Telcos Offer Reasonable Value.

<ul>
<li>The consensus expected a rampant USD this year, but this wasn’t consistent with the Trump trade agenda – the dollar has had its worst January in over a decade.</li>
<li>That has helped the US tech sector rebound strongly from the post-election selloff, as have the leading Chinese web names – secular growth is back in fashion.</li>
<li>The Q4 results from Microsoft, Intel and Alphabet indicated that cloud computing is the most significant near-term driver of tech sector revenues but AI will follow soon.</li>
<li>Alibaba is…</li>
</ul>


The consensus expected a rampant USD this year, but this wasn’t consistent with the Trump trade agenda – the dollar has had its worst January in over a decade.
That has helped the US tech sector rebound strongly from the post-election selloff, as have the leading Chinese web names – secular growth is back in fashion.
The Q4 results from Microsoft, Intel and Alphabet indicated that cloud computing is the most significant near-term driver of tech sector revenues but AI will follow soon.
Alibaba is…


Tech Rebounds as USD Reverses, Macau Recovery Continues...

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (9988 HK)

Softbank Result in Line; FVE Raised to JPY 7,500 Due to Increased Alibaba Value

Softbank reported in line third-quarter fiscal 2016 (quarter ending December 2016) results with revenue down 0.6%, operating profit up 71% and net...

Morningstar, Inc.

Rise of the Machines: The AI Arms Race…

It’s much harder for computers to learn simple inference than a human brain, but once neural network software is ‘trained’ it can apply the...

Sean Maher

Artificial Intelligence & Internet of Things: Making Sense of It All

As I turn into bed, I can picture my mother telling me to brush before I sleep. However, in my wildest imagination, I cannot picture my toothbrush...

Ishita Jain

KDDI 3Q17 Results Mostly Positive and Support Our BUY Call. Japanese Telcos Offer Reasonable Value.

Our friends at Morningstar have already produced a note on the recent 3Q17 results from KDDI (9433 JP) . We see the results as being in line with...

New Street Research

Tech Rebounds as USD Reverses, Macau Recovery Continues...

The consensus expected a rampant USD this year, but this wasn’t consistent with the Trump trade agenda – the dollar has had its worst January in...

Sean Maher

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