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)

China’s banking regulator, CBRC, released 2016 operating data for commercial banks, with net profit up 3.5% from 2015. Fourth-quarter earnings remained tough as preprovision operating profit growth fell to zero from the year-ago period. Slowing growth was attributable to asset yield compression and lower fee income growth in the quarter, while lower credit costs versus the year-ago period partially offset the negatives.We expect zero or negative net profit growth for large Chinese banks and low-single digit growth for joint-stock banks in our coverage. At this stage, we are sticking with our fair value estimates for Chinese banks we cover.Coverage list: <a href="https://www.smartkarma.com/entities/1120" target="_blank" data-smartkarma-citation="entities:1120:1">Agricultural Bank Of China Limited (1288 HK)</a> | <a href="https://www.smartkarma.com/entities/656" target="_blank" data-smartkarma-citation="entities:656:1">Bank Of China Ltd (H) (3988 HK)</a> | <a href="https://www.smartkarma.com/entities/1119" target="_blank" data-smartkarma-citation="entities:1119:1">Ind &amp; Comm Bk Of China H (1398 HK)</a> | <a href="https://www.smartkarma.com/entities/45" target="_blank" data-smartkarma-citation="entities:45:1">China Construction Bank H (939 HK)</a> and othersAnalysts: Iris Tan, CFA and Michael Wu, CAIA

China’s banking regulator, CBRC, released 2016 operating data for commercial banks, with net profit up 3.5% from 2015. Fourth-quarter earnings remained tough as preprovision operating profit growth fell to zero from the year-ago period. Slowing growth was attributable to asset yield compression and lower fee income growth in the quarter, while lower credit costs versus the year-ago period partially offset the negatives.We expect zero or negative net profit growth for large Chinese banks and low-single digit growth for joint-stock banks in our coverage. At this stage, we are sticking with our fair value estimates for Chinese banks we cover.Coverage list: Agricultural Bank Of China Limited (1288 HK) | Bank Of China Ltd (H) (3988 HK) | Ind &amp; Comm Bk Of China H (1398 HK) | China Construction Bank H (939 HK) and othersAnalysts: Iris Tan, CFA and Michael Wu, CAIA

4Q: Industrywide Bad-Debt Ratio Fell, While We Believe Credit Cycle Has Yet to Peak

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Capital Markets

Bank of Jiujiang   / Equity Capital Markets

Arguably the best of China’s banks were listed around 10 years ago. That was when foreign banks took equity stakes in these new listings, hoping to benefit from unbridled China growth.  Of course since then, many have seen their hopes dashed, and have sold out. Even now CIMB and ANZ are trying to divest. The wave of rural banks coming to the market at present will be some of the least interesting in terms of quality. This week we have another: Bank of JiuJiang.Maybe because the bank is fairly…

Arguably the best of China’s banks were listed around 10 years ago. That was when foreign banks took equity stakes in these new listings, hoping to benefit from unbridled China growth.  Of course since then, many have seen their hopes dashed, and have sold out. Even now CIMB and ANZ are trying to divest. The wave of rural banks coming to the market at present will be some of the least interesting in terms of quality. This week we have another: Bank of JiuJiang.Maybe because the bank is fairly…

Scraping the Bottom of the Barrel: Bank of JiuJiang

China

Bank of Jiujiang Co., Ltd. provides commercial banking services. The Company offers deposit services, loan services, bill payment, settlement services, credit card services, international banking, online banking, and other related services. Bank of Jiujiang provides services to company and individuals.

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Bank of Jiujiang (6190 HK)

4Q: Industrywide Bad-Debt Ratio Fell, While We Believe Credit Cycle Has Yet to Peak

China’s banking regulator, CBRC, released 2016 operating data for commercial banks, with net profit up 3.5% from 2015. Fourth-quarter earnings...

Morningstar, Inc.

Scraping the Bottom of the Barrel: Bank of JiuJiang

Arguably the best of China’s banks were listed around 10 years ago. That was when foreign banks took equity stakes in these new listings, hoping to...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

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