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)

The Best Ideas list is a compilation of stock ideas sourced from Morningstar’s global equity research team. With more than 100 analysts covering nearly 1,500 companies, we’re able to provide a wide variety of what we believe are attractively priced securities looking across sectors, industries, and geographies. Best Ideas are nominated by analysts and approved by managers in addition to the normal due diligence processes that precede our published research and ratings.The list may include a broad mix of quality and risk characteristics to meet varying investor needs, including no-, narrow-, and wide-moat companies as well as the full spectrum of uncertainty ratings from low to very high. Most or all of the highlighted stocks will be trading at a discount to our estimate of intrinsic value, indicating improved odds of capital appreciation.

The Best Ideas list is a compilation of stock ideas sourced from Morningstar’s global equity research team. With more than 100 analysts covering nearly 1,500 companies, we’re able to provide a wide variety of what we believe are attractively priced securities looking across sectors, industries, and geographies. Best Ideas are nominated by analysts and approved by managers in addition to the normal due diligence processes that precede our published research and ratings.The list may include a broad mix of quality and risk characteristics to meet varying investor needs, including no-, narrow-, and wide-moat companies as well as the full spectrum of uncertainty ratings from low to very high. Most or all of the highlighted stocks will be trading at a discount to our estimate of intrinsic value, indicating improved odds of capital appreciation.

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional clients an opportunity to engage with the management of 49 public companies we think have structural competitive advantages, or economic moats, as well as two private companies worth watching. This report distills the highlights from company presentations. A roster of all companies that participated in the conference, including those that held one-on-one meetings with investors, can be found on Page 2 of the attached document.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/069/790/original/img%201.JPG?1542165661" class="editor-image img-responsive" data-smartkarma-image-id="69790"></figure>

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional clients an opportunity to engage with the management of 49 public companies we think have structural competitive advantages, or economic moats, as well as two private companies worth watching. This report distills the highlights from company presentations. A roster of all companies that participated in the conference, including those that held one-on-one meetings with investors, can be found on Page 2 of the attached document.

Morningstar Management Behind the Moat 2018: Conference Highlights

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

In last week’s Compass we noted the S&amp;P 500 was near the top end of the uptrend channel and that the index could fall 2.75%-3.25% before we get to uptrend support. Considering the S&amp;P 500 fell roughly 1% last week we believe the recent pause appears to be a normal and healthy pullback within the multi-month uptrend. Despite the potential for additional backing-and-filling toward the uptrend support, our expectation is that this uptrend continues, supporting our overall positive outlook.

In last week’s Compass we noted the S&amp;P 500 was near the top end of the uptrend channel and that the index could fall 2.75%-3.25% before we get to uptrend support. Considering the S&amp;P 500 fell roughly 1% last week we believe the recent pause appears to be a normal and healthy pullback within the multi-month uptrend. Despite the potential for additional backing-and-filling toward the uptrend support, our expectation is that this uptrend continues, supporting our overall positive outlook.

S&P 500: A Pause in the Uptrend - More Consolidation Expected.

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

In this issue:The bargain between the party and the population in China, US banking regulation, ECB complexity, distraction and productivity, NTPC to buy stressed power assets, IoT in agriculture, changing Chinese consumption patterns, Alibaba bonds, China Mobile buying Oi?,  FCA looks at IPO collusion in the UK.<div class="content-highlight">1.  The forced eviction of migrant workers in Beijing, following a fire, has led to an increase in censorship.  China continues to struggle with the needs of its population as the…</div>

In this issue:The bargain between the party and the population in China, US banking regulation, ECB complexity, distraction and productivity, NTPC to buy stressed power assets, IoT in agriculture, changing Chinese consumption patterns, Alibaba bonds, China Mobile buying Oi?,  FCA looks at IPO collusion in the UK.1.  The forced eviction of migrant workers in Beijing, following a fire, has led to an increase in censorship.  China continues to struggle with the needs of its population as the…

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Solusi Sinergi Digital / Equity Bottom-Up

<ul>
<li>Indonesia's internet penetration rate is quite high, but most of it is powered by smartphone data. Broadband internet penetration is still quite low. </li>
<li>
<a href="https://www.smartkarma.com/entities/solusi-sinergi-digital-tbk-pt" target="_blank" data-smartkarma-citation="entities:33156:1" rel="noopener">Solusi Sinergi Digital Tbk PT (WIFI IJ)</a> will expand in Java and ex-Java as well; the economics of owning broadband are clearly favorable to smartphone data. </li>
<li>A couple of foreign institutions have invested in WIFI, validating the investment thesis. Valuation has normalized as well, making it more palatable to invest. </li>
</ul>


Indonesia's internet penetration rate is quite high, but most of it is powered by smartphone data. Broadband internet penetration is still quite low. 

Solusi Sinergi Digital Tbk PT (WIFI IJ) will expand in Java and ex-Java as well; the economics of owning broadband are clearly favorable to smartphone data. 
A couple of foreign institutions have invested in WIFI, validating the investment thesis. Valuation has normalized as well, making it more palatable to invest. 


Solusi Sinergi Digital (WIFI): Normalized Valuation

United States

BlackRock, Inc. provides investment management services. The Company offers investment, advisory, and risk management services. BlackRock serves individuals, families, educational, governments, insurance companies, and non profit organizations worldwide.

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BlackRock (BLK US)

Best Ideas List for January 2019

The Best Ideas list is a compilation of stock ideas sourced from Morningstar’s global equity research team. With more than 100 analysts covering...

Morningstar, Inc.

Morningstar Management Behind the Moat 2018: Conference Highlights

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional...

Morningstar, Inc.

S&P 500: A Pause in the Uptrend - More Consolidation Expected.

In last week’s Compass we noted the S&P 500 was near the top end of the uptrend channel and that the index could fall 2.75%-3.25% before we get...

Vermilion Research

21 Things Worth Knowing (#18)

In this issue:The bargain between the party and the population in China, US banking regulation, ECB complexity, distraction and productivity, NTPC...

Mark Artherton

Solusi Sinergi Digital (WIFI): Normalized Valuation

Indonesia's high internet penetration is mostly from smartphone data, with low broadband access. Solusi Sinergi Digital Tbk PT benefits from this...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Best Ideas List for January 2019

The Best Ideas list is a compilation of stock ideas sourced from Morningstar’s global equity research team. With more than 100 analysts covering...

Morningstar, Inc.

Morningstar Management Behind the Moat 2018: Conference Highlights

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional...

Morningstar, Inc.

S&P 500: A Pause in the Uptrend - More Consolidation Expected.

In last week’s Compass we noted the S&P 500 was near the top end of the uptrend channel and that the index could fall 2.75%-3.25% before we get...

Vermilion Research

21 Things Worth Knowing (#18)

In this issue:The bargain between the party and the population in China, US banking regulation, ECB complexity, distraction and productivity, NTPC...

Mark Artherton

Solusi Sinergi Digital (WIFI): Normalized Valuation

​Indonesia's high internet penetration is mostly from smartphone data, with low broadband access. Solusi Sinergi Digital Tbk PT benefits from this...

Henry Soediarko

Indonesia's high internet penetration is mostly from smartphone data, with low broadband access. Solusi Sinergi Digital Tbk PT benefits from this...