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)

In this presentation, we present a series of data visualisations to back up 10 bold predictions we expect to play out in China over the next 10 years.Our predictions are based on three basic assumptions:<ol><li>Demographic: China is aging and its workforce is shrinking.</li><li>Economic: China will rebalance.</li><li>Political: Beijing values stability and control above all else.</li></ol>Analyst: Daniel Rohr, CFA

In this presentation, we present a series of data visualisations to back up 10 bold predictions we expect to play out in China over the next 10 years.Our predictions are based on three basic assumptions:Demographic: China is aging and its workforce is shrinking.Economic: China will rebalance.Political: Beijing values stability and control above all else.Analyst: Daniel Rohr, CFA

Outlook for China:10 Predictions for the Next 10 Years

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.

<ul>
<li>There is a new proposal from BIS that is seeking to change the way banks calculate their operational risk. </li>
<li>The concern they have is the current method is too simplistic and fundamentally flawed. Of course it is; it is simply a percentage based on gross revenue.  
</li>
<li>Operational risk is all about processes, systems and internal controls. While we may not know exactly how any new calculation will look, what is telling is how three China banks compare with three Australian banks.</li>
<li>Is it even in the realm…</li>
</ul>


There is a new proposal from BIS that is seeking to change the way banks calculate their operational risk. 
The concern they have is the current method is too simplistic and fundamentally flawed. Of course it is; it is simply a percentage based on gross revenue.  

Operational risk is all about processes, systems and internal controls. While we may not know exactly how any new calculation will look, what is telling is how three China banks compare with three Australian banks.
Is it even in the realm…


New BIS Proposal on Operational Risk, Comparing China to Australia

It is still difficult to digest the optimism in some commentary regarding true underlying financial health. Adding to the regime of onerous banking regulations is an environment of economic and financial fear. The decline in U.S. 10 year bond yields this year alone is testimony to this. Negative interest rates in Japan, EU, and Sweden, suggests the growth outlook is terrible.Remember when the world was waiting for rising U.S. rates and normalization of higher rates globally? This was when the world’s overly liquid banks would start to print money; earning an immediately higher spread on their excess deposits. It is not happening. It is more like the opposite now.

It is still difficult to digest the optimism in some commentary regarding true underlying financial health. Adding to the regime of onerous banking regulations is an environment of economic and financial fear. The decline in U.S. 10 year bond yields this year alone is testimony to this. Negative interest rates in Japan, EU, and Sweden, suggests the growth outlook is terrible.Remember when the world was waiting for rising U.S. rates and normalization of higher rates globally? This was when the world’s overly liquid banks would start to print money; earning an immediately higher spread on their excess deposits. It is not happening. It is more like the opposite now.

Global Asset Allocation, Politics & Governance, Ecstrat

John-Paul Smith

Global Asset Allocation, Politics & Governance

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Cross Asset Strategy

In January’s ‘Government and Markets’ report, we used the themes in the 2016 GEM overview and China outlooks to introduce our intra-GEM country weightings.We provide more detail on each of these countries in the full version of this report, focusing on the economic, financial and structural governance issues that we believe will be the most important market drivers over the course of this year and beyond.

In January’s ‘Government and Markets’ report, we used the themes in the 2016 GEM overview and China outlooks to introduce our intra-GEM country weightings.We provide more detail on each of these countries in the full version of this report, focusing on the economic, financial and structural governance issues that we believe will be the most important market drivers over the course of this year and beyond.

Governance, Valuations and the Crisis of State Capitalism

Risks regarding bill-financing business have recently become a new source of concern for Chinese banks.  Bill-financing frauds seen at both the Agricultural Bank of China, or ABC, and China Citic Bank, or Citic, indicate high operational risks.Since late 2015, the China Banking Regulatory Commission has been strengthening controls by identifying violations, including fraudulent transactions, the use of financing to inflate deposits and loans, and adjustments intended to lower capital charges.  We expect this to negatively affect certain banks with relatively heavy business exposures, including ABC, China Minsheng Bank, or CMBC, and Citic.Analyst: Iris Tan, CFA

Risks regarding bill-financing business have recently become a new source of concern for Chinese banks.  Bill-financing frauds seen at both the Agricultural Bank of China, or ABC, and China Citic Bank, or Citic, indicate high operational risks.Since late 2015, the China Banking Regulatory Commission has been strengthening controls by identifying violations, including fraudulent transactions, the use of financing to inflate deposits and loans, and adjustments intended to lower capital charges.  We expect this to negatively affect certain banks with relatively heavy business exposures, including ABC, China Minsheng Bank, or CMBC, and Citic.Analyst: Iris Tan, CFA 

Tightened Regulations on China's Bill Financing Pose NIM Pressures for Certain Banks

China

China Cinda Asset Management Co., Ltd. is a Chinese distressed asset management company that acquires, manages, invests in, and disposes of financial and non-financial institution distressed assets. It also provides a range of financial services including banking, securities, and financial leasing. The company was founded in April 1999 and is headquartered in Beijing, China.

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China Cinda Asset Management (1359 HK)

Outlook for China:10 Predictions for the Next 10 Years

In this presentation, we present a series of data visualisations to back up 10 bold predictions we expect to play out in China over the next 10...

Morningstar, Inc.

New BIS Proposal on Operational Risk, Comparing China to Australia

There is a new proposal from BIS that is seeking to change the way banks calculate their operational risk. The concern they have is the current...

Daniel Tabbush

Asian Banks – Risks Remain Plentiful

It is still difficult to digest the optimism in some commentary regarding true underlying financial health. Adding to the regime of onerous banking...

Daniel Tabbush

Governance, Valuations and the Crisis of State Capitalism

In January’s ‘Government and Markets’ report, we used the themes in the 2016 GEM overview and China outlooks to introduce our intra-GEM country...

John-Paul Smith

Tightened Regulations on China's Bill Financing Pose NIM Pressures for Certain Banks

Risks regarding bill-financing business have recently become a new source of concern for Chinese banks. Bill-financing frauds seen at both the...

Morningstar, Inc.

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