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.

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Thematic (Sector/Industry)

After an initial tantrum, the market is now upbeat at the prospect of a Trump presidency, particularly for commodities and commodity producers. Trump says he will boost U.S. economic growth to 3.5% per annum, cut taxes and regulation, lift restrictions on energy investment--particularly for fossil fuels--and end offshoring. There are some left-field ideas too, particularly around trade and protectionism. The most important policy for commodity producers is the promise to invest $1 trillion on infrastructure in the next 10 years.U.S.-based steelmakers are likely to benefit. Trump says he wants the steel for backbone of the infrastructure to be American. We expect U.S. steel makers to benefit from both higher volumes and margins, with unit costs to benefit from increased plant utilisation. Some of the benefit is likely to be passed on to the price of raw materials-- scrap and U.S. domestically produced iron ore and coking coal.We do not expect a meaningful change to global demand for commodities given the small role that the U.S. plays in a China-dominated market. As such, we do not plan any changes to our price forecasts for iron ore, met coal, thermal coal, or uranium. We maintain our fair value estimates for almost all our global mining coverage (BHP, Rio Tinto, Fortescue, Vale, Anglo American, Glencore, Teck Resources, and Cameco).Analyst: Mathew Hodge &amp; David Wang

After an initial tantrum, the market is now upbeat at the prospect of a Trump presidency, particularly for commodities and commodity producers. Trump says he will boost U.S. economic growth to 3.5% per annum, cut taxes and regulation, lift restrictions on energy investment--particularly for fossil fuels--and end offshoring. There are some left-field ideas too, particularly around trade and protectionism. The most important policy for commodity producers is the promise to invest $1 trillion on infrastructure in the next 10 years.U.S.-based steelmakers are likely to benefit. Trump says he wants the steel for backbone of the infrastructure to be American. We expect U.S. steel makers to benefit from both higher volumes and margins, with unit costs to benefit from increased plant utilisation. Some of the benefit is likely to be passed on to the price of raw materials-- scrap and U.S. domestically produced iron ore and coking coal.We do not expect a meaningful change to global demand for commodities given the small role that the U.S. plays in a China-dominated market. As such, we do not plan any changes to our price forecasts for iron ore, met coal, thermal coal, or uranium. We maintain our fair value estimates for almost all our global mining coverage (BHP, Rio Tinto, Fortescue, Vale, Anglo American, Glencore, Teck Resources, and Cameco).Analyst: Mathew Hodge &amp; David Wang

U.S. Steel Makers to Benefit From Trump Stimulus but Market Draws Long Bow With Optimism for Miners

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Cemex Holdings Philippines / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/22701" target="_blank" data-smartkarma-citation="entities:22701">Cemex SAB De CV (ADR)</a> 's Philippines subsidiary <a href="https://www.smartkarma.com/entities/22700" target="_blank" data-smartkarma-citation="entities:22700">Cemex Holdings Philippines</a>  is planning to raise up to US$860m by June.In this insight, I look to answer the following questions:<ul><li>How is the company positioned in its market?</li><li>How does it fare versus its peers? </li><li>What are the key market trends one needs to be aware of? </li><li>Will the company's related party transactions be a concern?</li></ul>Once the deal is launched, we will re-evaluate the deal and run it through our framework in our next insight.

Cemex SAB De CV (ADR) 's Philippines subsidiary Cemex Holdings Philippines  is planning to raise up to US$860m by June.In this insight, I look to answer the following questions:How is the company positioned in its market?How does it fare versus its peers? What are the key market trends one needs to be aware of? Will the company's related party transactions be a concern?Once the deal is launched, we will re-evaluate the deal and run it through our framework in our next insight.

Cemex Philippines IPO Early Thoughts: Supply Glut, Notes on CG

Ireland

CRH PLC is a global building materials group. The Company manufactures and distributes a range of construction products such as heavy materials, elements to construct the frame and value-added exterior products. CRH products serve a wide customer base in the areas of residential, non-residential and infrastructure.

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CRH PLC (CRH ID)

U.S. Steel Makers to Benefit From Trump Stimulus but Market Draws Long Bow With Optimism for Miners

After an initial tantrum, the market is now upbeat at the prospect of a Trump presidency, particularly for commodities and commodity producers....

Morningstar, Inc.

Cemex Philippines IPO Early Thoughts: Supply Glut, Notes on CG

Cemex SAB De CV (ADR) 's Philippines subsidiary Cemex Holdings Philippines is planning to raise up to US$860m by June.In this insight, I look to...

Ke Yan, CFA, FRM

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