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)

This year marks the start of an unprecedented production increase in narrow-body passenger aircraft, a category that we believe is the major profit driver within a robust commercial aerospace upcycle. Although investor sentiment reflects ever-deepening worries over an ineluctable aerospace downturn, we posit that demand will remain solid, and we’ve highlighted three aerospace firms trading at attractive valuations: <a href="https://www.smartkarma.com/entities/21380" target="_blank" data-smartkarma-citation="entities:21380:1">Airbus Group SE (AIR FP)</a>, <a href="https://www.smartkarma.com/entities/12750" target="_blank" data-smartkarma-citation="entities:12750:1">United Technologies Corp (UTX US)</a>, and <a href="https://www.smartkarma.com/entities/21540" target="_blank" data-smartkarma-citation="entities:21540:1">Safran SA (SAF FP)</a>. Strong economic moats afford each of these firms defensible positions in a product cycle bolstered by growing global travel demand that we expect to span the next two decades. Among our three picks, Safran is the only true pure play on the narrow-body market.We believe Airbus and Boeing will capture more than 90% of the narrow-body market through 2035 thanks to the A320neo and B737 MAX aircraft combined with economic moats built on switching costs and intangible assets. However, Boeing's lagging order book indicates to us that the neo enjoys an advantage over the MAX. We think Airbus Group investors will come off the sidelines and consensus will grow increasingly positive as the A320neo production ramp-up adds roughly EUR 2.5 billion of profit contribution from 2016 to 2020 and as capital outlays on other programs taper off.  We believe that United Technologies' and Safran's share prices fail to fully reflect the profitability potential of the engine aftermarket because of a consensus built around near-term earnings combined with an underappreciation of the new economics emerging around rate per flight hour services agreements.Analysts: Chris Higgins, Barbara Noverini, &amp; Jeffrey Vonk, CEFA

This year marks the start of an unprecedented production increase in narrow-body passenger aircraft, a category that we believe is the major profit driver within a robust commercial aerospace upcycle. Although investor sentiment reflects ever-deepening worries over an ineluctable aerospace downturn, we posit that demand will remain solid, and we’ve highlighted three aerospace firms trading at attractive valuations: Airbus Group SE (AIR FP), United Technologies Corp (UTX US), and Safran SA (SAF FP). Strong economic moats afford each of these firms defensible positions in a product cycle bolstered by growing global travel demand that we expect to span the next two decades. Among our three picks, Safran is the only true pure play on the narrow-body market.We believe Airbus and Boeing will capture more than 90% of the narrow-body market through 2035 thanks to the A320neo and B737 MAX aircraft combined with economic moats built on switching costs and intangible assets. However, Boeing's lagging order book indicates to us that the neo enjoys an advantage over the MAX. We think Airbus Group investors will come off the sidelines and consensus will grow increasingly positive as the A320neo production ramp-up adds roughly EUR 2.5 billion of profit contribution from 2016 to 2020 and as capital outlays on other programs taper off.  We believe that United Technologies' and Safran's share prices fail to fully reflect the profitability potential of the engine aftermarket because of a consensus built around near-term earnings combined with an underappreciation of the new economics emerging around rate per flight hour services agreements.Analysts: Chris Higgins, Barbara Noverini, &amp; Jeffrey Vonk, CEFA 

Narrow Bodies Equal Fat Profits: How Investors Can Capitalize on the Aerospace Boom

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

It has been noted that private sector investment in China has been weakening, but less commented upon is the massive increase in state-sector investment, fueled by easy access to state banks and often at the expense of the smaller, more efficient private companies.

It has been noted that private sector investment in China has been weakening, but less commented upon is the massive increase in state-sector investment, fueled by easy access to state banks and often at the expense of the smaller, more efficient private companies.

Growing Worries of China's Private Entrepreneurs

Ireland

Experian PLC offers credit and marketing services.  The Company manages large databases that enable credit granting and monitoring, and help minimize fraud and credit risk; offers specialist analytical solutions for credit scoring, risk management, and processing applications; processes checks and credit cards; and offers consumers credit reports and scores.

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Experian PLC (EXPN LN)

Narrow Bodies Equal Fat Profits: How Investors Can Capitalize on the Aerospace Boom

This year marks the start of an unprecedented production increase in narrow-body passenger aircraft, a category that we believe is the major profit...

Morningstar, Inc.

Growing Worries of China's Private Entrepreneurs

It has been noted that private sector investment in China has been weakening, but less commented upon is the massive increase in state-sector...

Bixmoor

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