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

Equity Bottom-Up

We believe the current weakness in no-moat <a href="https://www.smartkarma.com/entities/12" target="_blank" data-smartkarma-citation="entities:12:1">Keppel Corp Ltd (KEP SP)</a>'s share price, due to the perception of negative impact from Singapore’s recently introduced property cooling measures, presents an opportunity for long-term investors to accumulate the stock. The company’s underlying fundamentals remain strong, as seen in Keppel’s first-half 2018 net profit of SGD 584 million, up 38% year over year, which is driven by strong property earnings and is line with our expectations. The firm has…

We believe the current weakness in no-moat Keppel Corp Ltd (KEP SP)'s share price, due to the perception of negative impact from Singapore’s recently introduced property cooling measures, presents an opportunity for long-term investors to accumulate the stock. The company’s underlying fundamentals remain strong, as seen in Keppel’s first-half 2018 net profit of SGD 584 million, up 38% year over year, which is driven by strong property earnings and is line with our expectations. The firm has…

Property Division Remains the Jewel of Keppel Corp; Increasing FVE to SGD 8.50

Thematic (Sector/Industry)

With residential property prices in Singapore appreciating strongly over the past year, the government has acted decisively in lifting the additional buyer's stamp duty, or ABSD, rates and loan/value, or LTV, limits on residential property. Shares in the real estate sector reacted sharply lower to the unexpected announcement and we believe the market is over-reacting. While the cooling measures will dent short-term sentiment, resulting in a lower level of residential property transactions and…

With residential property prices in Singapore appreciating strongly over the past year, the government has acted decisively in lifting the additional buyer's stamp duty, or ABSD, rates and loan/value, or LTV, limits on residential property. Shares in the real estate sector reacted sharply lower to the unexpected announcement and we believe the market is over-reacting. While the cooling measures will dent short-term sentiment, resulting in a lower level of residential property transactions and…

Government Acts Decisively on Tightening Measures; Value Emerges in Singapore Real Estate Developers

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/6792" target="_blank" data-smartkarma-citation="entities:6792:1">Gallant Venture Ltd (GALV SP)</a> is a Salim controlled investment holding founded in 2003 and IPO'd in '06</li>
<li>GALV is a commercial developer, integrated master planner and industrial land owner in Bintan/Batam</li>
<li>In 2013 it bought a 71% stake in <a href="https://www.smartkarma.com/entities/11738" target="_blank" data-smartkarma-citation="entities:11738:1">Indomobil Sukses Internasional Tbk Pt (IMAS IJ)</a> which after a 370%+ rise YTD is equal to entire GALV market cap; as investor in GALV you get all other assets for FREE
</li>
<li>GALV trades at +/-60% discount to extremely conservative NAV estimate
</li>
<li>
Catalysts to narrow NAV discount: 1) new land sales in Bintan; 2) partially monetize Indomobil stake to reduce gearing; 3) opening of Airport in Bintan to further drive Tourism; 4) resolution to Sembcorp sale overhang </li>
<li>
Fair Value: 0.25 SGD (assuming shares trades at 25% discount to NAV)</li>
</ul>



Gallant Venture Ltd (GALV SP) is a Salim controlled investment holding founded in 2003 and IPO'd in '06
GALV is a commercial developer, integrated master planner and industrial land owner in Bintan/Batam
In 2013 it bought a 71% stake in Indomobil Sukses Internasional Tbk Pt (IMAS IJ) which after a 370%+ rise YTD is equal to entire GALV market cap; as investor in GALV you get all other assets for FREE

GALV trades at +/-60% discount to extremely conservative NAV estimate


Catalysts to narrow NAV discount: 1) new land sales in Bintan; 2) partially monetize Indomobil stake to reduce gearing; 3) opening of Airport in Bintan to further drive Tourism; 4) resolution to Sembcorp sale overhang 

Fair Value: 0.25 SGD (assuming shares trades at 25% discount to NAV)


Discover Singapore: Gallant Venture; 71% Stake in Indomobil = Mkt Cap, Other Assets for Free

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

Yangzijiang Shipbuilding / Equity Bottom-Up

<h2>Share Price</h2><a href="https://www.smartkarma.com/entities/660" target="_blank" data-smartkarma-citation="entities:660:1">Yangzijiang Shipbuilding (YZJSGD SP)</a> share price went up almost doubled in FY 2017 only to lose 40% in FY 2018 YTD. On May 30th this year, the management issued a statement to buy 5 million shares in the open market, representing a 0.13% of the 57% free float. Some of the shareholders include a renown value investors such as Grantham, Mayo Van Otterloo and Co, Value Partners,  Norges Bank, Teachers Insurance and Annuity Association of America; names that should give investors comfort…

Share PriceYangzijiang Shipbuilding (YZJSGD SP) share price went up almost doubled in FY 2017 only to lose 40% in FY 2018 YTD. On May 30th this year, the management issued a statement to buy 5 million shares in the open market, representing a 0.13% of the 57% free float. Some of the shareholders include a renown value investors such as Grantham, Mayo Van Otterloo and Co, Value Partners,  Norges Bank, Teachers Insurance and Annuity Association of America; names that should give investors comfort…

Yangzijiang: A Well Run Machine that Trades at 0.7x Book and 3.25 Ex-Cash PE

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">

A-REIT & Venture Re-join FTSE Value-Stocks ASEAN Index Effective 21 May

Singapore

Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Keppel Corp (KEP SP)

Property Division Remains the Jewel of Keppel Corp; Increasing FVE to SGD 8.50

We believe the current weakness in no-moat Keppel Corp Ltd (KEP SP)'s share price, due to the perception of negative impact from Singapore’s...

Morningstar, Inc.

Government Acts Decisively on Tightening Measures; Value Emerges in Singapore Real Estate Developers

With residential property prices in Singapore appreciating strongly over the past year, the government has acted decisively in lifting the...

Morningstar, Inc.

Discover Singapore: Gallant Venture; 71% Stake in Indomobil = Mkt Cap, Other Assets for Free

Gallant Venture Ltd (GALV SP) is a Salim controlled investment holding founded in 2003 and IPO'd in '06 GALV is a commercial developer,...

Nicolas Van Broekhoven

Yangzijiang: A Well Run Machine that Trades at 0.7x Book and 3.25 Ex-Cash PE

Share PriceYangzijiang Shipbuilding (YZJSGD SP) share price went up almost doubled in FY 2017 only to lose 40% in FY 2018 YTD. On May 30th this...

Henry Soediarko

A-REIT & Venture Re-join FTSE Value-Stocks ASEAN Index Effective 21 May

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)