Leading Independent Investment Research, Morningstar, Inc.

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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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Equity Bottom-Up

Ahead of the interim results announcement for the fiscal year ending March 2017, Link REIT released some operating results. For the Hong Kong portfolio, retail sales were up 4.3% for April-June 2016. This compared favorably with the city’s retail sales, which decreased by 6.2% year on year. Overall results were slightly better than our projection.We expect growth of the company’s core retail portfolio in Hong Kong to slow, given a still-tough environment, while the development of new asset types in China and Hong Kong alters the company’s risk profile. At the current share price of HKD 56, the stock is trading at 1 time the book value and a distribution per unit yield of 3.8%, expensive relative to the respective historical ranges.Analyst: Phillip Zhong

Ahead of the interim results announcement for the fiscal year ending March 2017, Link REIT released some operating results. For the Hong Kong portfolio, retail sales were up 4.3% for April-June 2016. This compared favorably with the city’s retail sales, which decreased by 6.2% year on year. Overall results were slightly better than our projection.We expect growth of the company’s core retail portfolio in Hong Kong to slow, given a still-tough environment, while the development of new asset types in China and Hong Kong alters the company’s risk profile. At the current share price of HKD 56, the stock is trading at 1 time the book value and a distribution per unit yield of 3.8%, expensive relative to the respective historical ranges.Analyst: Phillip Zhong

Retail Sales in Hong Kong Better Than Expected, but Growth Slows

Hong Kong

Link REIT is Asia's largest real estate investment trust, managing a diversified portfolio of retail facilities, car parks, offices, and logistics assets across Hong Kong, Chinese Mainland, Australia, Singapore, and the UK. The company was founded in 2004 and is headquartered in Hong Kong.

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Link REIT (823 HK)

Retail Sales in Hong Kong Better Than Expected, but Growth Slows

Ahead of the interim results announcement for the fiscal year ending March 2017, Link REIT released some operating results. For the Hong Kong...

Morningstar, Inc.

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