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)

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser extent. We plan to reduce the fair value estimates for Nomura Holdings as the company remains poorly positioned as a subscale investment bank with high conduct risk and repeated failures in expanding the global fixed income franchise. Nomura makes significant use of three subsidiaries under European Economic Area, or EEA, passporting privileges to reach its wholesale clients in continental Europe. For other banks, the impacts are likely to be less acute relative to Nomura as they do not hold too many derivative contracts under United Kingdom entities, and their direct exposures are largely limited to traditional lending functions to support foreign subsidiaries of the Japanese parent companies.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser extent. We plan to reduce the fair value estimates for Nomura Holdings as the company remains poorly positioned as a subscale investment bank with high conduct risk and repeated failures in expanding the global fixed income franchise. Nomura makes significant use of three subsidiaries under European Economic Area, or EEA, passporting privileges to reach its wholesale clients in continental Europe. For other banks, the impacts are likely to be less acute relative to Nomura as they do not hold too many derivative contracts under United Kingdom entities, and their direct exposures are largely limited to traditional lending functions to support foreign subsidiaries of the Japanese parent companies.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

The Brexit Vote Result Means Additional Headwinds ForJapanese Banks

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

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

Research Reinvented

Equity Capital Markets

Nippon Prologis Reit / Equity Capital Markets

Nippon Prologis REIT plans to raise US$223m/JPY27bn through its follow-on offering. The proceeds from the deal will be used to acquire four properties from its sponsor, Prologis.The deal scores well on our framework, given that its an accretive acquisition, past deals have done well, and the stock has outperformed its peers in the recent past.<h2>Placement specifics</h2><ul>
<li>Company Name: Nippon Prologis REIT Inc</li>
<li>Ticker: 3283 JP Equity</li>
<li>Primary placement -Follow-on Offering</li>
<li>Settlement is on X+6 days, with stock…</li>
</ul>

Nippon Prologis REIT plans to raise US$223m/JPY27bn through its follow-on offering. The proceeds from the deal will be used to acquire four properties from its sponsor, Prologis.The deal scores well on our framework, given that its an accretive acquisition, past deals have done well, and the stock has outperformed its peers in the recent past.Placement specifics
Company Name: Nippon Prologis REIT Inc
Ticker: 3283 JP Equity
Primary placement -Follow-on Offering
Settlement is on X+6 days, with stock…


Nippon Prologis REIT - Accretive Acquisition and Good past Deal Performance

Japan

NIPPON PROLOGIS REIT INC. is a real estate investment trust (REIT) that directly invests in real estate properties used for logistics businesses.

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Nippon Prologis Reit (3283 JP)

The Brexit Vote Result Means Additional Headwinds ForJapanese Banks

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser...

Morningstar, Inc.

Nippon Prologis REIT - Accretive Acquisition and Good past Deal Performance

Nippon Prologis REIT plans to raise US$223m/JPY27bn through its follow-on offering. The proceeds from the deal will be used to acquire four...

Sumeet Singh

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