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 are lowering our fair value estimate to JPY 310 from JPY 400 per share as we adjust our forecast to reflect higher uncertainty over the near term and lower economic growth over the medium term.The Brexit result was a clear negative for independent investment banks with repeated failures in expanding the global fixed-income franchise. In our revised base-case scenario, we assume lower equity growth from lower earnings accumulation at a slightly faster rate than earnings growth.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

We are lowering our fair value estimate to JPY 310 from JPY 400 per share as we adjust our forecast to reflect higher uncertainty over the near term and lower economic growth over the medium term.The Brexit result was a clear negative for independent investment banks with repeated failures in expanding the global fixed-income franchise. In our revised base-case scenario, we assume lower equity growth from lower earnings accumulation at a slightly faster rate than earnings growth.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

Nomura Continues to Suffer from Negative Implications from Misaligned Management Assumptions

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Mitsubishi UFJ Financial (MUFG) / Equity Bottom-Up

Mitsubishi UFJ Financial (MUFG) (8306 JP)

<ul><li>Net interest margins are core to bank income, and in Japan the levels are frighteningly low. </li><li>When we focus on credit cycles and regulatory change predominantly, we can sometimes miss what is essential for banks: core net interest income.</li><li>What is more interesting is where the figures appear to be dwindling almost to nothing, as is the case in Japan.</li><li>This is especially important when masked by unusually low credit costs.</li></ul>

Net interest margins are core to bank income, and in Japan the levels are frighteningly low. When we focus on credit cycles and regulatory change predominantly, we can sometimes miss what is essential for banks: core net interest income.What is more interesting is where the figures appear to be dwindling almost to nothing, as is the case in Japan.This is especially important when masked by unusually low credit costs.

Beware of Thinning Margins for Japan Banks, Especially as Credit Costs Normalize

Japan

Nomura Holdings, Inc. is a holding company which manages financial operations for its subsidiaries.  As a group, the Company provides a variety of financial services such as dealing, brokerage, underwriting, and asset management. Nomura Securities Co., a registered member of the New York and London Stock Exchanges, has branches around the world.

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Nomura Holdings (8604 JP)

Nomura Continues to Suffer from Negative Implications from Misaligned Management Assumptions

We are lowering our fair value estimate to JPY 310 from JPY 400 per share as we adjust our forecast to reflect higher uncertainty over the near...

Morningstar, Inc.

Beware of Thinning Margins for Japan Banks, Especially as Credit Costs Normalize

Net interest margins are core to bank income, and in Japan the levels are frighteningly low. When we focus on credit cycles and regulatory change...

Daniel Tabbush

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