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

NTT (Nippon Telegraph & Telephone) / Equity Bottom-Up

<ul><li class="p1">NTT’s 2015 in Line With Guidance Distorted by Accounting Changes; Fair Value Estimate Unchanged.</li><li class="p1">Nippon Telegraph and Telephone Corp's, or NTT’s, fiscal 2015 (year ending March 2016) result was broadly in line with our expectations at an operating level, but the company did raise its expected dividend for fiscal 2015 to JPY 110 from JPY 100 previously.</li><li class="p1">NTT continues to benefit from both organic cost-saving measures and the move to the Hikari Collaboration Model whereby resellers take over the sales and marketing expenses for wholesaled broadband lines.....</li></ul>Analyst: Dan Baker

NTT’s 2015 in Line With Guidance Distorted by Accounting Changes; Fair Value Estimate Unchanged.Nippon Telegraph and Telephone Corp's, or NTT’s, fiscal 2015 (year ending March 2016) result was broadly in line with our expectations at an operating level, but the company did raise its expected dividend for fiscal 2015 to JPY 110 from JPY 100 previously.NTT continues to benefit from both organic cost-saving measures and the move to the Hikari Collaboration Model whereby resellers take over the sales and marketing expenses for wholesaled broadband lines.....Analyst: Dan Baker

NTT's Wholesaling of Its Fibre Network and General Cost Cutting Are Improving Returns.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

As part of the pre-earnings trade <a href="https://www.smartkarma.com/insights/ntt-earnings-release-history-interesting-near-term-performance-skew" target="_blank">suggested</a> on NTT last week was the idea that NTT would use the funds raised through a 300bn yen selldown of shares in NTT Docomo in early March (discussed <a href="https://www.smartkarma.com/insights/ntt-docomo-stock-buyback" target="_blank">before</a> and <a href="https://www.smartkarma.com/insights/ntt-docomo-ntt-first-stage-of-docomo-buyback-completed-implications-going-forward" target="_blank">after</a> the fact) to buy back its own shares. This was previewed in my piece March 8th.<blockquote><div class="content-remarks">I expect there is a strong possibility that a sizeable buyback could be announced at some point between tomorrow and the day after the results announcement in May. The buyback announced last August was only for 1%…</div></blockquote>

As part of the pre-earnings trade suggested on NTT last week was the idea that NTT would use the funds raised through a 300bn yen selldown of shares in NTT Docomo in early March (discussed before and after the fact) to buy back its own shares. This was previewed in my piece March 8th.I expect there is a strong possibility that a sizeable buyback could be announced at some point between tomorrow and the day after the results announcement in May. The buyback announced last August was only for 1%…

Japan Buybacks: NTT Announces A Big One, and the Devil's in the Details.

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have interesting patterns of performance around the earnings announcement date on an outright basis or against peers. Unfortunately, while <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623">NTT</a> is one of those showing interesting performance skew (see the <a href="https://www.smartkarma.com/insights/ntt-earnings-release-history-interesting-near-term-performance-skew" target="_blank">accompanying piece</a>), <a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639">KDDI</a> is not. In the last 20 quarters through Q3 FY2016, KDDI's quarterly earnings beat consensus 70% of the time and the stock was up the…

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have interesting patterns of performance around the earnings announcement date on an outright basis or against peers. Unfortunately, while NTT is one of those showing interesting performance skew (see the accompanying piece), KDDI is not. In the last 20 quarters through Q3 FY2016, KDDI's quarterly earnings beat consensus 70% of the time and the stock was up the…

KDDI Earnings Release Performance Skew: Not Much There

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have interesting patterns of performance around the earnings announcement date on an outright basis or against peers. <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623">NTT</a> is one of those. In the last 20 quarters through Q3 FY2016, NTT's quarterly earnings beat consensus 60% of the time. However, the stock was up the day after earnings 17 out of 20 times. NTT outperformed an equal-weighted basket of NTT Docomo…

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have interesting patterns of performance around the earnings announcement date on an outright basis or against peers. NTT is one of those. In the last 20 quarters through Q3 FY2016, NTT's quarterly earnings beat consensus 60% of the time. However, the stock was up the day after earnings 17 out of 20 times. NTT outperformed an equal-weighted basket of NTT Docomo…

NTT Earnings Release History:  Interesting Near-Term Performance Skew

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

<ul><li>TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.</li><li>But Internet TV will move faster and be more disruptive than analysts predict.</li><li>The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.</li><li>Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.</li><li>TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.</li></ul>

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.But Internet TV will move faster and be more disruptive than analysts predict.The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.

Japan

NTT DOCOMO, INC. provides various types of telecommunication services including cellular phones, satellite mobile communication, and wireless LAN Network. The Company also sells cellular phones, and other equipment.

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NTT Docomo Inc (9437 JP)

NTT's Wholesaling of Its Fibre Network and General Cost Cutting Are Improving Returns.

NTT’s 2015 in Line With Guidance Distorted by Accounting Changes; Fair Value Estimate Unchanged. Nippon Telegraph and Telephone Corp's, or NTT’s,...

Morningstar, Inc.

Japan Buybacks: NTT Announces A Big One, and the Devil's in the Details.

As part of the pre-earnings trade suggested on NTT last week was the idea that NTT would use the funds raised through a 300bn yen selldown of...

Travis Lundy

KDDI Earnings Release Performance Skew: Not Much There

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have...

Travis Lundy

NTT Earnings Release History: Interesting Near-Term Performance Skew

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have...

Travis Lundy

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

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