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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Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/12880" target="_blank" data-smartkarma-citation="entities:12880:1">Ping An Insurance (Grp) Co Of China Ltd. (2318 HK)</a>'s 2017 results reflected strong fundamentals across financial and tech businesses, with embedded value and new business value surging 29.4% and 32.6% from 2016, respectively. The results confirmed our thesis that Ping An is on a fast growth track, as its financial and tech businesses are both seeing rising synergies. We raise our fair value estimate to CNY 85 from CNY 79 for the A shares and to HKD 105 from HKD 93 for the H shares to recognize…

Ping An Insurance (Grp) Co Of China Ltd. (2318 HK)'s 2017 results reflected strong fundamentals across financial and tech businesses, with embedded value and new business value surging 29.4% and 32.6% from 2016, respectively. The results confirmed our thesis that Ping An is on a fast growth track, as its financial and tech businesses are both seeing rising synergies. We raise our fair value estimate to CNY 85 from CNY 79 for the A shares and to HKD 105 from HKD 93 for the H shares to recognize…

Increasing Ping An’s FVE to Reflect Modest Contributions From Tech Initiatives

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

In this report, we look at financials positioning among global equity funds which, in line with global EM funds, are sitting at their highest levels in over 7 years.  Despite this record exposure, there has been a clear rotation out of US financial stocks and into EMEA and Asian stocks.  The latest positioning data shows India as the largest financial overweight among our group of 149 global equity funds, with the US moving from an overweight holding to underweight in the space of the last 12 months.

In this report, we look at financials positioning among global equity funds which, in line with global EM funds, are sitting at their highest levels in over 7 years.  Despite this record exposure, there has been a clear rotation out of US financial stocks and into EMEA and Asian stocks.  The latest positioning data shows India as the largest financial overweight among our group of 149 global equity funds, with the US moving from an overweight holding to underweight in the space of the last 12 months.

Global Financials Positioning:  Funds Hit Maximum Overweight - Rotate Out of USA, into EMEA/Asia

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

* Huge Investments Not Refelcted In Earnings: Tencent’s valuation of its more meaningful assets and listed associates amounted to over USD 50 bn - accounting for over 9% of Tencent’s current valuation – and not currently reflected in earnings.* Investment Portfolio Increase of 80%: The value of Tencent’s investment portfolio has increased by about 80%YOY. No wonder Tencent is an investor favorite. <h2>Investment Summary</h2>Given the lack of overall balance sheet analysis done by the sell-side, we have…

* Huge Investments Not Refelcted In Earnings: Tencent’s valuation of its more meaningful assets and listed associates amounted to over USD 50 bn - accounting for over 9% of Tencent’s current valuation – and not currently reflected in earnings.* Investment Portfolio Increase of 80%: The value of Tencent’s investment portfolio has increased by about 80%YOY. No wonder Tencent is an investor favorite. Investment SummaryGiven the lack of overall balance sheet analysis done by the sell-side, we have…

* De-Merger Announcement: Prudential plc (PRU.LN) [Pru] expects to segregate its United Kingdom (UK) life insurance and asset management subsidiary from the rest of the operation. Instead, Pru will now focus on Asia, the United States, and Africa.* Asian Capital Raise Likelier: We would not be surprised to see a significant capital raise in Hong Kong if/when the relationship with Jackson National is terminated. Hiving off the US franchise would allow the shares to trade more on par with AIA…

* De-Merger Announcement: Prudential plc (PRU.LN) [Pru] expects to segregate its United Kingdom (UK) life insurance and asset management subsidiary from the rest of the operation. Instead, Pru will now focus on Asia, the United States, and Africa.* Asian Capital Raise Likelier: We would not be surprised to see a significant capital raise in Hong Kong if/when the relationship with Jackson National is terminated. Hiving off the US franchise would allow the shares to trade more on par with AIA…

Prudential Plc – De-Merger Suggests Greater Competition for AIA

PICC Property & Casualty H / Equity Bottom-Up

* CIRC Continues to Tighten Screws: The China Insurance Regulatory Commission (CIRC) began implementing the third phase of pricing reform (since July 2017) in commercial auto insurance, which should impact approximately 20% of commercial auto insurance nationally.* P&amp;C Combined Ratios Look to Be Heading Beyond 100%: Continued deregulation of pricing is slightly negative for national P&amp;C loss ratios given the continued premium discounts. Since 2011, the combined ratio  has steadily increased from…

* CIRC Continues to Tighten Screws: The China Insurance Regulatory Commission (CIRC) began implementing the third phase of pricing reform (since July 2017) in commercial auto insurance, which should impact approximately 20% of commercial auto insurance nationally.* P&amp;C Combined Ratios Look to Be Heading Beyond 100%: Continued deregulation of pricing is slightly negative for national P&amp;C loss ratios given the continued premium discounts. Since 2011, the combined ratio  has steadily increased from…

PICC P&C – Another Incremental Negative For Auto

China

Ping An Insurance (Group) Company of China Limited provides a variety of insurance service in China.  The Company writes property, casualty, and life insurance.  Ping An Insurance also offers financial services.

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Ping An Insurance (H) (2318 HK)

Increasing Ping An’s FVE to Reflect Modest Contributions From Tech Initiatives

Ping An Insurance (Grp) Co Of China Ltd. (2318 HK)'s 2017 results reflected strong fundamentals across financial and tech businesses, with embedded...

Morningstar, Inc.

Global Financials Positioning: Funds Hit Maximum Overweight - Rotate Out of USA, into EMEA/Asia

In this report, we look at financials positioning among global equity funds which, in line with global EM funds, are sitting at their highest...

Steven Holden

TenCent – Powerful Pipeline

* Huge Investments Not Refelcted In Earnings: Tencent’s valuation of its more meaningful assets and listed associates amounted to over USD 50 bn -...

Thomas J. Monaco

Prudential Plc – De-Merger Suggests Greater Competition for AIA

* De-Merger Announcement: Prudential plc (PRU.LN) [Pru] expects to segregate its United Kingdom (UK) life insurance and asset management subsidiary...

Thomas J. Monaco

PICC P&C – Another Incremental Negative For Auto

* CIRC Continues to Tighten Screws: The China Insurance Regulatory Commission (CIRC) began implementing the third phase of pricing reform (since...

Thomas J. Monaco

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