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

<ul><li class="p1">During the past month, authorities have raided pawn shops&nbsp;in Macau that use illegal terminals, economic data in China&nbsp;has shown signs of weakening and Macau gaming revenue&nbsp;in August showed a decline of 35.5% year over year.</li><li class="p1">We&nbsp;plan to adjust our 2015 industry gaming revenue decline&nbsp;from mid-20% to low-30%, partially offset by higher growth&nbsp;in 2017-18 due to the expected completion of the Hong&nbsp;Kong-Zhuhai-Macau bridge in 2017.</li><li class="p1">With a lower revenue base, we have implemented cuts to&nbsp;our fair value estimates: down 15% for MGM China to HKD17.00 per share; down 10% for Galaxy Entertainment to HKD&nbsp;37.00 per share; down 8% for SJM Holdings to HKD 11.00&nbsp;per share; and down 8% for Sands China to HKD 33.00 per&nbsp;share.</li><li class="p1">Our fair value estimate declined by less than 5% for&nbsp;Wynn Macau; thus, we maintain our fair value estimate of&nbsp;HKD 15.00 per share unchanged</li></ul>Analysts: Brian Han and Chelsey TamFull report below the fold...

During the past month, authorities have raided pawn shops&nbsp;in Macau that use illegal terminals, economic data in China&nbsp;has shown signs of weakening and Macau gaming revenue&nbsp;in August showed a decline of 35.5% year over year.We&nbsp;plan to adjust our 2015 industry gaming revenue decline&nbsp;from mid-20% to low-30%, partially offset by higher growth&nbsp;in 2017-18 due to the expected completion of the Hong&nbsp;Kong-Zhuhai-Macau bridge in 2017.With a lower revenue base, we have implemented cuts to&nbsp;our fair value estimates: down 15% for MGM China to HKD17.00 per share; down 10% for Galaxy Entertainment to HKD&nbsp;37.00 per share; down 8% for SJM Holdings to HKD 11.00&nbsp;per share; and down 8% for Sands China to HKD 33.00 per&nbsp;share.Our fair value estimate declined by less than 5% for&nbsp;Wynn Macau; thus, we maintain our fair value estimate of&nbsp;HKD 15.00 per share unchangedAnalysts: Brian Han and Chelsey TamFull report below the fold...

Downgrading FVEs of Macau Gaming Coverage; China Economy and Policies Extend Near-Term Uncertainty

Founder of Innovation Research & Advisory firm, Lightbulb Capital

Daniel Liebau

Founder of Innovation Research & Advisory firm

Lightbulb Capital

Thematic (Sector/Industry)

So the&nbsp;prime example&nbsp;of a successful FinTech firm, <a href="http://www.lendingclub.com/" target="_blank">lending club</a>&nbsp;(with a current total market capitalization of ca. USD 5.5 bn) has been founded in San Francisco. Why did it not come from London, New York or Hong Kong?In this report, we explore success factors of Silicon Valley-based startups&nbsp;in the FinTech&nbsp;space.&nbsp;The objective is to facilitate reflection on the findings and offer suggestions as to what we in Asia could do to leverage those insights as our Innovation&nbsp;ecosystems mature. We also want to share these insights with investors to enable them to make better investment decisions.We met&nbsp;with founders, venture capital firms, co-working space owners, government officials, consultants and heads of Innovation for major financial services institutions to get a well-rounded view.Our research shows success factors can be grouped into two main categories;&nbsp;behavior&nbsp;and&nbsp;infrastructure.Being open, having a growth mindset and tolerating&nbsp;failure are the most influential&nbsp;success&nbsp;factors according to our research.

So the&nbsp;prime example&nbsp;of a successful FinTech firm, lending club&nbsp;(with a current total market capitalization of ca. USD 5.5 bn) has been founded in San Francisco. Why did it not come from London, New York or Hong Kong?In this report, we explore success factors of Silicon Valley-based startups&nbsp;in the FinTech&nbsp;space.&nbsp;The objective is to facilitate reflection on the findings and offer suggestions as to what we in Asia could do to leverage those insights as our Innovation&nbsp;ecosystems mature. We also want to share these insights with investors to enable them to make better investment decisions.We met&nbsp;with founders, venture capital firms, co-working space owners, government officials, consultants and heads of Innovation for major financial services institutions to get a well-rounded view.Our research shows success factors can be grouped into two main categories;&nbsp;behavior&nbsp;and&nbsp;infrastructure.Being open, having a growth mindset and tolerating&nbsp;failure are the most influential&nbsp;success&nbsp;factors according to our research.

What Silicon Valley has, every FinTech ecosystem needs & investors should look for!

Hong Kong

Sands China Ltd. develops, owns, and operates integrated resorts, retail malls, and casinos. The Company also manages convention and exhibition halls in Macau.

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Sands China (1928 HK)

Downgrading FVEs of Macau Gaming Coverage; China Economy and Policies Extend Near-Term Uncertainty

During the past month, authorities have raided pawn shops in Macau that use illegal terminals, economic data in China has shown signs of weakening...

Morningstar, Inc.

What Silicon Valley has, every FinTech ecosystem needs & investors should look for!

So the prime example of a successful FinTech firm, lending club (with a current total market capitalization of ca. USD 5.5 bn) has been founded in...

Daniel Liebau

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)