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

More than Just Moore’s Law<ul><li class="p1">Building semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out four years later if you blew your brains out.”</li><li class="p1">We believe this quote by Robert Palmer (former CEO of Digital Equipment), while graphic, illustrates the hefty upfront costs and multiyear lead times required to make the latest chips used in devices such as the iPhone.</li><li class="p1">This sentiment has never been truer than it is today given the considerable consolidation in semiconductor manufacturing.</li><li class="p1">In contrast to chipmakers like Intel, Taiwan Semiconductor Manufacturing and Samsung, that are forced to make huge bets on future demand and suffer depressed returns on capital when proved wrong, we see a rational oligopoly within the wafer fabrication equipment (WFE) space.</li></ul>Analysts: Abhinav Davuluri, Brian Colello &amp; Hari Narayan

More than Just Moore’s LawBuilding semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out four years later if you blew your brains out.”We believe this quote by Robert Palmer (former CEO of Digital Equipment), while graphic, illustrates the hefty upfront costs and multiyear lead times required to make the latest chips used in devices such as the iPhone.This sentiment has never been truer than it is today given the considerable consolidation in semiconductor manufacturing.In contrast to chipmakers like Intel, Taiwan Semiconductor Manufacturing and Samsung, that are forced to make huge bets on future demand and suffer depressed returns on capital when proved wrong, we see a rational oligopoly within the wafer fabrication equipment (WFE) space.Analysts: Abhinav Davuluri, Brian Colello &amp; Hari Narayan

Technology Observer: When the Chips Are Down, Bet on Capital Equipment Firms

<ul><li class="p1">Tokyo Electron Ltd. is a key vendor of semiconductor fabrication tools, operating primarily in the etch, deposition, and clean segments, which involve adding and removing materials to semiconductor wafers.</li><li class="p1">We believe TEL's relatively diverse product portfolio will allow it to comfortably weather business cycles over time, allowing the firm to maintain its current R&amp;D levels and experience decent growth over the long term, thus justifying a narrow economic moat.</li></ul>Analyst: Abhinav Davuluri

Tokyo Electron Ltd. is a key vendor of semiconductor fabrication tools, operating primarily in the etch, deposition, and clean segments, which involve adding and removing materials to semiconductor wafers.We believe TEL's relatively diverse product portfolio will allow it to comfortably weather business cycles over time, allowing the firm to maintain its current R&amp;D levels and experience decent growth over the long term, thus justifying a narrow economic moat.Analyst: Abhinav Davuluri

Initiating Coverage on Tokyo Electron Ltd

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Thematic (Sector/Industry)

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials, you can refer to Douglas' report "<a href="https://www.smartkarma.com/insights/coupang-taking-amazon-s-market-share-at-all-cost-strategy-coupang-s-2015-financials-are-out" target="_blank">Coupang: Taking Amazon’s Market Share at All Cost Strategy (Coupang’s 2015 Financials Are Out)</a>".Most of us already knew much about Coupang's 2015 financial performance. That is, Coupang's remarkable growth story (along with a hefty amount of operating loss) has already been publicized by many media and research…

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials, you can refer to Douglas' report "Coupang: Taking Amazon’s Market Share at All Cost Strategy (Coupang’s 2015 Financials Are Out)".Most of us already knew much about Coupang's 2015 financial performance. That is, Coupang's remarkable growth story (along with a hefty amount of operating loss) has already been publicized by many media and research…

Another View on Coupang's 2015 Financials and Possible Future Scenario

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social commerce companies in Korea along with the famous Coupang and WeMakePrice). In return of this investment, NHN Entertainment is believed to receive slightly less than 3 percent equity in Ticket Monster.Earlier this year, Ticket Monster publicly announced its plan of USD300m fundraising in a bid to compete more effectively against Softbank-backed Coupang…

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social commerce companies in Korea along with the famous Coupang and WeMakePrice). In return of this investment, NHN Entertainment is believed to receive slightly less than 3 percent equity in Ticket Monster.Earlier this year, Ticket Monster publicly announced its plan of USD300m fundraising in a bid to compete more effectively against Softbank-backed Coupang…

NHN Entertainment Invests in Ticket Monster - Implications for Softbank and Softbank-Backed Coupang

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Event-Driven

Fast Facts<ul><li>Significant merger investigations lasted 9.5 months on average over the 12 months ending Q1 2016, about 20% longer than observed over the prior 12 months.</li><li>There were 33 significant merger investigations during the 12-month period ending Q1 2016, compared to 32 during the prior 12-month period.</li><li>Increased use of upfront buyers may be partially responsible for the increase in duration. In 2015, consents requiring upfront buyers took 2.1 months longer than consents requiring post-order buyers.</li></ul>

Fast FactsSignificant merger investigations lasted 9.5 months on average over the 12 months ending Q1 2016, about 20% longer than observed over the prior 12 months.There were 33 significant merger investigations during the 12-month period ending Q1 2016, compared to 32 during the prior 12-month period.Increased use of upfront buyers may be partially responsible for the increase in duration. In 2015, consents requiring upfront buyers took 2.1 months longer than consents requiring post-order buyers.

Is Use of Upfront Buyers Causing Longer Merger Investigations? Q1 2016 Update Confirms 2015 Trends

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron Ltd Unsp Adr (TOELY US)

Technology Observer: When the Chips Are Down, Bet on Capital Equipment Firms

More than Just Moore’s Law Building semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out...

Morningstar, Inc.

Initiating Coverage on Tokyo Electron Ltd

Tokyo Electron Ltd. is a key vendor of semiconductor fabrication tools, operating primarily in the etch, deposition, and clean segments, which...

Morningstar, Inc.

Another View on Coupang's 2015 Financials and Possible Future Scenario

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials,...

Sanghyun Park

NHN Entertainment Invests in Ticket Monster - Implications for Softbank and Softbank-Backed Coupang

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social...

Sanghyun Park

Is Use of Upfront Buyers Causing Longer Merger Investigations? Q1 2016 Update Confirms 2015 Trends

Fast Facts Significant merger investigations lasted 9.5 months on average over the 12 months ending Q1 2016, about 20% longer than observed over...

Dechert LLP

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