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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Thematic (Sector/Industry)

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser extent. We plan to reduce the fair value estimates for Nomura Holdings as the company remains poorly positioned as a subscale investment bank with high conduct risk and repeated failures in expanding the global fixed income franchise. Nomura makes significant use of three subsidiaries under European Economic Area, or EEA, passporting privileges to reach its wholesale clients in continental Europe. For other banks, the impacts are likely to be less acute relative to Nomura as they do not hold too many derivative contracts under United Kingdom entities, and their direct exposures are largely limited to traditional lending functions to support foreign subsidiaries of the Japanese parent companies.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser extent. We plan to reduce the fair value estimates for Nomura Holdings as the company remains poorly positioned as a subscale investment bank with high conduct risk and repeated failures in expanding the global fixed income franchise. Nomura makes significant use of three subsidiaries under European Economic Area, or EEA, passporting privileges to reach its wholesale clients in continental Europe. For other banks, the impacts are likely to be less acute relative to Nomura as they do not hold too many derivative contracts under United Kingdom entities, and their direct exposures are largely limited to traditional lending functions to support foreign subsidiaries of the Japanese parent companies.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

The Brexit Vote Result Means Additional Headwinds ForJapanese Banks

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

United Urban Investment / Equity Capital Markets

United Urban plans to raise US$321m in order to funds its purchase of Kawagoe logistics centre (around 25% of proceeds will be used for this), with the bulk of the proceeds being used to repay borrowings. The deal scores well on our framework in almost all categories. It is also likely to be accretive to DPU and the stock has held up well since the deal was announced. Furthermore, most of the previous deals in the  stock have done well. However, the equity issuance to pay down debt along with…

United Urban plans to raise US$321m in order to funds its purchase of Kawagoe logistics centre (around 25% of proceeds will be used for this), with the bulk of the proceeds being used to repay borrowings. The deal scores well on our framework in almost all categories. It is also likely to be accretive to DPU and the stock has held up well since the deal was announced. Furthermore, most of the previous deals in the  stock have done well. However, the equity issuance to pay down debt along with…

United Urban - Raising to Mostly Pay Down Debt; Good Track Record and past Deal Performance

Hulic REIT plans to raise US$280m, in order to funds its increase in stake in an existing asset, as well as purchase of two new assets.The deal scores a marginally positive score on our framework given that the acquisition is accretive and the shares have been trading well since the deal was announced. Although, the score on our framework is partially hampered by the lack of long term record, since it listed only in 2014.The large size of the placement versus ADV remains the main risk.<h2>Placement</h2>…

Hulic REIT plans to raise US$280m, in order to funds its increase in stake in an existing asset, as well as purchase of two new assets.The deal scores a marginally positive score on our framework given that the acquisition is accretive and the shares have been trading well since the deal was announced. Although, the score on our framework is partially hampered by the lack of long term record, since it listed only in 2014.The large size of the placement versus ADV remains the main risk.Placement…

Hulic REIT - Accretive but Large Placement

Orix JREIT plans to raise US$135m/JPY15bn in order to acquire two properties. The company has been issuing equity to acquire new assets, every year for the past three years once in March and then again in the second half of the year.We had covered the previous Mar-15 deal, <a href="https://www.smartkarma.com/insights/orix-jreit-8954-jp-another-placement-for-acquisition-will-be-dpu-accretive" target="_blank" data-smartkarma-citation="insights:513">Orix JREIT (8954 JP) - Another placement for acquisition; will be DPU accretive</a>, which went on to yield a 5% upside in the first month.The deal scores a positive score on our framework as: company's previous deals have all…

Orix JREIT plans to raise US$135m/JPY15bn in order to acquire two properties. The company has been issuing equity to acquire new assets, every year for the past three years once in March and then again in the second half of the year.We had covered the previous Mar-15 deal, Orix JREIT (8954 JP) - Another placement for acquisition; will be DPU accretive, which went on to yield a 5% upside in the first month.The deal scores a positive score on our framework as: company's previous deals have all…

Orix JREIT - Its that Time of the Year Again

We would take the deal at strikeProceeds from the deal are likely to be used to acquire new properties, as well as pay down debt. The DPU impact from the deal is likely to be negligible, despite the 5% dilution, which is a positive. In addition, the continued loose monetary policy from BOJ should lend support to the sector and we would take this opportunity to enter the stock at a discount.

We would take the deal at strikeProceeds from the deal are likely to be used to acquire new properties, as well as pay down debt. The DPU impact from the deal is likely to be negligible, despite the 5% dilution, which is a positive. In addition, the continued loose monetary policy from BOJ should lend support to the sector and we would take this opportunity to enter the stock at a discount.

Acquiring more assets with minimal DPU impact from placement

Japan

United Urban Investment Corporation is a real estate investment trust (REIT). The Company directly invests in real estate properties such as shopping centers, offices, hotels, and residential buildings.

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United Urban Investment (8960 JP)

The Brexit Vote Result Means Additional Headwinds ForJapanese Banks

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser...

Morningstar, Inc.

United Urban - Raising to Mostly Pay Down Debt; Good Track Record and past Deal Performance

United Urban plans to raise US$321m in order to funds its purchase of Kawagoe logistics centre (around 25% of proceeds will be used for this), with...

Sumeet Singh

Hulic REIT - Accretive but Large Placement

Hulic REIT plans to raise US$280m, in order to funds its increase in stake in an existing asset, as well as purchase of two new assets.The deal...

Sumeet Singh

Orix JREIT - Its that Time of the Year Again

Orix JREIT plans to raise US$135m/JPY15bn in order to acquire two properties. The company has been issuing equity to acquire new assets, every year...

Sumeet Singh

Acquiring more assets with minimal DPU impact from placement

We would take the deal at strikeProceeds from the deal are likely to be used to acquire new properties, as well as pay down debt. The DPU impact...

Sumeet Singh

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