Morningstar | Share Adjustment to Account for Bonus Issuance, Chairman Stepping Down as Expected
Due to Henderson Land Development’s 1-for-10 bonus share issuance, we have adjusted our fair value estimate to HKD 43.6 from HKD 48.0. We also reduced projected earnings per share by 6% for 2019, and 10% for subsequent years. The impact on 2019 projected earnings is smaller as the bonus shares began trading on May 31. These changes are not material. We maintain our no-moat rating for the company.Also, as expected, Lee Shau Kee stepped down from the position of Chairman and Managing Director of the company. Lee Ka Kit and Lee Ka Shing have been appointed as Joint Chairmen and Managing Directors of the company. Lee Shau Kee will remain on as an Executive Director.
Henderson Land Development is an investment holding company, engaged in property development and investment in Hong Kong and mainland China, hotel operation, project and property management, construction and provision of finance. Co.'s segments include Property development, property leasing, construction, infrastructure, hotel operation, department store operation, utility and energy, and others. Co.'s others segment is involved in the provision of finance, investment holding, project management, property management, agency services, cleaning and security guard services, as well as the trading of building materials and disposal of leasehold land.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company 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 approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 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 and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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