CCCC Company Visit Takeaways: Overseas to Drive Margin Expansion; PPP Holds Long-Term Potential
Following a meeting with China Communications Construction Co, or CCCC, we leave our 10% net income growth in 2016 largely unchanged, but trim revenue growth to 9% (from 11%) mainly on the negative impact of industrial value added tax reform and weak port construction demand. The company reaffirms its full-year order book growth target of 6% on solid demand for railway, road and bridge construction. We forecast 5-year CAGR of 11% and 9%, respectively, in net earnings and revenue, as margins shou...
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.
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