CMB’s First-Half Earning Alerts Posted Better-Than-Expected Profit Growth
The 11.4% year-on-year profit before tax growth revealed by CMB’s first-half earning alert exceeded our expectations. We suspect this was driven by reduced credit costs, as CMB’s bad-debt ratio fell 5 basis points to 1.71% from the first quarter. CMB will likely lead the industry in a recovery in credit quality due to its lower exposure to overcapacity manufacturers and state-owned enterprise sectors. We slightly lower our 2017 credit cost assumption to 1.94% from 2.2%. However, we remain convin...
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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