Country Garden Share Placement and Convertible Issuance to Capitalize on High Price and Volatility
Taking advantage of the high share price and strong market sentiment, Country Garden announced a share placement and a convertible bond issuance. While the share issuance is slightly dilutive to our projected 2018 earnings and beyond, the issuance price is 40% above our fair value estimate, hence with minimal impact to our fair value estimate. We maintain our fair value estimate of HKD 12, along with the company’s no-moat and stable moat trend ratings.The equity issuance calls for the placement...
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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