No Surprise in Wide-Moat Japan Exchange Group's 2Q Result; Shares Fairly Valued
There was no surprise in Japan Exchange Group, or JPX’s, second-quarter result and our view on the wide-moat-rated exchange is unchanged. There were minor tweaks to management guidance with weaker equity and derivative turnover expected in the second half translating into lower revenue for the full year. As such, the exchange will lower its operating expenditure and we suspect nonessential projects are most likely deferred, a normal practice for exchanges under our coverage as capital markets so...Japan Exchange Group is a holding company engaged in the provision of financial instrument exchange services. Through its four major subsidiaries, Tokyo Stock Exchange, Osaka Exchange, Japan Exchange Regulation and Japan Securities Clearing, Co. provides market infrastructure for financial instruments including financial instrument exchange. Co. also offers traders and investors reliable venues for trading listed securities and derivative instruments, as well as clearing and settlement services through a central counterparty. Co. was established through the business combination between Tokyo Stock Exchange and Osaka Securities Exchange on Jan 1 2013.
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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