Execution of Medium-Term Business Plan Remains the Focus for Japan Exchange Group
Japan Exchange Group's post-fourth-quarter earnings call does not alter our wide moat rating on the exchange. Management remains focused on executing on its medium-term business plan, and as expected, in our earlier earnings note, there were no additional capital management initiatives given the ongoing JPY 16 billion share buyback program. As of May 1, 2017, the buyback is 83% completed, and at an average share price of JPY 1,600 compared with our fair value of JPY 1,690, we believe the program...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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