Narrow-Moat NetEase's 4Q Results Beat Our Expectations on Operating Leverage
Fourth-quarter non-GAAP operating income at narrow-moat NetEase was 14% higher than our estimate. Non-GAAP research and development, sales and marketing, and general and administrative expenses as a percentage of sales all came down sequentially as a result of operating leverage, in our view. We believe NetEase remains undervalued as its growth in overseas markets and businesses such as cloud music and cross-border e-commerce, both leading in their respective industries, is not priced into the s...
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.
We have operations in 27 countries.
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