Upgrading Sina’s Moat Trend to Stable due to Weibo’s Stable Outlook; Upside Risk from Potential M&As
We revised Sina’s moat trend from negative to stable, largely due to the stable moat trend of Weibo, and we maintained our fair value of USD 56 per ADR. Sina’s market price has been up by over 60% in the past two months, partly due to the strong performance of Weibo and partly due to the market speculation of Alibaba’s acquisition. We agree that the chance of Sina restructuring or related M&A cannot be ruled out. Sina is the major shareholder of Weibo with about 54% equity stake and 78% voti...Sina is an online media company serving China and the global Chinese communities. Co.'s digital media network includes SINA.com (It offers professional content on each of its region specific websites), SINA.com (It provides information and entertainment content from SINA portal customized for WAP users) and Weibo (It is a form of social media, featuring microblogging services and social networking services that allow users to connect and share information). Co. offers an array of services including mobile value added services, online video, music streaming, online games, photo sharing, blog, email, classified listings, fee-based services, e-commerce and enterprise services.
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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