Feedback from SGX Presentation at Morningstar Moat Conference
Narrow-moat Singapore Exchange attended our Management Behind the Moat Conference and outlined its growth strategy. Our long-term thesis on the exchange is unchanged along with our fair value of SGD 8.40. At close to 18% discount to our fair value, we continue to see the exchange as undervalued. While the exchange’s earnings are volatile and dependent on capital market conditions, we reiterate our view that the focus should be on the underlying fundamentals on the exchange. For Singapore Exchang...Singapore Exchange is an investment holding company. Co. and its subsidairies are organised into three main business segments as follows: Securities market, which provides listing, trading, clearing, depository, market data, member services, connectivity, collateral management and issuer services; Derivatives market, which provides trading, clearing, market data, member services, connectivity and collateral management; as well as Other operations, which provides market data, connectivity and other services apart from those listed in the Securities market and Derivatives market segments. Co. and its subsidairies operate primarily in Singapore.
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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