Sun Art Report Update
We maintain our fair value estimate for Sun Art even though full-year results missed our expectations. Sales and net income were respectively 5% and 4% lower than our forecasts. Management’s business plans give us more confidence in our assumption of a recovery in top-line growth and margin expansion. 2019 will be the year of acceleration of new retail initiatives and increased investment after laying the foundation in 2018. 2020 will be the year in which Sun Art will start to reap the benefits....Sun Art Retail Group is an investment holding company, engaged in the operation of hypermarkets in the People's Republic of China (PRC), under two banners of Auchan and RT-Mart. As of Dec 31 2014, Co. had a total of 372 hypermarket complexes in China, with a total gross floor area of approximately 10,277,525 sq. m.
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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