We assign Tencent Music a narrow moat rating. The company is the biggest music streaming platform in China by far, and we have confidence that the company will generate excess ret ...

Sumitomo Mitsui Financial Group, with a 7.2% share of domestic loans and 9.0% of deposits as of March 2024, is one of Japan’s Big Three banking groups. Compared with its two megabank rivals, SMFG has ...