Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<figure class="editor-figure">Keppel Corp (KEP SP) reported its 4Q results this evening, with the offshore &amp; marine segment recording 44% YoY decline in topline and 89% YoY decline in the EBITDA line, after recording an S$230m provision related to Sete Brasil contracts:</figure><figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/137/original/4Q%20O&amp;M.JPG?1453392790" class="editor-image img-responsive" data-smartkarma-image-id="5137"><figcaption class="figcaption">Keppel's 4Q offshore &amp; marine segment results snapshot</figcaption></figure>While Keppel's offshore &amp; marine segment is recording loss in 4Q15, Sembcorp Marine has already provided profit warning <a href="http://infopub.sgx.com/FileOpen/Profit_Guidance.ashx?App=Announcement&amp;FileID=380829" target="_blank">on December 1st</a>. Thus I don't expect SMM's loss in 4Q15 will be a surprise to the…

Keppel Corp (KEP SP) reported its 4Q results this evening, with the offshore &amp; marine segment recording 44% YoY decline in topline and 89% YoY decline in the EBITDA line, after recording an S$230m provision related to Sete Brasil contracts:Keppel's 4Q offshore &amp; marine segment results snapshotWhile Keppel's offshore &amp; marine segment is recording loss in 4Q15, Sembcorp Marine has already provided profit warning on December 1st. Thus I don't expect SMM's loss in 4Q15 will be a surprise to the…

Keppel's 4Q Results Point to Sembcorp Marine's Bluesky Scenario

We have talked in our <a href="https://www.smartkarma.com/insights/sembcorp-marine-profit-warning-in-the-down-turn-it-can-be-very-nasty" target="_blank">earlier note</a> that Sete Brasil contract, making up close to half of SMM's orderbook, is the near term key risk that is beeing underestimated by the street. In November, BTG Pactual, which owns 27% stake in Sete Brasil,  is in trouble as its controlling shareholder and asset manager, Andre Esteves was arrested in the corruption probe, <a href="http://www.bloomberg.com/news/articles/2015-11-25/btg-s-andre-esteves-senator-amaral-arrested-brazil-police-say" target="_blank">according to Bloomberg</a>.Slightly more than one month on, Bloomberg <a href="http://www.bloomberg.com/news/articles/2016-01-06/btg-backed-rig-venture-said-to-mull-bankruptcy-filing-in-brazil" target="_blank">reported today</a> that shareholders of Sete Brasil, a major customer of Sembcorp…

We have talked in our earlier note that Sete Brasil contract, making up close to half of SMM's orderbook, is the near term key risk that is beeing underestimated by the street. In November, BTG Pactual, which owns 27% stake in Sete Brasil,  is in trouble as its controlling shareholder and asset manager, Andre Esteves was arrested in the corruption probe, according to Bloomberg.Slightly more than one month on, Bloomberg reported today that shareholders of Sete Brasil, a major customer of Sembcorp…

Sembcorp Marine: Major Customer Sete Brasil May File for Bankruptcy

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

Ominous start to the year for container shipping with Drewry forecasting container shipping profitability to deteriorate in 2016. Ocean freight rates for cargo moving under contracts on the major East-West trade routes witnessing another reduction in the last quarter of 2015, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight rates. The Drewry Benchmarking Club Contract Rate Index, based on Trans…

Ominous start to the year for container shipping with Drewry forecasting container shipping profitability to deteriorate in 2016. Ocean freight rates for cargo moving under contracts on the major East-West trade routes witnessing another reduction in the last quarter of 2015, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight rates. The Drewry Benchmarking Club Contract Rate Index, based on Trans…

2016 - Washout Year for Container Shipping

Transport Sector, China and Asia-focused Research

Charles De Trenck

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Event-Driven

<ul><li>Oil-capex has continued its&nbsp;slide. Meanwhile, there is increasing global overcapacity for rigs.</li><li>Brazil's orderbooks look&nbsp;risky. Could PBR's nationalisation be next?&nbsp;</li><li>To make matters worse, China's rigbuilders have grown to scale, and pose formidable threats.</li><li>This has played itself out in Sembcorp Marine's derate.</li><li>Last quarters results confirm that the horse which had earlier bolted, is not likely&nbsp;to return any time soon.</li><li>What really catches our eye however, is the relative valuation differential between SMM and SCI.&nbsp;</li><li>This is worth a careful examination. Could corporate action emerge next?&nbsp;</li></ul>

Oil-capex has continued its&nbsp;slide. Meanwhile, there is increasing global overcapacity for rigs.Brazil's orderbooks look&nbsp;risky. Could PBR's nationalisation be next?&nbsp;To make matters worse, China's rigbuilders have grown to scale, and pose formidable threats.This has played itself out in Sembcorp Marine's derate.Last quarters results confirm that the horse which had earlier bolted, is not likely&nbsp;to return any time soon.What really catches our eye however, is the relative valuation differential between SMM and SCI.&nbsp;This is worth a careful examination. Could corporate action emerge next?&nbsp;

The Contrarian Retort. Consider a Sembcorpian Bailout.

Singapore

Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

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Keppel Corp (KEP SP)

Keppel's 4Q Results Point to Sembcorp Marine's Bluesky Scenario

Keppel Corp (KEP SP) reported its 4Q results this evening, with the offshore & marine segment recording 44% YoY decline in topline and 89% YoY...

Ke Yan, CFA, FRM

Sembcorp Marine: Major Customer Sete Brasil May File for Bankruptcy

We have talked in our earlier note that Sete Brasil contract, making up close to half of SMM's orderbook, is the near term key risk that is beeing...

Ke Yan, CFA, FRM

2016 - Washout Year for Container Shipping

Ominous start to the year for container shipping with Drewry forecasting container shipping profitability to deteriorate in 2016. Ocean freight...

Drewry Maritime Financial Research

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global...

Charles De Trenck

The Contrarian Retort. Consider a Sembcorpian Bailout.

Oil-capex has continued its slide. Meanwhile, there is increasing global overcapacity for rigs. Brazil's orderbooks look risky. Could PBR's...

Crispin Francis

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