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.

Equity Bottom-Up

In our last update on HMM <a href="https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy" target="_blank">https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy</a> we had outlined how DMER’s assessment of HMM’s recovery was playing out to a tee. HMM got another lifeline yesterday as the company signed an agreement to join the world’s largest container-shipping alliance, 2M led by Maersk Lien and MSC.  The stock is reacting well as risk of bankruptcy is further mitigated. When the news had surfaced we at Drewry termed it as an Odd Trio.…

In our last update on HMM https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy we had outlined how DMER’s assessment of HMM’s recovery was playing out to a tee. HMM got another lifeline yesterday as the company signed an agreement to join the world’s largest container-shipping alliance, 2M led by Maersk Lien and MSC.  The stock is reacting well as risk of bankruptcy is further mitigated. When the news had surfaced we at Drewry termed it as an Odd Trio.…

Hyundai Merchant Marine (011200 KS) - Gets a Lifeline ?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

The four major construction stocks in Korea <a href="https://www.smartkarma.com/entities/4292" target="_blank" data-smartkarma-citation="entities:4292">Hyundai Engineering &amp; Const</a>, <a href="https://www.smartkarma.com/entities/7699" target="_blank" data-smartkarma-citation="entities:7699">Hyundai Development Co Engg &amp; Cnstn</a>, <a href="https://www.smartkarma.com/entities/15916" target="_blank" data-smartkarma-citation="entities:15916">Gs Engineering &amp; Construct</a>, and <a href="https://www.smartkarma.com/entities/12333" target="_blank" data-smartkarma-citation="entities:12333">Daewoo Engineering &amp; Constr</a> share prices are on average down 10% from 13 April 2016 (in the same period KOSPI was up 0.3%) , post the election of the National Assembly members in Korea. We gave out a warning on 17 April 206 on these four Korean construction stocks <a href="https://www.smartkarma.com/insights/warning-on-korean-construction-stocks-ruling-saenuri-party-is-crushed-in-national-assembly-election" target="_blank" data-smartkarma-citation="insights:3422">Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly</a>…

The four major construction stocks in Korea Hyundai Engineering &amp; Const, Hyundai Development Co Engg &amp; Cnstn, Gs Engineering &amp; Construct, and Daewoo Engineering &amp; Constr share prices are on average down 10% from 13 April 2016 (in the same period KOSPI was up 0.3%) , post the election of the National Assembly members in Korea. We gave out a warning on 17 April 206 on these four Korean construction stocks Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly…

Close Out the Shorts on Korean Construction Stocks?

DMER’s assessment of HMM’s recovery is playing out to a tee<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/240/original/h1.JPG?1465953609" class="editor-image img-responsive" data-smartkarma-image-id="9240"></figure> <ul><li>
In our report titled “How will the Endgame play out?” released in Feb 2016 we had argued that HMM will be able to restructure and survive ( <a href="https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-how-will-the-endgame-play-out" target="_blank">https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-how-will-the-endgame-play-out</a>) . We believe the story is now turning out to be true as HMM’s financial difficulties seems to subside after its bondholders and financial lenders have agreed to debt rescheduling terms. As it stands,…</li></ul>

DMER’s assessment of HMM’s recovery is playing out to a tee 
In our report titled “How will the Endgame play out?” released in Feb 2016 we had argued that HMM will be able to restructure and survive ( https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-how-will-the-endgame-play-out) . We believe the story is now turning out to be true as HMM’s financial difficulties seems to subside after its bondholders and financial lenders have agreed to debt rescheduling terms. As it stands,…

Hyundai Merchant Marine (011200 KS) - Pulls Back from Bankruptcy ?

This is a follow-up to the warning on the Korean construction stocks which we issued more than a month ago. <a href="https://www.smartkarma.com/insights/warning-on-korean-construction-stocks-ruling-saenuri-party-is-crushed-in-national-assembly-election" target="_blank" data-smartkarma-citation="insights:3422">Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly Election</a> We gave a strong warning on the four major construction stocks and they are down on average 7.2% from the end of the National Assembly Elections in Korea (about 5 weeks ago) to today, under performing KOSPI which is down 1.7% during the same period.  We continue to be bearish on the Korean…

This is a follow-up to the warning on the Korean construction stocks which we issued more than a month ago. Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly Election We gave a strong warning on the four major construction stocks and they are down on average 7.2% from the end of the National Assembly Elections in Korea (about 5 weeks ago) to today, under performing KOSPI which is down 1.7% during the same period.  We continue to be bearish on the Korean…

Korean Construction Stocks - Household Debt Is the Achilles Heel

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Proper understanding of SDS DilemmaFirst and Foremost, what we have to remind ourselves is this very important fact: Vice Chairman Lee and his two sisters still own 17 percent in SDS. Not only that, SDS business is largely dependent on Samsung affiliates. In other words, SDS is only few of the assets (along with Samsung Engineering) that Lee family can easily leverage for facilitating ownership transfer. How would Lee family use SDS? This certainly remains to be seen. But regardless of what they…

Proper understanding of SDS DilemmaFirst and Foremost, what we have to remind ourselves is this very important fact: Vice Chairman Lee and his two sisters still own 17 percent in SDS. Not only that, SDS business is largely dependent on Samsung affiliates. In other words, SDS is only few of the assets (along with Samsung Engineering) that Lee family can easily leverage for facilitating ownership transfer. How would Lee family use SDS? This certainly remains to be seen. But regardless of what they…

Samsung Still Keeps an Eye on Korea's Medicare Privatization for Samsung Life and SDS

South Korea

Pan Ocean Co., Ltd. is a Korean shipping company that engages in marine transportation business. The Company provides bulk cargo carrier, pure car and truck carrier, container and tanker services.

Korea Line Corporation (KLC) owns and operates a fleet of vessels that carry bulk cargo, such as iron core, coal, hot coils, and liquefied natural gas (LNG). The Company provides exclusive lines for Pohang Iron & Steel, Korea Gas, and Korea Electric under long term contracts.  KLC also offers tramp services, and transports grain, sugar, logs, minerals, and steel products.

Heung-A Shipping Co., Ltd. provides shipping trade services.  The Company also provides chemical tankers to transport petrochemicals in areas that includes Japan, Taiwan, China, and Southeast Asian regions.

KSS LINE LTD provides marine transportation services.  The Company mainly transports items such as gas and chemical products.  KSS LINE provides worldwide gas product transportation, Far East and South East Asia area for chemical product shipping.

Eusu Holdings Co., Ltd. is a holding company, which operates marine transportation services such as container service, bulk service, terminal service, and ship lease.

Korean Air Lines Co., Ltd. operates air transportation services.  The Company's services include passenger and cargo transportation, aircraft maintenance, and air catering.  Korean Air Lines provides domestic and international airline services.

Hyundai Glovis Co., Ltd. provides domestic and international logistic services. The Company's services include domestic transportation, storage, packaging, vehicle logistic, and logistic consulting.  GLOVIS also runs automobile auction market for used vehicle.

Hanjin KAL Corporation is a holding company. The Company, through its subsidiaries, engages in airline, hotel, and travel related services. Hanjin also invests in real estates.

Sun Kwang Co., Ltd. provides harbor loading and unloading, general and hard goods transportation, warehouse, cargo handling, container handling, and stevedoring services.  The Company also extracts and sells sea sand for ready mixed concrete manufacturing.

CJ Logistics Corporation provides logistics services. The Company provides land transportation, maritime transportation, harbor unloading, cargo storage, international logistics processing, and other services. CJ Logistics also provides internet home shopping services. CJ Logistics serves customers worldwide.

Orient Overseas International Ltd, through its subsidiaries, owns and leases ships, operates terminals, and provides freight forwarding and container transportation services.  The Company also develops and invests in properties, leases equipment, and invests in securities.

Kirby Corporation operates a fleet of inland tank barges.  The Company transports industrial chemicals, refined petroleum products, black oil products, and agricultural chemicals.  Kirby also overhauls and services diesel engines employed in marine, power generation, and rail applications.

Kawasaki Kisen Kaisha, Ltd. operates marine cargo and passenger transportation around the world.  The Company provides ocean liner, bulk carrier, car carrier, unscheduled specialized carrier, and energy transportation services. The Company also offers insurance, warehousing, and land transportation services.  Items transported include automobile, grain, petroleum, coal, iron ore, and wood chip.

MISC Berhad owns ships and operates shipping and related services. Through its subsidiaries, the Company provides trucking, warehousing and forwarding service, containers and prime movers repair, and container haulage. MISC Berhad also has operation in trucking and launch operator.

Yang Ming Marine Transport provides transportation services and handles domestic and foreign maritime services on cargos.  The Company also operates warehouse, wharf, tug, barge, and container freight station services as well as repairs, leases, and sells containers and chassis.

Wan Hai Lines Ltd. provides marine transportation and shipping agent services. The Company also purchases, sells, and leases vessels and containers as well as operates container freight stations.

SITC International Holdings Company Ltd. offers marine shipping services.  The Company offers container liner shipping, freight forwarding, customs clearance, shipping agency, and ship brokerage services.  SITC operates in Asia.

Evergreen Marine Corp. (Taiwan) Ltd. transports freight by ships. The Company operates container ships to move freight throughout the world. Evergreen Marine has interests in terminals, airline operations and motor freight transportation, as well as container manufacturing.

Mitsui O.S.K. Lines, Ltd. provides marine transportation, warehousing, and cargo handling services.  The Company operates container ship, specialized carrier, oil tankers, and ferry.  Items transported include coal, iron ore, grain, logs, aluminum, cement, industrial salt, copper ore, wood chips, paper products, chemical products, gasoline and other petroleum products, LPG, and other cargoes.

COSCO SHIPPING Energy Transportation Co., Ltd. offers marine shipping services. The Company provides refined oil transportation, crude oil transportation, and other services. COSCO SHIPPING Energy Transportation also ships iron ores, dry bulks, coal, and other products.

Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)

Cosco Shipping Energy Transportation Co. Ltd. (H)

HMM Co., Ltd. provides marine transportation services.  The Company commands different types of vessels including full container vessels, oil tankers, car carriers, LNG carriers, bulk carriers, and tramps.

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HMM Co., Ltd. (011200 KS)

Hyundai Merchant Marine (011200 KS) - Gets a Lifeline ?

In our last update on HMM https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy we had outlined how...

Drewry Maritime Financial Research

Close Out the Shorts on Korean Construction Stocks?

The four major construction stocks in Korea Hyundai Engineering & Const, Hyundai Development Co Engg & Cnstn, Gs Engineering &...

Douglas Kim

Hyundai Merchant Marine (011200 KS) - Pulls Back from Bankruptcy ?

DMER’s assessment of HMM’s recovery is playing out to a tee In our report titled “How will the Endgame play out?” released in Feb 2016 we...

Drewry Maritime Financial Research

Korean Construction Stocks - Household Debt Is the Achilles Heel

This is a follow-up to the warning on the Korean construction stocks which we issued more than a month ago. Warning on Korean Construction Stocks:...

Douglas Kim

Samsung Still Keeps an Eye on Korea's Medicare Privatization for Samsung Life and SDS

Proper understanding of SDS DilemmaFirst and Foremost, what we have to remind ourselves is this very important fact: Vice Chairman Lee and his two...

Sanghyun Park

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