APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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

Research Reinvented

Event-Driven

<h2>Mean Reversion Complete for Cosco Capital </h2>Ever since we wrote on how <a href="https://www.smartkarma.com/insights/cosco-capital-is-cheaper-than-ever" target="_blank">Cosco Is Cheaper Than Ever</a>, it has reverted back to its mean. We think that this is a great time to close out the trade given Puregold's decline today.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/011/563/original/SK%20HoldCos%20-%20Cosco%20Capital%20Inc%20%28COSCO%20PM%29%20%282016-08-11%29.png?1470897054" class="editor-image img-responsive" data-smartkarma-image-id="11563"></figure><div class="content-remarks">Source: <a href="https://www.smartkarma.com/tools/holdcos/PSE:COSCO" target="_blank">Smartkarma Holding Company Analyzer</a></div>The reversion was mainly driven by a 16% surge in <a href="https://www.smartkarma.com/entities/10665" target="_blank" data-smartkarma-citation="entities:10665:1">Cosco Capital Inc (COSCO PM)</a>'s share price over the past 3 trading days while <a href="https://www.smartkarma.com/entities/13890" target="_blank" data-smartkarma-citation="entities:13890:1">Puregold Price Club Inc (PGOLD PM)</a> remained relatively stable (until today).  Puregold Declines; Directional…

Mean Reversion Complete for Cosco Capital Ever since we wrote on how Cosco Is Cheaper Than Ever, it has reverted back to its mean. We think that this is a great time to close out the trade given Puregold's decline today.Source: Smartkarma Holding Company AnalyzerThe reversion was mainly driven by a 16% surge in Cosco Capital Inc (COSCO PM)'s share price over the past 3 trading days while Puregold Price Club Inc (PGOLD PM) remained relatively stable (until today).  Puregold Declines; Directional…

Holdco Updates: Close Cosco, Hold onto Hochtief

Over the past 3 months, <a href="https://www.smartkarma.com/entities/20030" target="_blank" data-smartkarma-citation="entities:20030:1">Cimic Group Ltd (CIM AU)</a> is down 32% while <a href="https://www.smartkarma.com/entities/21652" target="_blank" data-smartkarma-citation="entities:21652:1">Hochtief AG (HOT GR)</a> is flat. This is a significant dislocation. HOT's current 40% premium to NAV is unsustainable.In this insight, we analyze the holdco primarily on these five factors:<div class="sk-insight-content__block"><ol><li>What's on Offer</li><li>Reasons behind Dislocation</li><li>Statistics and Set-Up</li><li>Catalysts</li><li>Potential Risks</li></ol></div>

Over the past 3 months, Cimic Group Ltd (CIM AU) is down 32% while Hochtief AG (HOT GR) is flat. This is a significant dislocation. HOT's current 40% premium to NAV is unsustainable.In this insight, we analyze the holdco primarily on these five factors:What's on OfferReasons behind DislocationStatistics and Set-UpCatalystsPotential Risks

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)

DMER Shorts - Hapag Lloyd negative warning not a surprise, stay sellers of container shipping <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/010/438/original/HLAPMM1.jpg?1468828073" class="editor-image img-responsive" data-smartkarma-image-id="10438"></figure> Hapag Lloyd negative warning not a surprise<ul><li><ul>
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This morning Hapag Lloyd issued a negative outlook adjustment , “The revised expectation of the Executive Board is a clearly decreasing EBITDA and a clearly decreasing EBIT compared with previous year.” 
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Key reasons for the revised outlook were as below, <ul>
<li>Development of freight rates is significantly weaker than expected.</li>
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Recovery at beginning of July doesn’t…</li>
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DMER Shorts - Hapag Lloyd negative warning not a surprise, stay sellers of container shipping  Hapag Lloyd negative warning not a surprise

This morning Hapag Lloyd issued a negative outlook adjustment , “The revised expectation of the Executive Board is a clearly decreasing EBITDA and a clearly decreasing EBIT compared with previous year.” 


Key reasons for the revised outlook were as below, 
Development of freight rates is significantly weaker than expected.

Recovery at beginning of July doesn’t…




DMER Shorts - Hapag Lloyd Negative Warning Not a Surprise, Stay Sellers of Container Shipping

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and working day adjusted (swda) basis, production grew by 2% y-o-y in April 2016 compared to a rise of 0.1% y-o-y in March 2016. It grew 1.1% y-o-y on a 3-month moving average (3mma) basis in April 2016 compared to 1.6% y-o-y in March 2016.In terms of industry segments, electricity &amp; utilities increased 1.8% y-o-y in April 2016 after having recorded negative…

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and working day adjusted (swda) basis, production grew by 2% y-o-y in April 2016 compared to a rise of 0.1% y-o-y in March 2016. It grew 1.1% y-o-y on a 3-month moving average (3mma) basis in April 2016 compared to 1.6% y-o-y in March 2016.In terms of industry segments, electricity &amp; utilities increased 1.8% y-o-y in April 2016 after having recorded negative…

Eurozone: Industrial Production Revives Across Most Sectors and Countries in April

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a  seasonally and working day adjusted basis, production slowed to 0.2% y-o-y in March 2016 compared to a 1.1% y-o-y increase in February 2016. It grew 1.6% y-o-y on a 3-month moving average basis in March compared to 1.7% y-o-y in February.In terms of industry segments, chemicals &amp; basic pharmaceutical production saw a decline of around 5.5% y-o-y in March compared to an increase of 0.4% y-o-y in…

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a  seasonally and working day adjusted basis, production slowed to 0.2% y-o-y in March 2016 compared to a 1.1% y-o-y increase in February 2016. It grew 1.6% y-o-y on a 3-month moving average basis in March compared to 1.7% y-o-y in February.In terms of industry segments, chemicals &amp; basic pharmaceutical production saw a decline of around 5.5% y-o-y in March compared to an increase of 0.4% y-o-y in…

Eurozone: March Industrial Production Lower than Expected

Germany

Brenntag AG sells and distributes industrial and specialty chemicals.  The Company also develops and prepares specific chemical compounds and offers analysis services.  Brenntag's customers include oil and gas, paint, cosmetic, pharmaceutical, and water treatment companies.

GEA Group Aktiengesellschaft is a farm technology, mechanical equipment, process industry and refrigeration technology company. The Company supplies equipment for the food processing industry. GEA products have industrial, pharmaceutical and chemical applications.

KION Group AG provides material handling solutions. The Company offers forklifts, warehouse equipments, and other industrial trucks.

Rational AG manufactures and markets food preparation appliances/processors and kitchen accessories for caterers and canteen kitchens.  The Company's products cook and reheat food.  Rational sells primarily to hotels, restaurants, canteens and caterers in Europe, the United States, and Asia.

DMG Mori Aktiengesellschaft manufactures and markets machine tools. The Company's products include automatic lathes, milling, turning, laser, and ultrasonic machines.

Krones AG designs and manufactures production machinery and packaging robots for breweries, soft drink and water bottlers, chemical manufacturers, and food processors.  The Company produces cleaning, filling, labeling, sorting, and packaging production systems for the handling of plastic and glass containers. Krones operates worldwide.

KUKA AG manufactures production machinery and equipment, and offers production engineering services.  The Company designs and builds automobile factories, and produces welding and assembly systems, industrial robots, turning machines, packaging machinery, and measuring and control instruments for water and gas suppliers.  KUKA operates in Europe, the Americas, and Asia.

Jungheinrich AG manufactures battery, diesel, and gas powered merchandise stackers and forklifts.  The products are used in warehouses, production facilities, and for point-of-sales retail storage.  It produces shelving systems, rents forklifts, sells used forklifts, offers financing, and manages forklift fleets.  The Company sells in Europe, the Americas, Africa, and Asia.

MTU Aero Engines AG develops and manufactures engines and offers commercial engine services and support.  The Company sells to manufacturers and operators of engines and industrial gas turbines across the world.

China Communications Construction Company Ltd. is a transportation infrastructure group.  The Company is involved in infrastructure construction, infrastructure design, dredging, and port machinery manufacturing.  China Communications has operations worldwide.

China Communications Construction (1800 HK)

GMR Infrastructure is an infrastructure company with interests in airports, power and roads. The Company is developing a greenfield international airport at Hyderabad, and is also operating, managing and developing the Delhi airport. Additionally, it is involved in development and operation of power plants and road projects in India.

OBAYASHI CORPORATION is a general contractor operating nationwide and overseas. The Company builds commercial, residential, institutional buildings with earthquake-resistant technology.  Obayashi also performs civil engineering works for such as railroads.  The Company, through its subsidiaries, operates real estate, golf course, and financial businesses.

Fluor Corporation is a professional services company. The Company provides engineering, procurement, construction and maintenance as well as project management services on a global basis. Fluor also provides outsourcing of maintenance services and asset operations, equipment rental and sales, business support services, and other services.

KBR, Inc. is a global engineering, construction, and services company supporting the energy, petrochemicals, government services, and civil infrastructure sectors.  The Company offers a wide range of services through two business segments, Energy and Chemicals (E&C) and Government and Infrastructure (G&I).

KAJIMA CORPORATION is a general contractor operating nationwide and overseas. The Company builds commercial, residential, and institutional buildings with high-rise and earthquake-resistant construction technology.  Kajima also performs large scale civil engineering works such as nuclear power plants. The Company operates real estate and office automation equipment businesses.

Comfort Systems USA, Inc. provides heating, ventilation, and air conditioning system installation, maintenance, repair, and replacement services. The Company's commercial and industrial markets include office buildings, retail centers, apartment complexes, hotels, manufacturing plants, and government facilities.

MasTec, Inc. is a specialty contractor operating across a range of industries. The Company activities are the building, installation, maintenance, and upgrade of utility and communications infrastructure, including electrical utility transmission and distribution, wind farms, solar farms, renewable energy and natural gas infrastructure, wireless, and wireline.

TAISEI CORPORATION is a general contractor operating nationwide and overseas. The Company builds residential, commercial, and institutional buildings such as condominiums and single-family houses.  Taisei also performs civil engineering works for roads.  The Company, through its subsidiaries, operates real estate, resort development, and financial businesses.

Metallurgical Corporation of China Ltd., through its subsidiaries, operates in EPC projects (engineering, procurement and construction) mainly for metallurgical facilities, natural resources exploration, equipment fabrication, and property development.

Metallurgical Corporation Of China Ltd (601618 CH)

Hochtief AG provides construction and construction related services worldwide. The Company finances, designs, builds, constructs and operates a wide variety of facilities through its five divisions; Airport, Development, Construction Services Americas, Construction Services Asia Pacific, and Construction Services Europe.

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Hochtief AG (HOT GR)

Holdco Updates: Close Cosco, Hold onto Hochtief

Mean Reversion Complete for Cosco Capital Ever since we wrote on how Cosco Is Cheaper Than Ever, it has reverted back to its mean. We think that...

Zhen Zhou, Toh

Hochtief - Stub Value All-Time High

Over the past 3 months, Cimic Group Ltd (CIM AU) is down 32% while Hochtief AG (HOT GR) is flat. This is a significant dislocation. HOT's current...

Zhen Zhou, Toh

DMER Shorts - Hapag Lloyd Negative Warning Not a Surprise, Stay Sellers of Container Shipping

DMER Shorts - Hapag Lloyd negative warning not a surprise, stay sellers of container shipping Hapag Lloyd negative warning not a surprise This...

Drewry Maritime Financial Research

Eurozone: Industrial Production Revives Across Most Sectors and Countries in April

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and...

Rajan Govil

Eurozone: March Industrial Production Lower than Expected

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a seasonally and working day adjusted basis, production...

Rajan Govil

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