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)

<blockquote>
“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
</blockquote>This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…


“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

Samsung Biologics   / Equity Capital Markets

Samsung's proposed ~US$9 billion valuation for Samsung BioLogics would out the latter in a very select company: a US$9 billion market cap for a business that has modest revenue (US$80 million in 2015) and operating losses.  Of the 56 biotechnology and pharmaceutical companies globally with US$10B+ market caps, only one (Biomarin: BMRN US) is unprofitable (based on 2017 estimates).  In addition, Biogen's investment in subsidiary Samsung Bioepis looks like a far cry from US$5 billion, but we lack…

Samsung's proposed ~US$9 billion valuation for Samsung BioLogics would out the latter in a very select company: a US$9 billion market cap for a business that has modest revenue (US$80 million in 2015) and operating losses.  Of the 56 biotechnology and pharmaceutical companies globally with US$10B+ market caps, only one (Biomarin: BMRN US) is unprofitable (based on 2017 estimates).  In addition, Biogen's investment in subsidiary Samsung Bioepis looks like a far cry from US$5 billion, but we lack…

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

Samsung Heavy Industries is said to have decided to keep the rights offering to less than ₩1tril (US$908mil), and more importantly, Samsung Heavy won’t allocate a portion to be bought by Samsung Group heir apparent Jae-yong Lee as personal bailout. The rights offering won’t be more than 50% of its 230 million shares already in circulation. Assuming the new rights offering of 50% of its 230 million shares at its stock price ended at ₩9,890 on August 16 with 15% discount (which is the same…

Samsung Heavy Industries is said to have decided to keep the rights offering to less than ₩1tril (US$908mil), and more importantly, Samsung Heavy won’t allocate a portion to be bought by Samsung Group heir apparent Jae-yong Lee as personal bailout. The rights offering won’t be more than 50% of its 230 million shares already in circulation. Assuming the new rights offering of 50% of its 230 million shares at its stock price ended at ₩9,890 on August 16 with 15% discount (which is the same…

Update on Samsung Heavy's Rights Offering: Smaller Size than Expected Creates Positive Sentiment

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when <a href="https://www.smartkarma.com/entities/8656" target="_blank" data-smartkarma-citation="entities:8656:1">Hanwha Chemical Corp (009830 KS)</a> became the first company to proactively file its application. The One-Shot Act was passed into law in February 2016. The One-Shot Act will help companies to accelerate spin-offs and mergers through simplified structures as well as provide tax benefits and subsidies for R&amp;D. The companies that want to benefit from the One-Shot Act need to…

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when Hanwha Chemical Corp (009830 KS) became the first company to proactively file its application. The One-Shot Act was passed into law in February 2016. The One-Shot Act will help companies to accelerate spin-offs and mergers through simplified structures as well as provide tax benefits and subsidies for R&amp;D. The companies that want to benefit from the One-Shot Act need to…

Start of One-Shot Act - The Good, Bad, and the Ugly

Samsung Heavy is expected to raise its capital by KRW1tril (at least).* Last month (June), Samsung Heavy’s board voted to hold an ad hoc shareholder meeting in August. This shareholder meeting will be held for the purpose of approving the rights offering, which will help the company address its liquidity problem.* In the shareholder meeting to be held in August, Samsung Heavy will also change its corporate article relating to the number of shares it can issue, which requires shareholders’…

Samsung Heavy is expected to raise its capital by KRW1tril (at least).* Last month (June), Samsung Heavy’s board voted to hold an ad hoc shareholder meeting in August. This shareholder meeting will be held for the purpose of approving the rights offering, which will help the company address its liquidity problem.* In the shareholder meeting to be held in August, Samsung Heavy will also change its corporate article relating to the number of shares it can issue, which requires shareholders’…

Key Factors of Samsung Heavy's KRW1tril Capital Increase

South Korea

Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers, container vessels, bulk carriers, cruisers, and passenger ferries.  The Company also produces steel and bridge structures, and material handling equipment.  In addition, Samsung Heavy Industries provides civil engineering, architectural, and plant construction services.

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Samsung Heavy Industries (010140 KS)

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a...

Drewry Maritime Financial Research

US$9 Billion Valuation Is Rarefied Air

Samsung's proposed ~US$9 billion valuation for Samsung BioLogics would out the latter in a very select company: a US$9 billion market cap for a...

Kemp Dolliver, CFA

Update on Samsung Heavy's Rights Offering: Smaller Size than Expected Creates Positive Sentiment

Samsung Heavy Industries is said to have decided to keep the rights offering to less than ₩1tril (US$908mil), and more importantly, Samsung Heavy...

Sanghyun Park

Start of One-Shot Act - The Good, Bad, and the Ugly

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when Hanwha Chemical...

Douglas Kim

Key Factors of Samsung Heavy's KRW1tril Capital Increase

Samsung Heavy is expected to raise its capital by KRW1tril (at least).* Last month (June), Samsung Heavy’s board voted to hold an ad hoc...

Sanghyun Park

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52-week Range

Market Cap (USDm)

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