Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

Over the last several years, strong travel demand from China’s urban middle class and the rapid adoption of mobile broadband have led to impressive revenue growth for China’s online travel agencies (OTAs) and other Internet-based travel intermediaries.This growth has in turn attracted a disproportionate share of the capital flowing into China’s travel and tourism segment, and the listed OTAs have handily outperformed actual providers of travel services, such as airlines and hotels.However, the growth of OTAs in China is set to slow due to intensifying competition and rising marketing costs.With jet fuel costs moderating, and aggressive efforts underway to squeeze travel intermediaries, Chinese airlines are now better proxies for Chinese travel demand. BUY <a href="https://www.smartkarma.com/entities/8239" target="_blank" data-smartkarma-citation="entities:8239">Air China Ltd H</a> , SHORT <a href="https://www.smartkarma.com/entities/180" target="_blank" data-smartkarma-citation="entities:180">Ctrip.Com International Adr</a> .

Over the last several years, strong travel demand from China’s urban middle class and the rapid adoption of mobile broadband have led to impressive revenue growth for China’s online travel agencies (OTAs) and other Internet-based travel intermediaries.This growth has in turn attracted a disproportionate share of the capital flowing into China’s travel and tourism segment, and the listed OTAs have handily outperformed actual providers of travel services, such as airlines and hotels.However, the growth of OTAs in China is set to slow due to intensifying competition and rising marketing costs.With jet fuel costs moderating, and aggressive efforts underway to squeeze travel intermediaries, Chinese airlines are now better proxies for Chinese travel demand. BUY Air China Ltd H , SHORT Ctrip.Com International Adr .

Ctrip.com Vulnerable as Travel Service Providers Increasingly Go Direct

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Progressively weaker data from China is likely to increase expectations of further depreciation of the RMB, while a continued decline in FX reserves and resulting lower liquidity in the system will add to further stress in the economy.China’s data releases of late have broadly continued to trend lower, with slower growth not just seen in industrial production, but also in loan growth as well as fixed asset investment. It is the renewed slowdown in these two data releases after a period of…

Progressively weaker data from China is likely to increase expectations of further depreciation of the RMB, while a continued decline in FX reserves and resulting lower liquidity in the system will add to further stress in the economy.China’s data releases of late have broadly continued to trend lower, with slower growth not just seen in industrial production, but also in loan growth as well as fixed asset investment. It is the renewed slowdown in these two data releases after a period of…

China: Renewed Concerns About Extent of Slowdown

<ul><li>China’s economic slowdown will continue to be a major cause for concern for the global economy.</li><li>Slowing economy together with declining with FX reserves could see RMB come under pressure.</li><li>RMB downside pressure to spillover into other emerging market currencies.</li></ul>

China’s economic slowdown will continue to be a major cause for concern for the global economy.Slowing economy together with declining with FX reserves could see RMB come under pressure.RMB downside pressure to spillover into other emerging market currencies.

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)

Mixed monetary stance adopted by the central banks; dry bulk shipping stage a comeback• China’s thrust is on credit expansion, but growth remains sluggish• Investors’ interest reignited in dry bulk stocks amid the rally in Baltic indices• Gas shipping stocks getting back on investors’ radar; Gaslog emerges as the top performer• Amid container industry realignment, price performance a mixed bag• Correction in tanker stock valuations inevitable as freight rates to soften further • Well-ingrained dampeners surprise with growth for ports

Mixed monetary stance adopted by the central banks; dry bulk shipping stage a comeback• China’s thrust is on credit expansion, but growth remains sluggish• Investors’ interest reignited in dry bulk stocks amid the rally in Baltic indices• Gas shipping stocks getting back on investors’ radar; Gaslog emerges as the top performer• Amid container industry realignment, price performance a mixed bag• Correction in tanker stock valuations inevitable as freight rates to soften further • Well-ingrained dampeners surprise with growth for ports

China Macroeconomics & Academia

Christopher Balding

Lots of ink or ones and zeros in today’s world about the explosion of credit propping up the Chinese economy.  So much so that I really will not rehash this plot of land.  I think what is interesting, and really most worrying, is how little impact the credit explosion has had on real economic activity.The current credit explosion we are witnessing in China is bigger in absolute term than some of the post-GFC pops in credit and by some relative measures even bigger in relative terms.  Only the…

Lots of ink or ones and zeros in today’s world about the explosion of credit propping up the Chinese economy.  So much so that I really will not rehash this plot of land.  I think what is interesting, and really most worrying, is how little impact the credit explosion has had on real economic activity.The current credit explosion we are witnessing in China is bigger in absolute term than some of the post-GFC pops in credit and by some relative measures even bigger in relative terms.  Only the…

What Is Really Worrying About the Chinese Credit Bubble

China

Air China Limited provides passenger, cargo, and airline-related services in China.  The Company is primarily based in Beijing and a major hub for domestic and international air transportation.  Air China's airline-related services include aircraft maintenance, repair, overhaul service, ground services, and in-flight catering services.

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Air China Ltd (H) (753 HK)

Ctrip.com Vulnerable as Travel Service Providers Increasingly Go Direct

Over the last several years, strong travel demand from China’s urban middle class and the rapid adoption of mobile broadband have led to impressive...

Daniel Hellberg

China: Renewed Concerns About Extent of Slowdown

Progressively weaker data from China is likely to increase expectations of further depreciation of the RMB, while a continued decline in FX...

Rajan Govil

Marketnomix Country Insights - China

China’s economic slowdown will continue to be a major cause for concern for the global economy. Slowing economy together with declining with FX...

Rajan Govil

DMER Equity Insights - May 2016

Mixed monetary stance adopted by the central banks; dry bulk shipping stage a comeback• China’s thrust is on credit expansion, but growth remains...

Drewry Maritime Financial Research

What Is Really Worrying About the Chinese Credit Bubble

Lots of ink or ones and zeros in today’s world about the explosion of credit propping up the Chinese economy. So much so that I really will not...

Christopher Balding

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