Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

In our initial note on <a href="https://www.smartkarma.com/entities/8239" target="_blank" data-smartkarma-citation="entities:8239:1">Air China Ltd (H)</a> in May, we recommended investors buy its shares based on several factors. First, two long-term "headwinds" -- high jet fuel prices and intense competition from China's High Speed Rail -- have abated (lower jet fuel prices are now a positive "tailwind", in fact). Just as important, Air China has managed to dramatically reduce Sales and Marketing expenses by cutting out intermediaries (such as <a href="https://www.smartkarma.com/entities/180" target="_blank" data-smartkarma-citation="entities:180:1">Ctrip.com International (ADR)</a>) and "going direct" to its…

In our initial note on Air China Ltd (H) in May, we recommended investors buy its shares based on several factors. First, two long-term "headwinds" -- high jet fuel prices and intense competition from China's High Speed Rail -- have abated (lower jet fuel prices are now a positive "tailwind", in fact). Just as important, Air China has managed to dramatically reduce Sales and Marketing expenses by cutting out intermediaries (such as Ctrip.com International (ADR)) and "going direct" to its…

Air China: International Demand and Fuel Still Tailwinds, CX Challenges Well-Known; Reiterate Buy

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)

<h2>Container Shipping - 2016 Another Record Likely, This Time on Scrapping</h2>More containership capacity is being demolished than ever before, including old-design ships made redundant by the new Panama Canal.Drewry believes that, for the first time, 450,000teu of containership capacity is expected to be scrapped in just one year, as the containership sector recognises that there are far too many ships chasing too little cargo. Based on an average size of 3,000teu for ships which are being scrapped,…

Container Shipping - 2016 Another Record Likely, This Time on ScrappingMore containership capacity is being demolished than ever before, including old-design ships made redundant by the new Panama Canal.Drewry believes that, for the first time, 450,000teu of containership capacity is expected to be scrapped in just one year, as the containership sector recognises that there are far too many ships chasing too little cargo. Based on an average size of 3,000teu for ships which are being scrapped,…

Container Shipping - 2016 Another Record Likely, This Time on Scrapping

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Macroeconomics

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/010/306/original/Market-VIX-and-macroeconomic-volatility-GDPVol-CPIVol-VIX_chartbuilder.png?1468568433" class="editor-image img-responsive" data-smartkarma-image-id="10306"><figcaption class="figcaption">The Market and Macro Volatility (Source: FRED)</figcaption></figure> There are good surprises, and then there are the other kind, and the market of late has delivered quite a few of the latter. Fortunately, as we pointed out in our <a href="https://www.smartkarma.com/insights/macro-chart-focus-brexit-and-the-yen" target="_blank">post-Brexit review</a>  the “chaos premium” was quick to subside as markets realized that an exit from Europe is not so rapidly orchestrated.  We also pointed out however that the circumstances underlying the event may be one contributor to a longer-term market risk premium to be imposed upon…

 The Market and Macro Volatility (Source: FRED) There are good surprises, and then there are the other kind, and the market of late has delivered quite a few of the latter.   Fortunately, as we pointed out in our post-Brexit review  the “chaos premium” was quick to subside as markets realized that an exit from Europe is not so rapidly orchestrated.  We also pointed out however that the circumstances underlying the event may be one contributor to a longer-term market risk premium to be imposed upon…

Macro Chart Focus: Surprises and Uncertainty Premia

China Macroeconomics & Academia

Christopher Balding

Due to its enormous importance to the Chinese economy and the drivers of the 2008 global financial crisis, many analysts focus on the real estate sector as a potential harbinger of the overall economy.  Like many other sectors of the Chinese economy real estate is heavily government regulated by the state acting as a major source of revenue for local governments which thrive from land sales to builders. Real estate supports local government finances and large number of upstream industries like…

Due to its enormous importance to the Chinese economy and the drivers of the 2008 global financial crisis, many analysts focus on the real estate sector as a potential harbinger of the overall economy.  Like many other sectors of the Chinese economy real estate is heavily government regulated by the state acting as a major source of revenue for local governments which thrive from land sales to builders. Real estate supports local government finances and large number of upstream industries like…

Chinese Real Estate Pricing in 21% Price Increase

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

In May 2016 (latest complete data), on YTD y/y basis, residential (incl. mixed-use) land GFA acquired by 20 major developers we track based on underlying data from SouFun-CREIS, increased by 40%, compared to 16.9% in April. Overall land sales of residential (incl. mixed use) land GFA in 40 major cities (Tier-1 and Tier-2) increased by 6% in May YTD y/y, compared to 6.8% in April, a more muted growth compared to the activity by major developers. Acquisitions of pure commercial land grew by 136%…

In May 2016 (latest complete data), on YTD y/y basis, residential (incl. mixed-use) land GFA acquired by 20 major developers we track based on underlying data from SouFun-CREIS, increased by 40%, compared to 16.9% in April. Overall land sales of residential (incl. mixed use) land GFA in 40 major cities (Tier-1 and Tier-2) increased by 6% in May YTD y/y, compared to 6.8% in April, a more muted growth compared to the activity by major developers. Acquisitions of pure commercial land grew by 136%…

China: Slower Land Sales Growth In 40 Major Cities But Acquisitions By Major Developers Rise 40%

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)

Air China: International Demand and Fuel Still Tailwinds, CX Challenges Well-Known; Reiterate Buy

In our initial note on Air China Ltd (H) in May, we recommended investors buy its shares based on several factors. First, two long-term "headwinds"...

Daniel Hellberg

Container Shipping - 2016 Another Record Likely, This Time on Scrapping

Container Shipping - 2016 Another Record Likely, This Time on ScrappingMore containership capacity is being demolished than ever before, including...

Drewry Maritime Financial Research

Macro Chart Focus: Surprises and Uncertainty Premia

There are good surprises, and then there are the other kind, and the market of late has delivered quite a few of the latter. Fortunately, as we...

Naomi Fink

Chinese Real Estate Pricing in 21% Price Increase

Due to its enormous importance to the Chinese economy and the drivers of the 2008 global financial crisis, many analysts focus on the real estate...

Christopher Balding

China: Slower Land Sales Growth In 40 Major Cities But Acquisitions By Major Developers Rise 40%

In May 2016 (latest complete data), on YTD y/y basis, residential (incl. mixed-use) land GFA acquired by 20 major developers we track based on...

Robert Ciemniak

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