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

Results in line: Westports Holdings Bhd reported its 2Q17 results, which are in line with our expectations. On the back of throughput weakness and a change in accounting standards, the revenue slipped 6.3% y/y to MYR 421.0m (USD 98.4m). The Malaysian-listed terminal operator handled 2.23m teu in the quarter, representing a contraction of 10.8% over the same period last year.Dual-hubbing strategy hurts: Had it not been for a record quarterly gateway throughput, the net earnings could have been…

Results in line: Westports Holdings Bhd reported its 2Q17 results, which are in line with our expectations. On the back of throughput weakness and a change in accounting standards, the revenue slipped 6.3% y/y to MYR 421.0m (USD 98.4m). The Malaysian-listed terminal operator handled 2.23m teu in the quarter, representing a contraction of 10.8% over the same period last year.Dual-hubbing strategy hurts: Had it not been for a record quarterly gateway throughput, the net earnings could have been…

Westports 2Q17 – Throughput Guidance Boosts Our Unattractive Call

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Thematic (Sector/Industry)

On Tuesday morning we spoke to Mr. S.S. Teo, Managing Director of Pacific International Lines (PIL). PIL is a private, family-owned container carrier currently ranked number thirteen world-wide in terms of fleet carrying capacity (about 376,000 TEUs according to Alphaliner). PIL has a strong presence in trades between East Asia and India, the Middle East, and Africa, and a much smaller presence in the larger trades connecting Asia, North America, and Europe; it mainly serves these latter markets…

On Tuesday morning we spoke to Mr. S.S. Teo, Managing Director of Pacific International Lines (PIL). PIL is a private, family-owned container carrier currently ranked number thirteen world-wide in terms of fleet carrying capacity (about 376,000 TEUs according to Alphaliner). PIL has a strong presence in trades between East Asia and India, the Middle East, and Africa, and a much smaller presence in the larger trades connecting Asia, North America, and Europe; it mainly serves these latter markets…

Pacific International Lines' MD Discusses Container Sector Consolidation: 'Fewer Weddings' in 2017

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

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

Research Reinvented

Singamas Container Holdings / Equity Bottom-Up

We recently had a call with management from <a href="https://www.smartkarma.com/entities/13602" target="_blank" data-smartkarma-citation="entities:13602:1">Singamas Container Hldgs (716 HK)</a>, the second largest container manufacturer in the world after <a href="https://www.smartkarma.com/entities/11752" target="_blank" data-smartkarma-citation="entities:11752:1">China International Marine Cntnrs Gp Ltd (2039 HK; "CIMC")</a>, to understand the latest trends in the container manufacturing industry. 2016 saw a weak market for container manufacturers, and Singamas made a loss of US$59m. Singamas' share price has been weak until recently. We look at this name because: 1) the shipping industry has come off lows in 2016, 2)…

We recently had a call with management from Singamas Container Hldgs (716 HK), the second largest container manufacturer in the world after China International Marine Cntnrs Gp Ltd (2039 HK; "CIMC"), to understand the latest trends in the container manufacturing industry. 2016 saw a weak market for container manufacturers, and Singamas made a loss of US$59m. Singamas' share price has been weak until recently. We look at this name because: 1) the shipping industry has come off lows in 2016, 2)…

Call with Singamas: Tales of Hanjin, Water Based Paints, and New Reefer Plant

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near term valuations seem undemanding to us and are at risk of running ahead of fundamentals. The bottoming out process in 2016 and subsequent run up in 2017 has been on the back of reversal in asset values, narrowing supply-demand imbalance and expectations of supportive commodity demand. We have earlier talked about the sector under ownership and…

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near term valuations seem undemanding to us and are at risk of running ahead of fundamentals. The bottoming out process in 2016 and subsequent run up in 2017 has been on the back of reversal in asset values, narrowing supply-demand imbalance and expectations of supportive commodity demand. We have earlier talked about the sector under ownership and…

Dry Bulk Shipping - Why It's Time for Dry Bulk Stocks to Take a Breather

Denmark

A.P. Moller - Maersk A/S operates as an integrated transport and logistics company. The Company offers container vessels, supply ships, special vessels, terminals, tug boat activities and reefer container box manufacturing. A.P. Moller-Maersk serves clients worldwide.

D/S Norden A/S is an international shipping company.  The Company operates a fleet of modern bulk vessels and tankers consisting of company owned vessels and long-term and short-term chartered cargo ships.  D/S Norden transports commodities such as coal, fertilizer, grain, sugar, and steels, as well as crude oil and other liquids.  The Company operates worldwide.

DFDS A/S provides passenger and freight shipping services, and offers shipping related logistics solutions.  The Company focuses on two business divisions: DFDS Tor Line operates roro liner traffic in the North Sea, and DFDS Seaways runs overnight cruise ferries between cities in Northern Europe.  DFDS sells to customers with large shipping requirements and to car traveling tourists.

DSV A/S is the parent company for a group of companies that offer transport and logistics.   The Group provides truck, ship, and plane transport services, as well as warehousing and logistic services.  DSV operates in Europe, North America, and the Far East.

DSV A/S provides transport and logistics services. The Company offers road, marine, and air transport services, as well as warehousing, purchase order management, and other logistic solutions. DSV serves customers worldwide.

Kobenhavns Lufthavne A/S (Copenhagen Airports A/S - CPH) owns and operates Kastrup, the international airport in Copenhagen, and Roskilde airport.  The Company provides traffic management, maintenance, and security services, as well as manages the Airport Shopping Center and airport projects.  Kobenhavns Lufthavne also has investments in airports in Mexico, England, and China.

Vestas Wind Systems A/S develops, manufactures, and markets wind turbines that generate electricity. The Company installs and maintenance turbines. Vestas Wind Systems serves customers worldwide.

Rockwool International A/S develops and produces stone wool, a fiber made from melted volcanic rock, and stone-wool-based products such as insulation and fire protection and noise and vibration control products.  The Company's products line also includes acoustic ceilings, facade panels, and horticultural substrates.  Rockwool produces in several countries and sells worldwide.

ISS A/S provides cleaning, office support, property, catering, and integrated facility services. The Company offers security, facility management, change management, space management, and consulting services.

COSCO SHIPPING Holdings Co., Ltd offers marine freight transportation services.  The Company offers container shipping, dry bulk shipping, logistics services, freight forwarding, and terminal and container leasing services internationally.  COSCO SHIPPING Holdings Co., Ltd operates container ships and terminals, and manufactures shipping containers.

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.

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.

Nippon Yusen Kabushiki Kaisha mainly provides marine transportation services and transportation management solution from international hub ports to both domestic and international ports. The Company operates container transportation, tramp and specialized carriers, and logistics and cruise lines. Nippon Yusen offers scheduled and unscheduled transportation services around the world.

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.

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.

Kuehne + Nagel International AG transports freight worldwide.  The Company operates sea, land, and rail freight transportation businesses and warehousing and distribution facilities.  Kuehne + Nagel also provides related special services.

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)

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.

A.P. Moeller-Maersk A/S is a conglomerate with diversified holdings. The Company operates a fleet including container vessels, tankers, supply ships, special vessels, APM terminials, and oil drilling rigs.  A.P. Moeller-Maersk also operates industrial business and explores for and produces oil and gas. The Company is active worldwide.

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AP Moeller - Maersk A/S (MAERSKB DC)

Westports 2Q17 – Throughput Guidance Boosts Our Unattractive Call

Results in line: Westports Holdings Bhd reported its 2Q17 results, which are in line with our expectations. On the back of throughput weakness and...

Drewry Maritime Financial Research

Pacific International Lines' MD Discusses Container Sector Consolidation: 'Fewer Weddings' in 2017

On Tuesday morning we spoke to Mr. S.S. Teo, Managing Director of Pacific International Lines (PIL). PIL is a private, family-owned container...

Daniel Hellberg

Call with Singamas: Tales of Hanjin, Water Based Paints, and New Reefer Plant

We recently had a call with management from Singamas Container Hldgs (716 HK), the second largest container manufacturer in the world after China...

Ke Yan, CFA, FRM

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the...

Drewry Maritime Financial Research

Dry Bulk Shipping - Why It's Time for Dry Bulk Stocks to Take a Breather

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near...

Drewry Maritime Financial Research

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