Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

People used to say Texas would be the most likely state to secede from the Union. Even recently. Now they will write about California seceding. And see this comment <a href="http://www.vanityfair.com/news/2016/11/how-a-trump-administration-could-terrorize-silicon-valley" target="_blank">today</a> on Trump and Silicon Valley.Tech plays aka many California plays from <a href="https://www.smartkarma.com/entities/409" target="_blank" data-smartkarma-citation="entities:409">Amazon.Com Inc (AMZN US)</a> to <a href="https://www.smartkarma.com/entities/20279" target="_blank" data-smartkarma-citation="entities:20279">Tesla Motors Inc (TSLA US)</a> have fared poorly in the first round of a Trump-elect rally. As somewhat expected the other night, names like BTUUQ (new ticker pink sheets) <a href="https://www.smartkarma.com/entities/6430" target="_blank" data-smartkarma-citation="entities:6430">Peabody Energy Corp (BTU US)</a> (+50% yesterday and a further 15%…

People used to say Texas would be the most likely state to secede from the Union. Even recently. Now they will write about California seceding. And see this comment today on Trump and Silicon Valley.Tech plays aka many California plays from Amazon.Com Inc (AMZN US) to Tesla Motors Inc (TSLA US) have fared poorly in the first round of a Trump-elect rally. As somewhat expected the other night, names like BTUUQ (new ticker pink sheets) Peabody Energy Corp (BTU US) (+50% yesterday and a further 15%…

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Equity Capital Markets

Doosan Bobcat Inc / Equity Capital Markets

Thanks to Trump, Caterpillar was up 7.7% today on the expectations that Trump will push mega construction projects nationwide. Guess what? Doosan Bobcat is also generating a lot of revenues from the US construction market. About 60% of its total sales are coming from the US. Not surprisingly, Doosan Infracore (the barometer of Doosan Bobcat's price performance) is currently soaring (up nearly 14% today as of 11:30 AM). Bobcat's second book-building conducted last week had participation from 406…

Thanks to Trump, Caterpillar was up 7.7% today on the expectations that Trump will push mega construction projects nationwide. Guess what? Doosan Bobcat is also generating a lot of revenues from the US construction market. About 60% of its total sales are coming from the US. Not surprisingly, Doosan Infracore (the barometer of Doosan Bobcat's price performance) is currently soaring (up nearly 14% today as of 11:30 AM). Bobcat's second book-building conducted last week had participation from 406…

Improved Sentiment Towards Doosan Bobcat IPO - Infracore Is Soaring Today

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.

We publish an update on our Maritime Model Portfolio. Our earlier model portfolio updates can be found at <a href="https://www.smartkarma.com/insights/maritime-model-portfolio-adding-risk-with-upgrade-on-dry-bulk-and-downgrade-on-tanker-shipping" target="_blank">https://www.smartkarma.com/insights/maritime-model-portfolio-adding-risk-with-upgrade-on-dry-bulk-and-downgrade-on-tanker-shipping</a> &amp; <a href="https://www.smartkarma.com/insights/dmer-launches-model-stock-portfolio-for-the-maritime-sector" target="_blank">https://www.smartkarma.com/insights/dmer-launches-model-stock-portfolio-for-the-maritime-sector</a>The Timeline<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/015/357/original/mmp1.JPG?1477455972" class="editor-image img-responsive" data-smartkarma-image-id="15357"></figure>Model portfolio – revisiting our tactical idea, How has it panned out so far?<ul><li>
Our selected stocks from the Dry Bulk sector generated a return of 8.7% (28%…</li></ul>

We publish an update on our Maritime Model Portfolio. Our earlier model portfolio updates can be found at https://www.smartkarma.com/insights/maritime-model-portfolio-adding-risk-with-upgrade-on-dry-bulk-and-downgrade-on-tanker-shipping &amp; https://www.smartkarma.com/insights/dmer-launches-model-stock-portfolio-for-the-maritime-sectorThe TimelineModel portfolio – revisiting our tactical idea, How has it panned out so far?
Our selected stocks from the Dry Bulk sector generated a return of 8.7% (28%…

Maritime Model Portfolio - Early Call on Dry Bulk Stocks Offsets Initial Losses

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Kelusa Asia Focus Funds

Equity Bottom-Up

Caterpillar's outlook for 2016/2017 is best summarized in their earnings release on page 2. I don't really need to say more after posting this excerpt. Stock reaction was a bit puzzling but then again consensus still continues to expect a recovery which is why the stock is trading at these inflated multiples ( Read my piece <a href="https://www.smartkarma.com/insights/caterpillar-up-29-ytd-paying-for-a-recovery-that-s-not-happened-yet" target="_blank" data-smartkarma-citation="insights:6511">Caterpillar : Up 29% YTD. Paying For A Recovery That’s Not Happened Yet ?</a>)<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/015/322/original/CATOutlook.png?1477445704" class="editor-image img-responsive" data-smartkarma-image-id="15322"></figure>Source : Q3 filings companyTo put things in perspective analysts would have to lower their numbers…

Caterpillar's outlook for 2016/2017 is best summarized in their earnings release on page 2. I don't really need to say more after posting this excerpt. Stock reaction was a bit puzzling but then again consensus still continues to expect a recovery which is why the stock is trading at these inflated multiples ( Read my piece Caterpillar : Up 29% YTD. Paying For A Recovery That’s Not Happened Yet ?)Source : Q3 filings companyTo put things in perspective analysts would have to lower their numbers…

Caterpillar just came out with their September retail sales number. It makes for poor reading with data in the US continuing to get worse.  This is a brief snapshot of their sales.  These sales numbers are 3-month rolling YoY numbers. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/015/245/original/CATnew1.png?1477324405" class="editor-image img-responsive" data-smartkarma-image-id="15245"></figure>Source : CompanyWhile the recovery in Asia continues courtesy China the most important piece to watch for is the US sales. I've highlighted the importance of this bit in my previous piece <a href="https://www.smartkarma.com/insights/caterpillar-up-29-ytd-paying-for-a-recovery-that-s-not-happened-yet" target="_blank" data-smartkarma-citation="insights:6511">Caterpillar : Up 29% YTD. Paying For A Recovery That’s Not Happened Yet ?</a> …

Caterpillar just came out with their September retail sales number. It makes for poor reading with data in the US continuing to get worse.  This is a brief snapshot of their sales.  These sales numbers are 3-month rolling YoY numbers. Source : CompanyWhile the recovery in Asia continues courtesy China the most important piece to watch for is the US sales. I've highlighted the importance of this bit in my previous piece Caterpillar : Up 29% YTD. Paying For A Recovery That’s Not Happened Yet ? …

Caterpillar September 2016 Retail Sales -18% YoY

United States

Caterpillar Inc. designs, manufactures and markets construction, mining and forestry machinery. The Company also manufactures engines  and other related parts for its equipment, and offers financing and insurance. Caterpillar distributes its products through a worldwide organization of dealers.

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Caterpillar Inc (CAT US)

The Trump Rally Portfolio Reorganization

People used to say Texas would be the most likely state to secede from the Union. Even recently. Now they will write about California seceding. And...

Charles De Trenck

Improved Sentiment Towards Doosan Bobcat IPO - Infracore Is Soaring Today

Thanks to Trump, Caterpillar was up 7.7% today on the expectations that Trump will push mega construction projects nationwide. Guess what? Doosan...

Sanghyun Park

Maritime Model Portfolio - Early Call on Dry Bulk Stocks Offsets Initial Losses

We publish an update on our Maritime Model Portfolio. Our earlier model portfolio updates can be found...

Drewry Maritime Financial Research

Caterpillar 3Q 2016: Guided Down

Caterpillar's outlook for 2016/2017 is best summarized in their earnings release on page 2. I don't really need to say more after posting this...

Sameer Taneja

Caterpillar September 2016 Retail Sales -18% YoY

Caterpillar just came out with their September retail sales number. It makes for poor reading with data in the US continuing to get worse. This is...

Sameer Taneja

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