Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

We're closing out our Long <a href="https://www.smartkarma.com/entities/15428" target="_blank" data-smartkarma-citation="entities:15428:1">Evergreen Marine Corp Ltd (2603 TT)</a> / Short <a href="https://www.smartkarma.com/entities/20645" target="_blank" data-smartkarma-citation="entities:20645:1">Eva Airways Corp (2618 TT)</a> pair trade idea as Evergreen has surpassed our target price of NS$16.00 per share. We first proposed the Long Evergreen / Short EVA pair idea in our December 2016 note <a href="https://www.smartkarma.com/insights/the-trump-call-may-see-taiwan-airlines-hurt-short-eva-against-long-position-in-evergreen-marine" target="_blank" data-smartkarma-citation="insights:7446">‘The Trump Call’ May See Taiwan Airlines Hurt; Short EVA Against Long Position in Evergreen Marine</a>. At that time we expected Evergreen to significantly outperform its airline affiliate EVA, which we believed would suffer the brunt of…

We're closing out our Long Evergreen Marine Corp Ltd (2603 TT) / Short Eva Airways Corp (2618 TT) pair trade idea as Evergreen has surpassed our target price of NS$16.00 per share. We first proposed the Long Evergreen / Short EVA pair idea in our December 2016 note ‘The Trump Call’ May See Taiwan Airlines Hurt; Short EVA Against Long Position in Evergreen Marine. At that time we expected Evergreen to significantly outperform its airline affiliate EVA, which we believed would suffer the brunt of…

Closing Evergreen / EVA Airways Long-Short Pair Trade Idea After Evergreen Exceeds Our Target Price

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.

Orient Overseas International / Equity Bottom-Up

Orient Overseas International Limited (316 HK) - Has the suitor been found for the perfect bride-to-be ?Key Takeaway: If the deal were to take place at the reported price of USD 4bn, acquiring OOIL at these multiples seems a very very competitive price for China Cosco Shipping Corp and is a “Big Win” for the Chinese company. Cosco will get a prized asset and a very well-run container carrier for a modest price just when the industry fortunes are looking up for a sustained recovery.  The real…

Orient Overseas International Limited (316 HK) - Has the suitor been found for the perfect bride-to-be ?Key Takeaway: If the deal were to take place at the reported price of USD 4bn, acquiring OOIL at these multiples seems a very very competitive price for China Cosco Shipping Corp and is a “Big Win” for the Chinese company. Cosco will get a prized asset and a very well-run container carrier for a modest price just when the industry fortunes are looking up for a sustained recovery.  The real…

Orient Overseas International Ltd (316 HK) - Has the Suitor Been Found for the Perfect Bride-To-Be ?

Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a>'s  Waymo could be worth $70bn and Google should IPO Waymo. No doubt there are caveats in the contention.  ... And, well, of course it should IPO Waymo if it gets a pile of money. And Morgan Stanley should get an anchor underwriter spot too! …. <a href="http://www.investors.com/news/technology/google-should-spin-out-waymo-to-beat-tesla-ford-morgan-stanley/" target="_blank">Media reports</a> put this story without batting an eyelash. <a href="http://www.cnbc.com/2017/05/23/alphabets-self-driving-waymo-unit-could-be-worth-70-billion-more-than-gm-morgan-stanley-says.html" target="_blank">This version</a> was even more…

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that Alphabet Inc Cl C (GOOG US)'s  Waymo could be worth $70bn and Google should IPO Waymo. No doubt there are caveats in the contention.  ... And, well, of course it should IPO Waymo if it gets a pile of money. And Morgan Stanley should get an anchor underwriter spot too! …. Media reports put this story without batting an eyelash. This version was even more…

Valuations Without Frontiers: Waymo and Echoes of 2000 (Lessons from KS Li)

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

China

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.

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COSCO Shipping Holdings (1919 HK)

Closing Evergreen / EVA Airways Long-Short Pair Trade Idea After Evergreen Exceeds Our Target Price

We're closing out our Long Evergreen Marine Corp Ltd (2603 TT) / Short Eva Airways Corp (2618 TT) pair trade idea as Evergreen has surpassed our...

Daniel Hellberg

Orient Overseas International Ltd (316 HK) - Has the Suitor Been Found for the Perfect Bride-To-Be ?

Orient Overseas International Limited (316 HK) - Has the suitor been found for the perfect bride-to-be ?Key Takeaway: If the deal were to take...

Drewry Maritime Financial Research

Valuations Without Frontiers: Waymo and Echoes of 2000 (Lessons from KS Li)

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that Alphabet...

Charles De Trenck

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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