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)

Counter cyclical investment strategy to run its course, Downgrade to Neutral on multiple headwinds<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/137/original/t3.JPG?1465611344" class="editor-image img-responsive" data-smartkarma-image-id="9137"></figure> • Demand for tankers to grow, albeit at a slower pace: The sharp decline in crude prices in 2014-15 on account of supply glut in the crude oil market has turned the fortune of tanker operators. Demand for oil tankers picked up as crude demand surged on account of increased crude consumption and greater stockpiling activity for building Strategic Petroleum Reserves (SPRs) by China and India, as their…

Counter cyclical investment strategy to run its course, Downgrade to Neutral on multiple headwinds • Demand for tankers to grow, albeit at a slower pace: The sharp decline in crude prices in 2014-15 on account of supply glut in the crude oil market has turned the fortune of tanker operators. Demand for oil tankers picked up as crude demand surged on account of increased crude consumption and greater stockpiling activity for building Strategic Petroleum Reserves (SPRs) by China and India, as their…

Tanker Shipping Cycle - Counter Cyclical Investment Strategy to Run Its Course, Downgrade to Neutral

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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

We mentioned in our previous report <a href="https://www.smartkarma.com/insights/national-assembly-4-year-cycles-its-impact-on-korean-construction-stocks" target="_blank" data-smartkarma-citation="insights:2812">National Assembly 4 Year Cycles &amp; Its Impact on Korean Construction Stocks</a> how the major Korean construction stocks on average tended to outperform the KOSPI index on absolute and relative to KOSPI three months leading into the election and underperform the KOSPI index on absolute and relative terms three months after each of the past four National Assembly elections in Korea.We believe now is a prime time to become more cautious on the four major construction…

We mentioned in our previous report National Assembly 4 Year Cycles &amp; Its Impact on Korean Construction Stocks how the major Korean construction stocks on average tended to outperform the KOSPI index on absolute and relative to KOSPI three months leading into the election and underperform the KOSPI index on absolute and relative terms three months after each of the past four National Assembly elections in Korea.We believe now is a prime time to become more cautious on the four major construction…

Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly Election

Container Shipping - Woes for Carriers Deepen, Stay Sellers of APMMContract rates under severe pressure, losses to widen. According to Drewry’s Benchmarking Club, ocean freight rates for cargo moving under contracts on the major East-West trade routes have already dropped by 20% in the year to February and are on course to see further deep reductions from May. The Drewry Benchmarking Club Contract Rate Index, based on Trans Pacific and Asia-Europe contract freight rate data, declined by another…

Container Shipping - Woes for Carriers Deepen, Stay Sellers of APMMContract rates under severe pressure, losses to widen. According to Drewry’s Benchmarking Club, ocean freight rates for cargo moving under contracts on the major East-West trade routes have already dropped by 20% in the year to February and are on course to see further deep reductions from May. The Drewry Benchmarking Club Contract Rate Index, based on Trans Pacific and Asia-Europe contract freight rate data, declined by another…

Container Shipping - Woes for Carriers Deepen, Stay Sellers of APMM

Consolidation in the Liner Industry Container shipping companies confront the enormous challenges facing the industry today. One of the options available to lines is consolidation; this is essential for the industry but fraught with difficulty for the lines involved. We at Drewry have prepared a thought leadership paper which looks at the industry context, historical M&amp;A activity, and the benefits and risks to participants and proposes some must dos for successful liner consolidation.

Consolidation in the Liner Industry Container shipping companies confront the enormous challenges facing the industry today. One of the options available to lines is consolidation; this is essential for the industry but fraught with difficulty for the lines involved. We at Drewry have prepared a thought leadership paper which looks at the industry context, historical M&amp;A activity, and the benefits and risks to participants and proposes some must dos for successful liner consolidation. 

United States

Waste Connections, Inc. provides non-hazardous solid waste collection services for commercial, industrial and residential customers. The Company offers collection, landfill disposal, and recycling services for various recyclable materials, including compost, cardboard, office paper, plastic containers, glass bottles, and ferrous and aluminum metals.

Waste Management, Inc. provides waste management services including collection, transfer, recycling, resource recovery and disposal services, and operates waste-to-energy facilities.  The Company serves municipal, commercial, industrial, and residential customers throughout North America.

Rollins, Inc., through its subsidiary, Orkin Exterminating Company, Inc., provides essential pest control services.  The Company also provides protection against termite damage, rodents, and insects.  Rollins serves customers in the United States, Canada, and Mexico.

Copart, Inc. provides vehicle suppliers, primarily insurance companies, with a variety of services to process and sell salvage vehicles through auctions. Salvaged vehicles are primarily sold to licensed dismantlers, rebuilders, and used vehicle dealers.

Republic Services, Inc. provides non-hazardous solid waste collection and disposal services in the United States.  The Company provides solid waste collection services for commercial, industrial, municipal, and residential customers.  Republic also operates transfer stations, landfills, and recycling facilities.

Clean Harbors, Inc. provides a variety of environmental remediation and industrial waste management services to customers in the United States and Puerto Rico.  The Company's services include treatment and disposal of hazardous and non-hazardous solid and liquid waste, surface remediation, groundwater restoration, waste packaging, as well as analytical testing and consulting.

Tetra Tech, Inc. provides specialized management consulting and technical services primarily in resource management, infrastructure, and communications. The Company's clients include a diverse base of public and private sector organizations.  Tetra Tech operates offices in the United States and internationally.

Casella Waste Systems, Inc. provides integrated, non-hazardous solid waste services throughout the eastern United States.  The Company provides collection, transfer, disposal, and recycling services, generates steam, and manufactures finished products utilizing recyclable materials primarily throughout the eastern portion of the United States.

MSA Safety Incorporated develops, manufactures, and supplies safety products that protect people and facility infrastructures. The Company's core products include self-contained breathing apparatus, fixed gas and flame detection systems, portable gas detection instruments, head protection, and fall protection products. MSA Safety markets its products worldwide.

The Brink's Company provides security services globally.  The Company provides secure transportation, cash logistics and other security-related services to banks and financial institutions, retailers, government agencies, mints, jewelers and other commercial operations around the world.

Brambles Limited is a global support services group which provides pallet and plastic container pooling services and information management services.

Rentokil Initial plc provides fully integrated facilities management and essential support services to government and commercial sector organisations of all sizes across all business sectors. The Company provides services in pest control, hygiene, workwear, facilities and plants.

RB Global, Inc. provides a marketplace for insights, services, and transaction solutions for commercial assets and vehicles. The Company offers its customers end-to-end transaction solutions for used commercial and other durable assets through its omnichannel platform, which includes auctions, online marketplaces, listing services, and private brokerage services.

SECOM CO., LTD. provides comprehensive security services.  The Company provides on-line centralized security services, home security systems, and home medical services,

Toppan Printing Co., Ltd. is a printing company that provides commercial and publication printing services. The Company also prints securities paper, packaging products, and electronic related products such as photomasks and colorfilters. Toppan Printing also produces inks and operates a text book publication business.

Mineral Resources Ltd. offers contract crushing services to the mining industry in Australia.  The Company serves gold, iron ore, tantalum, and coal companies.

DAI NIPPON PRINTING CO., LTD. offers printing services for commercial and industrial use.  The printing items include information media such as books, periodicals, and text books, wrapping paper and containers, stationeries, and advertising medium.  The Company provides design and production services as well.  Dai Nippon Printing also produces soft drinks including Coca Cola.

YTO Express Group Co., Ltd. provides global express services. The Company also provides general cargo warehousing, domestic air transport agency, car rental, supply chain management, and other related services throughout China..

Edenred offers prepaid vouchers for products and services.  The Company's vouchers for restaurant meals, childcare, and other products and services are used to reward employees and loyal customers.

Cintas Corporation designs, manufactures and implements corporate identity uniform programs.  The Company also provides entrance mats, restroom supplies, promotional products, document management, fire protection, and first aid and safety services.

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Cintas Corp (CTAS US)

Tanker Shipping Cycle - Counter Cyclical Investment Strategy to Run Its Course, Downgrade to Neutral

Counter cyclical investment strategy to run its course, Downgrade to Neutral on multiple headwinds • Demand for tankers to grow, albeit at a slower...

Drewry Maritime Financial Research

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

Warning on Korean Construction Stocks: Ruling Saenuri Party Is Crushed in National Assembly Election

We mentioned in our previous report National Assembly 4 Year Cycles & Its Impact on Korean Construction Stocks how the major Korean...

Douglas Kim

Container Shipping - Woes for Carriers Deepen, Stay Sellers of APMM

Container Shipping - Woes for Carriers Deepen, Stay Sellers of APMMContract rates under severe pressure, losses to widen. According to Drewry’s...

Drewry Maritime Financial Research

Consolidation in the Liner Industry

Consolidation in the Liner Industry Container shipping companies confront the enormous challenges facing the industry today. One of the options...

Drewry Maritime Financial Research

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