Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

At the beginning of the year, I wrote a piece called <a href="https://www.smartkarma.com/insights/baltic-dry-it-s-that-time-of-year-again" target="_blank" data-smartkarma-citation="insights:7951">Baltic Dry - It’s That Time of Year Again</a> suggesting...<blockquote>
Looking back at the first graph tells you so. Historically, we'd expect to trend downward from here. The last ten years have an average and median drop in the BDIY of 27% in the last 18 days of the Chinese Lunar New Year. 
It should not be a surprise to see such a move in the next 18 trading days. 
Likewise, it would not be a surprise to see a bounce afterward. 
</blockquote>That insight suggested that…

At the beginning of the year, I wrote a piece called Baltic Dry - It’s That Time of Year Again suggesting...
Looking back at the first graph tells you so. Historically, we'd expect to trend downward from here. The last ten years have an average and median drop in the BDIY of 27% in the last 18 days of the Chinese Lunar New Year. 
It should not be a surprise to see such a move in the next 18 trading days. 
Likewise, it would not be a surprise to see a bounce afterward. 
That insight suggested that…

Baltic Dry - Post CNY Bounce Pattern Intact (& Soybean Season Ahead)

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.

China’s Ban on North Korean Coal Imports to Aid Sea Borne Trade News over the weekend that China will stop importing coal from North Korea will be both short-medium term positive for seaborne coal demand and in turn support the dry bulk market. Please see Douglas Kim's take to understand the politics behind the decision. <a href="https://www.smartkarma.com/insights/no-coal-exports-from-north-korea-to-china-in-2017-turning-off-the-money-spigot-to-north-korea" target="_blank" data-smartkarma-citation="insights:8882">No Coal Exports from North Korea to China in 2017 - Turning Off the Money Spigot to North Korea?</a>After the United Nations Security Council passed a resolution to toughen…

China’s Ban on North Korean Coal Imports to Aid Sea Borne Trade News over the weekend that China will stop importing coal from North Korea will be both short-medium term positive for seaborne coal demand and in turn support the dry bulk market. Please see Douglas Kim's take to understand the politics behind the decision. No Coal Exports from North Korea to China in 2017 - Turning Off the Money Spigot to North Korea?After the United Nations Security Council passed a resolution to toughen…

China's Ban on North Korean Coal Imports to Aid Sea Borne Trade

Independent, global risk consultancy, Control Risks

Aparajita Verma

Independent, global risk consultancy

Control Risks

Control Risks is an independent, global risk consultancy specialising in helping organisations manage political, integrity and security risks in complex and hostile environments. We support clients by providing strategic consultancy, expert analysis and in-depth investigations, handling sensitive political issues and providing practical on-the-ground protection and support.

Our unique combination of services, geographical reach and the trust our clients place in us ensure we can help them to effectively solve their problems and realise new opportunities across the world.

Harrison Cheng, Senior Analyst-South East Asia, Control Risks shares his insights on how political instability in Thailand will increase in 2017 on the back of a royal transition and general elections scheduled late in the year.

Harrison Cheng, Senior Analyst-South East Asia, Control Risks shares his insights on how political instability in Thailand will increase in 2017 on the back of a royal transition and general elections scheduled late in the year.

James Owen, Senior Partner, Control Risks shares his insights on the anti-corruption and regulatory compliance emphasis in India’s Union Budget 2017, and what impact it would have on businesses operating in India.

James Owen, Senior Partner, Control Risks shares his insights on the anti-corruption and regulatory compliance emphasis in India’s Union Budget 2017, and what impact it would have on businesses operating in India.

Budget 2017: As the World Looks On, India Moves Slowly Towards a Cleaner Economy

APAC Investment Strategy, Animal Spirits Report, Quiddity Advisors

Paul M. Kitney, PhD

APAC Investment Strategy, Animal Spirits Report

<h2>Executive Summary</h2><ul>
<li>Early focus on trade and protectionism by the Trump administration has not stemmed the reflation regime change. The setback in the USD is temporary and a strong dollar is not dependent on Fiscal Trumponomics</li>
<li>We continue to like Japan and prefer China over India. Animal Spirits is neutral on Emerging Markets.</li>
<li>APAC financials call remains in place.</li>
<li>Macau Tourism play continues to be favored within the Chinese consumer discretionary space.</li>
<li>We continue to avoid "bond proxy" dividend…</li>
</ul>

Executive Summary
Early focus on trade and protectionism by the Trump administration has not stemmed the reflation regime change. The setback in the USD is temporary and a strong dollar is not dependent on Fiscal Trumponomics
We continue to like Japan and prefer China over India. Animal Spirits is neutral on Emerging Markets.
APAC financials call remains in place.
Macau Tourism play continues to be favored within the Chinese consumer discretionary space.
We continue to avoid "bond proxy" dividend…


ANIMAL SPIRITS: Reflationary Investment Thesis Intact Without Fiscal Trumponomics

Hong Kong

CK Hutchison Holdings Limited holds all of the non-property businesses of the Cheung Kong Group and the Hutchison Group, including ports and related services, telecommunications, retail, infrastructure, energy, and movable assets leasing operations.

Jardine Matheson Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on motor vehicles, property investment and development, food retailing, health and beauty, home furnishings, engineering and construction, transport services, restaurants, luxury hotels, financial services, heavy equipment, mining, energy, and agribusiness.

Beijing Enterprises Holdings Ltd. is a diversified company.  The Company brews beer; distributes natural gas through pipelines; invests in, designs, constructs and operates water supply and wastewater treatment plants; operates toll roads; disposes of hazardous waste; and offers electronic payment systems.

NWS Holdings Limited operates businesses under three main divisions: Service, Infrastructure, and Ports. Its Service division comprises facilities, contracting, transport, financial, and environmental. The Infrastructure portfolio includes roads and bridges, energy, and water treatment and waste management. Its port division includes container handling, logistics, and warehousing.

Shanghai Industrial Holdings Limited is an investment holding company that focuses on three core businesses: infrastructure facilities, real estate and consumer products. SIHL invests in toll road projects, water-related business, property development, investment, hotel operation, the manufacturing and sale of cigarettes, packaging materials and printed products.

Shun Tak Holdings Limited, through its subsidiaries, develops, invests  and manages properties.  The Company also provides shipping and related travel services and engages in hotel operations and securities investments.

Chevalier International Holdings Limited, through its subsidiaries, provides building and engineering services.  The Company also trades motor vehicles and Information Technology (IT) and business machines.  In addition, Chevalier operates property, hotel and insurance business as well as provides IT services.

China State Construction International Holdings Limited, through its subsidiaries, provides building construction and civil engineering works services in Hong Kong.

BOC Aviation provides direct operating leasing of aircrafts to airlines. The Company offers a range services including structured finance, aircraft remarketing, direct operating leases, and technical services.

China Energy Engineering Group Co. Ltd. (CEEC) provides infrastructure construction and investment for hydroelectrical works. The Company also offers power engineering, electric power equipment, technology, and human resources. CEEC provides its services in China and internationally.

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

Carlisle Companies Incorporated manufactures and distributes construction materials, transportation products, and general industry products.  The Company manufactures a variety of products for the roofing, real estate, construction, trucking, food-service, aircraft manufacturing, lawn and garden, and other industries.

Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio of businesses focused on the Asia-Pacific region. The Group's activities include financial services, supermarkets, consumer marketing, engineering and construction, automobile trading, insurance broking, property investment, and hotels.

SM Investments Corporation is an investment holding company. The Company operates retail business and develops shopping mall and other real estate property.  The Company also provides tourism services.

Koninklijke Philips NV is a health technology company focused on improving people's health across the health continuum from healthy living and prevention, to diagnosis, treatment, and home care. The Company offers products and services in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care.

Rheinmetall AG is an automotive, electronics, defense, and engineering group. The Company produces automotive pumps and components to supply air, reduce emissions, and supply fuel, pistons for gasoline and diesel vehicle and stationary engines, bearings for engines and other applications and aluminum engine blocks, and offers aftermarket service to engine repair shops.

Lifco AB operates as a holding company. The Company, through its subsidiaries, provides dental products, machinery and tools, sawmill equipment, contract manufacturing, vehicle interiors, and environmental technology. Lifco offers its products through a network of subsidiaries and partnerships worldwide.

Grupo Carso SAB de CV is a holding company with subsidiaries in the construction ,retail and industrial materials industries. The Company's products and services include: oil platform construction; shoping centers, industrial facilities and corporate buildings construction; highway construction; dam and aqueduct construction; steel tubes; and housing.

CITIC Limited operates in a range of business activities including financial services, resources and energy, manufacturing, real estate and infrastructure, engineering contracting and other businesses in China and overseas.

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Citic Ltd (267 HK)

Baltic Dry - Post CNY Bounce Pattern Intact (& Soybean Season Ahead)

At the beginning of the year, I wrote a piece called Baltic Dry - It’s That Time of Year Again suggesting... Looking back at the first graph tells...

Travis Lundy

China's Ban on North Korean Coal Imports to Aid Sea Borne Trade

China’s Ban on North Korean Coal Imports to Aid Sea Borne Trade News over the weekend that China will stop importing coal from North Korea will be...

Drewry Maritime Financial Research

Thailand's Troubled Transition

Harrison Cheng, Senior Analyst-South East Asia, Control Risks shares his insights on how political instability in Thailand will increase in 2017 on...

Control Risks

Budget 2017: As the World Looks On, India Moves Slowly Towards a Cleaner Economy

James Owen, Senior Partner, Control Risks shares his insights on the anti-corruption and regulatory compliance emphasis in India’s Union Budget...

Control Risks

ANIMAL SPIRITS: Reflationary Investment Thesis Intact Without Fiscal Trumponomics

Executive Summary Early focus on trade and protectionism by the Trump administration has not stemmed the reflation regime change. The setback in...

Paul M. Kitney, PhD

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