Smartkarma Originals
A Potential Asian LBO Screening System
With a relatively full slate of large value takeovers in Developed Asia in the past year - often by parents but also by buyout funds - and the...
1.2k Views
TRACKING TRAFFIC/Containers & Air Cargo: Rates Rose in January, But Margins Remain Under Pressure
Our index suggests average container shipping rates increased by around 6.6% in January. This is the largest YoY increase for our index since June...
361 Views
TRACKING TRAFFIC/Containers & Air Cargo: For Most Box Carriers, Profitability Likely Already Peaked
In H119, container shipping rates in the key Transpacific Eastbound tradelane held up well despite tepid demand, as fleet expansion in most of 2019...
410 Views
Cosco Shipping Ports (HK: 1199): Valuation Dented by Trade War, Expect Moderate Recovery
The company’s throughput data reported a lower growth of 4.6% in 3Q19 (vs 11.8% in 3Q18). Uncle Sam’s effort to tame the dragon seems to be taking...
429 Views
Cosco Shipping Ports: High Leverage Sustains Europe Expansion
We use DCF with a derived fair value of HKD 7.63 per share (previously HKD 8.8). We ascribe 21x PE for its equity stake terminals and use the DCF...
624 Views