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.

Equity Bottom-Up

DP World (DPW DU) - Throughput Weakness Apparent in Its Global PortfolioIn our earlier report in May 2016, we had questioned DP World’s 100 million gross teu capacity by 2020 target. The latest throughput numbers lent support to our thesis. Moderation in throughput was apparent in its global portfolio. Even itsprimed growth segment, Asia Pac &amp; Indian Subcontinent, contracted in 3Q 2016. The anchor EMEA segment of DP World’s portfolio did not provide the much needed stability for the third…

DP World (DPW DU) - Throughput Weakness Apparent in Its Global PortfolioIn our earlier report in May 2016, we had questioned DP World’s 100 million gross teu capacity by 2020 target. The latest throughput numbers lent support to our thesis. Moderation in throughput was apparent in its global portfolio. Even itsprimed growth segment, Asia Pac &amp; Indian Subcontinent, contracted in 3Q 2016. The anchor EMEA segment of DP World’s portfolio did not provide the much needed stability for the third…

DP World (DPW DU) - Throughput Weakness Apparent in Its Global Portfolio

DP World (DPW DU) - Earnings Leap on Accretive Acquisitions<ul><li>
Results buoyed by inorganic acquisitions: DP World reported a stellar set of 1H16 results on Economic Zones World (EZW) and Prince Rupert acquisitions. The revenue expanded 8.6% y/y from USD 1,959m to USD 2,127m, while PATMI jumped 53.1% y/y to USD 557m compared with the same period last year. However, throughput volume recorded a modest growth of 1.6% y/y to 14.6m teu. Although volumes surged 19.4% y/y in 1H16 (on Prince Rupert…</li></ul>

DP World (DPW DU) - Earnings Leap on Accretive Acquisitions
Results buoyed by inorganic acquisitions: DP World reported a stellar set of 1H16 results on Economic Zones World (EZW) and Prince Rupert acquisitions. The revenue expanded 8.6% y/y from USD 1,959m to USD 2,127m, while PATMI jumped 53.1% y/y to USD 557m compared with the same period last year. However, throughput volume recorded a modest growth of 1.6% y/y to 14.6m teu. Although volumes surged 19.4% y/y in 1H16 (on Prince Rupert…

DP World (DPW DU) - Earnings Leap on Accretive Acquisitions

<ul><li>Favouring balanced approach to capacity addition</li><li>Recapitalise financial strength by monetising Indian assets</li><li>Profitability of India’s market is trending downwards</li><li>Optimising liability portfolio inflates EPS by 1.5%</li><li>Focus on deleveraging</li></ul>

Favouring balanced approach to capacity additionRecapitalise financial strength by monetising Indian assetsProfitability of India’s market is trending downwardsOptimising liability portfolio inflates EPS by 1.5%Focus on deleveraging

DP World (DPW DU) - Portfolio Restructuring to Support Capacity Ambition

United Arab Emirates

DP World Ltd is a global operator of container and marine terminals. The Company operates marine terminals across six continents, and generates its core revenues from handling cargo containers. DP World was founded in 1972, and operates out of its global headquarters in Dubai, United Arab Emirates.

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DP World (DPW DU)

DP World (DPW DU) - Throughput Weakness Apparent in Its Global Portfolio

DP World (DPW DU) - Throughput Weakness Apparent in Its Global PortfolioIn our earlier report in May 2016, we had questioned DP World’s 100 million...

Drewry Maritime Financial Research

DP World (DPW DU) - Earnings Leap on Accretive Acquisitions

DP World (DPW DU) - Earnings Leap on Accretive Acquisitions Results buoyed by inorganic acquisitions: DP World reported a stellar set of 1H16...

Drewry Maritime Financial Research

DP World (DPW DU) - Portfolio Restructuring to Support Capacity Ambition

Favouring balanced approach to capacity addition Recapitalise financial strength by monetising Indian assets Profitability of India’s market is...

Drewry Maritime Financial Research

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