Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

AP Moeller - Maersk A/S / Equity Bottom-Up

<ul>
<li>Maersk's Q324 results were strong, fueled almost purely by higher freight rates</li>
<li>The company's peers have been reporting similar results since early 2024</li>
<li>We continue to believe that price momentum has peaked; AVOID the carriers</li>
</ul>


Maersk's Q324 results were strong, fueled almost purely by higher freight rates
The company's peers have been reporting similar results since early 2024
We continue to believe that price momentum has peaked; AVOID the carriers


Maersk Q324 Results: Giant Dane Finally Joins the Party, But Read-Through for Industry Is Limited

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-s-lines" target="_blank" data-smartkarma-citation="entities:39795:1" rel="noopener">T.S. Lines (TSL HK)</a> is looking to raise US$145m in its Hong Kong IPO.</li>
<li>T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.</li>
<li>In a previous note, we looked at the firm’s past performance. In this note, we discuss peers and share our thoughts on valuation. </li>
</ul>



T.S. Lines (TSL HK) is looking to raise US$145m in its Hong Kong IPO.
T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.
In a previous note, we looked at the firm’s past performance. In this note, we discuss peers and share our thoughts on valuation. 


TS Lines IPO - Smaller than Peers, Although Valuation Seems Attractive

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 25th which has an aggregated holding worth USD1,046.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,128mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Hon Hai Precision Industry, Wistron, Quanta Computer, Evergreen Marine Corp Taiwan, United Microelectronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 25th which has an aggregated holding worth USD1,046.5bn.
We estimate that foreign flows to be inflows of USD1,128mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision Industry, Wistron, Quanta Computer, Evergreen Marine Corp Taiwan, United Microelectronics.


TWSE Foreign Holding Weekly (Oct 25th): TSMC, Hon Hai Precision Industry, Wistron, Quanta Computer

<ul>
<li>TS Lines' January-April 2024 revenue &amp; margins showed little Y/Y change</li>
<li>Besides weak Y/Y growth, TS Lines' move to re-enter Transpacific is odd</li>
<li>TS Lines' filing offers few reasons to favor the company over listed peers</li>
</ul>


TS Lines' January-April 2024 revenue &amp; margins showed little Y/Y change
Besides weak Y/Y growth, TS Lines' move to re-enter Transpacific is odd
TS Lines' filing offers few reasons to favor the company over listed peers


TS Lines Pre-IPO: January-April Results Vs WHL, RCL H124 | Opportunistic Return to Transpacific?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-s-lines" target="_blank" data-smartkarma-citation="entities:39795:1" rel="noopener">T.S. Lines (TSL HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.</li>
<li>In a previous note, we looked at the firm’s past performance. In this note, we talk about the recent updates from its filings.</li>
</ul>



T.S. Lines (TSL HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.
In a previous note, we looked at the firm’s past performance. In this note, we talk about the recent updates from its filings.


T.S. Lines Pre-IPO - PHIP Updates - Shipping Volumes Improved, However Paid Another Large Dividend

Taiwan

Evergreen Marine Corp. (Taiwan) Ltd. transports freight by ships. The Company operates container ships to move freight throughout the world. Evergreen Marine has interests in terminals, airline operations and motor freight transportation, as well as container manufacturing.

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Evergreen Marine Corp (2603 TT)

Maersk Q324 Results: Giant Dane Finally Joins the Party, But Read-Through for Industry Is Limited

Maersk reported a scary-good set of quarterly results on Halloween! But many of its peers have been enjoying similar price-driven improvements in...

Tracking Traffic

TS Lines IPO - Smaller than Peers, Although Valuation Seems Attractive

T.S. Lines (TSL HK) is looking to raise US$145m in its Hong Kong IPO. In a previous note, we looked at the firm’s past performance. In this note,...

Clarence Chu

TWSE Foreign Holding Weekly (Oct 25th): TSMC, Hon Hai Precision Industry, Wistron, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Hon Hai Precision Industry, Wistron,...

Ke Yan, CFA, FRM

TS Lines Pre-IPO: January-April Results Vs WHL, RCL H124 | Opportunistic Return to Transpacific?

TS Lines in a recent filing reported mediocre January-April rates that pale compared to its comps' H124 numbers. We see few reasons to choose...

Tracking Traffic

T.S. Lines Pre-IPO - PHIP Updates - Shipping Volumes Improved, However Paid Another Large Dividend

T.S. Lines (TSL HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we talk about the recent updates from its...

Clarence Chu

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