Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

A Hillary victory would benefit Thai markets in terms of TIP market re-allocations and export strength, while hurting us on global stability. Victims of Trump includes energy and exporters. If Hillary extends Obamacare, chances of Americans coming to Thailand for medical tourism will also decline yo.In Las Vegas, Hillary and Trump meet for their final debate, and both of them were SPECTACULAR. Not all the polls are out yet, but we generally agree that Hillary won narrowly. Trump had better grasps of foreign politics and exuded more confidence, but President (yes, trust me on this) Hillary won a vote from MCorp Review for superior thematic consistency (very important to us) and sportsmanship. The two candidates tied on economics, and no scores were awarded for emotional connection since this ain't no town hall format. At the end of the day, we regret to inform Trump supporters that well...he really shot himself in the foot yo. :(

A Hillary victory would benefit Thai markets in terms of TIP market re-allocations and export strength, while hurting us on global stability. Victims of Trump includes energy and exporters. If Hillary extends Obamacare, chances of Americans coming to Thailand for medical tourism will also decline yo.In Las Vegas, Hillary and Trump meet for their final debate, and both of them were SPECTACULAR. Not all the polls are out yet, but we generally agree that Hillary won narrowly. Trump had better grasps of foreign politics and exuded more confidence, but President (yes, trust me on this) Hillary won a vote from MCorp Review for superior thematic consistency (very important to us) and sportsmanship. The two candidates tied on economics, and no scores were awarded for emotional connection since this ain't no town hall format. At the end of the day, we regret to inform Trump supporters that well...he really shot himself in the foot yo. :(

What Happens in Vegas...Goes to the White House (Hillary 2, Trump 1...Game Over!)

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Capital Markets

ZTO Express Cayman  / Equity Capital Markets

ZTO Announced Price Range for NYSE IPO on Friday October 14th: ZTO Express, one of China's leading express parcel delivery companies, announced a price range for its NYSE IPO last Friday. The company expects to sell 72.1 mn ADSs (representing 72.1 mn Class A common shares) at a price of US$16.50 to $US18.50 per ADS. At the low end of the price range, the listing would generate gross proceeds of US$1.19 bn, while at the top end of the range (and assuming an over-allotment option is exercised) the…

ZTO Announced Price Range for NYSE IPO on Friday October 14th: ZTO Express, one of China's leading express parcel delivery companies, announced a price range for its NYSE IPO last Friday. The company expects to sell 72.1 mn ADSs (representing 72.1 mn Class A common shares) at a price of US$16.50 to $US18.50 per ADS. At the low end of the price range, the listing would generate gross proceeds of US$1.19 bn, while at the top end of the range (and assuming an over-allotment option is exercised) the…

ZTO Express Announced Price Range For NYSE IPO on Friday, October 14th

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.

Strong supply growth on account of high vessel deliveriesscheduled in FY16/FY17 will continue to keep the LPG shipping market in imbalance. On the demand side, with lower price of LPG in Asia, the propane trade has been hurt, and there has been no major driver of incremental demand to absorb the excess tonnage available. Freight rates across segments have dropped in the recent past, and we do not expect a meaningful recovery over the next 12 months, even thoughthere could be a short-lived…

Strong supply growth on account of high vessel deliveriesscheduled in FY16/FY17 will continue to keep the LPG shipping market in imbalance. On the demand side, with lower price of LPG in Asia, the propane trade has been hurt, and there has been no major driver of incremental demand to absorb the excess tonnage available. Freight rates across segments have dropped in the recent past, and we do not expect a meaningful recovery over the next 12 months, even thoughthere could be a short-lived…

DMER - LPG Shipping - Headwinds to Persist in FY17

On Friday September 30th leading Chinese express parcel delivery company ZTO Express filed with the SEC and reportedly plans to raise as much as US$1.5 bn in its initial public offering on the NYSE later this Fall. Using the information presented in ZTO's form F-1, combined with our background covering Asian logistics and US express giants <a href="https://www.smartkarma.com/entities/19984" target="_blank" data-smartkarma-citation="entities:19984:1">United Parcel Service Cl B (UPS US)</a> and <a href="https://www.smartkarma.com/entities/14577" target="_blank" data-smartkarma-citation="entities:14577:1">Fedex Corp (FDX US)</a>, in this note we describe ZTO's operations, evaluate its market position in China, and compare it to its larger US rivals. We also identify what we view as ZTO's key opportunities and challenges, and close with a list of questions we would put to management once the roadshow commences. We also include summary financial information (through June 2016) taken from ZTO's filing with the SEC.Once an IPO price range is established, we will issue a separate note that covers ZTO's valuation.

On Friday September 30th leading Chinese express parcel delivery company ZTO Express filed with the SEC and reportedly plans to raise as much as US$1.5 bn in its initial public offering on the NYSE later this Fall. Using the information presented in ZTO's form F-1, combined with our background covering Asian logistics and US express giants United Parcel Service Cl B (UPS US) and Fedex Corp (FDX US), in this note we describe ZTO's operations, evaluate its market position in China, and compare it to its larger US rivals. We also identify what we view as ZTO's key opportunities and challenges, and close with a list of questions we would put to management once the roadshow commences. We also include summary financial information (through June 2016) taken from ZTO's filing with the SEC.Once an IPO price range is established, we will issue a separate note that covers ZTO's valuation.

China's ZTO Express Files for NYSE IPO: What It Is, What It Isn't

Two New Yorkers who would be the future President of America debated in a world-stopping match at the home state today, and most would agree that Hillary won. Nevertheless, we get some credit to two Thai pundits who true to their contrarian nature said Trump is better for the Thai and Asian economies. We like Trump's take on tax cuts and high infrastructure spending, as this could be America needs for the short term. If elected, Hillary is more likely to get re-elected in 2020 than a now unlikely President Trump, so it's good that she has long term policies. With Trump's emphasis on local production of coal and oil, his defeat today bodes well for Banpu and PTTEP, as well as Thai exporters. Though Trump is not targetting Thai exports (we are too small), we agree with Dr. Chawala of CIMB that his attacks on China eventually trickle down to Thai exporters as well, since many Chinese companies buy from Thailand for re-export. With export revenues, Chinese would also have problems purchasing stuff from us.

Two New Yorkers who would be the future President of America debated in a world-stopping match at the home state today, and most would agree that Hillary won. Nevertheless, we get some credit to two Thai pundits who true to their contrarian nature said Trump is better for the Thai and Asian economies. We like Trump's take on tax cuts and high infrastructure spending, as this could be America needs for the short term. If elected, Hillary is more likely to get re-elected in 2020 than a now unlikely President Trump, so it's good that she has long term policies. With Trump's emphasis on local production of coal and oil, his defeat today bodes well for Banpu and PTTEP, as well as Thai exporters. Though Trump is not targetting Thai exports (we are too small), we agree with Dr. Chawala of CIMB that his attacks on China eventually trickle down to Thai exporters as well, since many Chinese companies buy from Thailand for re-export. With export revenues, Chinese would also have problems purchasing stuff from us.

United States

FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network.  The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

FedEx Corp (FDX US)

What Happens in Vegas...Goes to the White House (Hillary 2, Trump 1...Game Over!)

A Hillary victory would benefit Thai markets in terms of TIP market re-allocations and export strength, while hurting us on global stability....

Athaporn Arayasantiparb, CFA

ZTO Express Announced Price Range For NYSE IPO on Friday, October 14th

ZTO Announced Price Range for NYSE IPO on Friday October 14th: ZTO Express, one of China's leading express parcel delivery companies, announced a...

Daniel Hellberg

DMER - LPG Shipping - Headwinds to Persist in FY17

Strong supply growth on account of high vessel deliveriesscheduled in FY16/FY17 will continue to keep the LPG shipping market in imbalance. On the...

Drewry Maritime Financial Research

China's ZTO Express Files for NYSE IPO: What It Is, What It Isn't

On Friday September 30th leading Chinese express parcel delivery company ZTO Express filed with the SEC and reportedly plans to raise as much as...

Daniel Hellberg

Hometown New York: Hillary 1, Trump 0

Two New Yorkers who would be the future President of America debated in a world-stopping match at the home state today, and most would agree that...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)