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

ZIM Integrated Shipping Services / Equity Bottom-Up

<ul>
<li>We are convinced container shipping price momentum is waning, medium-term</li>
<li>Not surprisingly, carrier ZIM's share performance correlates to price momentum</li>
<li>Shorting ZIM against Long position in terminal operator isolates sagging price</li>
</ul>


We are convinced container shipping price momentum is waning, medium-term
Not surprisingly, carrier ZIM's share performance correlates to price momentum
Shorting ZIM against Long position in terminal operator isolates sagging price


Short ZIM Against Long Position in China Merchants Port Hldgs | 2025 High Conviction

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

Equity Capital Markets

<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>In the September data are clear signs of slowing momentum &amp; price moderation</li>
<li>Seasonality, NAM de-stocking, anniversary of Red Sea re-routes all contributing</li>
<li>Without catalysts, we would AVOID holding shares of global container names</li>
</ul>


In the September data are clear signs of slowing momentum &amp; price moderation
Seasonality, NAM de-stocking, anniversary of Red Sea re-routes all contributing
Without catalysts, we would AVOID holding shares of global container names


Monthly Container Shipping Tracker: As Momentum Wanes, Best to Avoid Carriers' Shares (October 2024)

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Oct 11th which has an aggregated short interest worth USD4.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung Electronics, Sk Hynix, Posco, Shinhan Group.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 11th which has an aggregated short interest worth USD4.7bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Samsung Electronics, Sk Hynix, Posco, Shinhan Group.


KRX Short Interest Weekly (Oct 11th): Samsung Electronics, Sk Hynix, Posco, Shinhan Group

South Korea

HMM Co., Ltd. provides marine transportation services.  The Company commands different types of vessels including full container vessels, oil tankers, car carriers, LNG carriers, bulk carriers, and tramps.

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HMM Co., Ltd. (011200 KS)

Short ZIM Against Long Position in China Merchants Port Hldgs | 2025 High Conviction

We believe container shipping price momentum is waning. Pairing a short position in carrier ZIM against a long position in terminal operator CMPH...

Tracking Traffic

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 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

Monthly Container Shipping Tracker: As Momentum Wanes, Best to Avoid Carriers' Shares (October 2024)

In September's data there are clear signs of sharply slowing momentum in the global container trades. We recommend avoiding shares of the carriers...

Tracking Traffic

KRX Short Interest Weekly (Oct 11th): Samsung Electronics, Sk Hynix, Posco, Shinhan Group

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Sk Hynix, Posco, Shinhan Group.

Ke Yan, CFA, FRM

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