Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

My updates back in December to reiterate the negative in containers (and bulk) and anticipated a weak 2016, to be sure. But in recent weeks it appears the market has gotten even weaker. I am sure our friends from Drewry have experienced this as well. A few key details below on rates that have gone even further south than 2009.In recent weeks we understand from friends that some markets in Intra-Asia have gone into negative pricing.This means that lines have to try to recoup some of their losses…

My updates back in December to reiterate the negative in containers (and bulk) and anticipated a weak 2016, to be sure. But in recent weeks it appears the market has gotten even weaker. I am sure our friends from Drewry have experienced this as well. A few key details below on rates that have gone even further south than 2009.In recent weeks we understand from friends that some markets in Intra-Asia have gone into negative pricing.This means that lines have to try to recoup some of their losses…

Container Shipping Industry Last Few Weeks Factoring in Doomsday

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.

We are pleased to announce that Drewry Maritime Equity Research (DMER) has launched a model portfolio, selecting stocks within the global maritime space, ensuring a balanced approach and risks in a low return environment. The recommended stocks have been hand-picked based on the strong underlying fundamentals of each entity, coupled with near-term triggers. Objective of the DMER model portfolio is to generate moderate returns in conjunction with relatively lower risks. Given the weakness in…

We are pleased to announce that Drewry Maritime Equity Research (DMER) has launched a model portfolio, selecting stocks within the global maritime space, ensuring a balanced approach and risks in a low return environment. The recommended stocks have been hand-picked based on the strong underlying fundamentals of each entity, coupled with near-term triggers. Objective of the DMER model portfolio is to generate moderate returns in conjunction with relatively lower risks. Given the weakness in…

DMER Launches Model Stock Portfolio for the Maritime Sector

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

<figure class="editor-figure">The Singapore Regulator (IDA) has confirmed the path for a 4th operator in Singapore (<a href="https://www.ida.gov.sg/Policies-and-Regulations/Consultation-Papers-and-Decisions/Store/Second-Public-Consultation-on-Proposed-Framework-for-the-Allocation-of-Spectrum)" target="_blank">https://www.ida.gov.sg/Policies-and-Regulations/Consultation-Papers-and-Decisions/Store/Second-Public-Consultation-on-Proposed-Framework-for-the-Allocation-of-Spectrum)</a>. It will make 60MHZ of spectrum available in the 900MHZ and 2300MHZ bands for a new entrant and set a heavily discounted reserve price of S$35m. So far two potential bidders have appeared: MyRepublic and Consistel. The auction will begin in</figure>…

The Singapore Regulator (IDA) has confirmed the path for a 4th operator in Singapore (https://www.ida.gov.sg/Policies-and-Regulations/Consultation-Papers-and-Decisions/Store/Second-Public-Consultation-on-Proposed-Framework-for-the-Allocation-of-Spectrum). It will make 60MHZ of spectrum available in the 900MHZ and 2300MHZ bands for a new entrant and set a heavily discounted reserve price of S$35m. So far two potential bidders have appeared: MyRepublic and Consistel. The auction will begin in…

Singapore Moves to Offer Discount Spectrum for a 4th Telecom Entrant

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<figure class="editor-figure">Keppel Corp (KEP SP) reported its 4Q results this evening, with the offshore &amp; marine segment recording 44% YoY decline in topline and 89% YoY decline in the EBITDA line, after recording an S$230m provision related to Sete Brasil contracts:</figure><figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/137/original/4Q%20O&amp;M.JPG?1453392790" class="editor-image img-responsive" data-smartkarma-image-id="5137"><figcaption class="figcaption">Keppel's 4Q offshore &amp; marine segment results snapshot</figcaption></figure>While Keppel's offshore &amp; marine segment is recording loss in 4Q15, Sembcorp Marine has already provided profit warning <a href="http://infopub.sgx.com/FileOpen/Profit_Guidance.ashx?App=Announcement&amp;FileID=380829" target="_blank">on December 1st</a>. Thus I don't expect SMM's loss in 4Q15 will be a surprise to the…

Keppel Corp (KEP SP) reported its 4Q results this evening, with the offshore &amp; marine segment recording 44% YoY decline in topline and 89% YoY decline in the EBITDA line, after recording an S$230m provision related to Sete Brasil contracts:Keppel's 4Q offshore &amp; marine segment results snapshotWhile Keppel's offshore &amp; marine segment is recording loss in 4Q15, Sembcorp Marine has already provided profit warning on December 1st. Thus I don't expect SMM's loss in 4Q15 will be a surprise to the…

Keppel's 4Q Results Point to Sembcorp Marine's Bluesky Scenario

We have talked in our <a href="https://www.smartkarma.com/insights/sembcorp-marine-profit-warning-in-the-down-turn-it-can-be-very-nasty" target="_blank">earlier note</a> that Sete Brasil contract, making up close to half of SMM's orderbook, is the near term key risk that is beeing underestimated by the street. In November, BTG Pactual, which owns 27% stake in Sete Brasil,  is in trouble as its controlling shareholder and asset manager, Andre Esteves was arrested in the corruption probe, <a href="http://www.bloomberg.com/news/articles/2015-11-25/btg-s-andre-esteves-senator-amaral-arrested-brazil-police-say" target="_blank">according to Bloomberg</a>.Slightly more than one month on, Bloomberg <a href="http://www.bloomberg.com/news/articles/2016-01-06/btg-backed-rig-venture-said-to-mull-bankruptcy-filing-in-brazil" target="_blank">reported today</a> that shareholders of Sete Brasil, a major customer of Sembcorp…

We have talked in our earlier note that Sete Brasil contract, making up close to half of SMM's orderbook, is the near term key risk that is beeing underestimated by the street. In November, BTG Pactual, which owns 27% stake in Sete Brasil,  is in trouble as its controlling shareholder and asset manager, Andre Esteves was arrested in the corruption probe, according to Bloomberg.Slightly more than one month on, Bloomberg reported today that shareholders of Sete Brasil, a major customer of Sembcorp…

Sembcorp Marine: Major Customer Sete Brasil May File for Bankruptcy

Singapore

Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

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Keppel Corp (KEP SP)

Container Shipping Industry Last Few Weeks Factoring in Doomsday

My updates back in December to reiterate the negative in containers (and bulk) and anticipated a weak 2016, to be sure. But in recent weeks it...

Charles De Trenck

DMER Launches Model Stock Portfolio for the Maritime Sector

We are pleased to announce that Drewry Maritime Equity Research (DMER) has launched a model portfolio, selecting stocks within the global maritime...

Drewry Maritime Financial Research

Singapore Moves to Offer Discount Spectrum for a 4th Telecom Entrant

The Singapore Regulator (IDA) has confirmed the path for a 4th operator in Singapore...

New Street Research

Keppel's 4Q Results Point to Sembcorp Marine's Bluesky Scenario

Keppel Corp (KEP SP) reported its 4Q results this evening, with the offshore & marine segment recording 44% YoY decline in topline and 89% YoY...

Ke Yan, CFA, FRM

Sembcorp Marine: Major Customer Sete Brasil May File for Bankruptcy

We have talked in our earlier note that Sete Brasil contract, making up close to half of SMM's orderbook, is the near term key risk that is beeing...

Ke Yan, CFA, FRM

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