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.

Thematic (Sector/Industry)

Adding risk with upgrade on Dry bulk and downgrade on Tanker shipping<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/352/original/mp2.JPG?1466125882" class="editor-image img-responsive" data-smartkarma-image-id="9352"></figure><ul><li>
The main change in our stance from the one shared at the start of this year is that we have increased allocation to the dry bulk sector (from 6% to 30%), while pruned exposure to the tankers (from 35% to 20%) in view of the changing market landscape, even though we would favour both the sectors for 2016. We recommend investors to take incremental exposure in the Dry bulk segment, which could be the outperformer in 2016.…</li></ul>

Adding risk with upgrade on Dry bulk and downgrade on Tanker shipping
The main change in our stance from the one shared at the start of this year is that we have increased allocation to the dry bulk sector (from 6% to 30%), while pruned exposure to the tankers (from 35% to 20%) in view of the changing market landscape, even though we would favour both the sectors for 2016. We recommend investors to take incremental exposure in the Dry bulk segment, which could be the outperformer in 2016.…

Maritime Model Portfolio - Adding Risk with Upgrade on Dry Bulk and Downgrade on Tanker Shipping

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Buybacks (or "own share purchases") by listed companies Japan are likely to be at a record this year. In only the first 5 months of calendar 2016, Japanese companies have announced JPY 4.3trln yen of buybacks, and in the past ten years, only two full years have seen higher totals (2007 and 2015 at just over 4.5trln yen each). There will likely be a lot more before the year-end and a lot of them will take place by ToSTNeT-3 buyback. The announcement today of a ToSTNeT-3 buyback by <a href="https://www.smartkarma.com/entities/783" target="_blank" data-smartkarma-citation="entities:783">NTT</a>  for up to…

Buybacks (or "own share purchases") by listed companies Japan are likely to be at a record this year. In only the first 5 months of calendar 2016, Japanese companies have announced JPY 4.3trln yen of buybacks, and in the past ten years, only two full years have seen higher totals (2007 and 2015 at just over 4.5trln yen each). There will likely be a lot more before the year-end and a lot of them will take place by ToSTNeT-3 buyback. The announcement today of a ToSTNeT-3 buyback by NTT  for up to…

Event-Driven

The conclusions in my <a href="https://www.smartkarma.com/insights/more-mitsubishi-motors-muppetry" target="_blank">last comment</a> about <a href="https://www.smartkarma.com/entities/794" target="_blank" data-smartkarma-citation="entities:794">Mitsubishi Motors</a>  two weeks ago suggested Nissan would make an excellent acquirer for Mitsubishi Motors as it suited both parties. Nissan needs more of what Mitsubishi has (EV, hybrids, minicars, high margin ASEAN sales), and Mitsubishi needs more of what Nissan has (a lack of scandal, and generally good public trust and sense of corporate governance). I had not expected news so soon, but we have it today.This morning, the Nikkei carried an <a href="http://asia.nikkei.com/Business/Deals/Nissan-to-take-30-stake-in-Mitsubishi-Motors" target="_blank">article</a> sayin…

The conclusions in my last comment about Mitsubishi Motors  two weeks ago suggested Nissan would make an excellent acquirer for Mitsubishi Motors as it suited both parties. Nissan needs more of what Mitsubishi has (EV, hybrids, minicars, high margin ASEAN sales), and Mitsubishi needs more of what Nissan has (a lack of scandal, and generally good public trust and sense of corporate governance). I had not expected news so soon, but we have it today.This morning, the Nikkei carried an article sayin…

Equity Bottom-Up

<h2>The Recent Mitsubishi Motors News</h2>Last week on April 20th, the Nikkei ran an article with 45mins left in the trading day noting that <a href="https://www.smartkarma.com/entities/794" target="_blank" data-smartkarma-citation="entities:794">Mitsubishi Motors Corp</a> (MMC) ran the wrong fuel economy tests on minicars it sold from 2013 onward, and the article made it sound like there was deliberate falsification of test data. The stock plummeted 15% in a hurry.  Market observers were reminded of an effort by Mitsubishi Motors in the early Noughties to hide defects which had possibly played a part in a few…

The Recent Mitsubishi Motors NewsLast week on April 20th, the Nikkei ran an article with 45mins left in the trading day noting that Mitsubishi Motors Corp (MMC) ran the wrong fuel economy tests on minicars it sold from 2013 onward, and the article made it sound like there was deliberate falsification of test data. The stock plummeted 15% in a hurry.  Market observers were reminded of an effort by Mitsubishi Motors in the early Noughties to hide defects which had possibly played a part in a few…

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials, you can refer to Douglas' report "<a href="https://www.smartkarma.com/insights/coupang-taking-amazon-s-market-share-at-all-cost-strategy-coupang-s-2015-financials-are-out" target="_blank">Coupang: Taking Amazon’s Market Share at All Cost Strategy (Coupang’s 2015 Financials Are Out)</a>".Most of us already knew much about Coupang's 2015 financial performance. That is, Coupang's remarkable growth story (along with a hefty amount of operating loss) has already been publicized by many media and research…

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials, you can refer to Douglas' report "Coupang: Taking Amazon’s Market Share at All Cost Strategy (Coupang’s 2015 Financials Are Out)".Most of us already knew much about Coupang's 2015 financial performance. That is, Coupang's remarkable growth story (along with a hefty amount of operating loss) has already been publicized by many media and research…

Another View on Coupang's 2015 Financials and Possible Future Scenario

Japan

Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker. The Company manufactures machinery, ships, turbines and engines, prime movers, aircrafts, and machine parts for military and commercial use.  Mitsubishi Heavy Industries also researches and develops nuclear power plants.

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Mitsubishi Heavy Industries (7011 JP)

Maritime Model Portfolio - Adding Risk with Upgrade on Dry Bulk and Downgrade on Tanker Shipping

Adding risk with upgrade on Dry bulk and downgrade on Tanker shippingThe main change in our stance from the one shared at the start of this year is...

Drewry Maritime Financial Research

JAPAN: How a ToSTNeT-3 Buyback Works

Buybacks (or "own share purchases") by listed companies Japan are likely to be at a record this year. In only the first 5 months of calendar 2016,...

Travis Lundy

Nissan To Make MitMotors Great Again?

The conclusions in my last comment about Mitsubishi Motors two weeks ago suggested Nissan would make an excellent acquirer for Mitsubishi Motors...

Travis Lundy

More Mitsubishi Motors Muppetry

The Recent Mitsubishi Motors NewsLast week on April 20th, the Nikkei ran an article with 45mins left in the trading day noting that Mitsubishi...

Travis Lundy

Another View on Coupang's 2015 Financials and Possible Future Scenario

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials,...

Sanghyun Park

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