Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

I outlined my 2016 quick takeaways from visiting clients, ex-clients and friends prior to the break (2016 A year of Reckoning, 23 December 2015), and I saw also @Hao Wang outlined a few similar ideas.  In this note I put a little more meat on the bones of the December note. In sum, the blow-ups we saw starting to develop in 2015 should continue in 2016. But given the market’s forward looking powers we should continue examining and accumulating as we did in 4Q15. If we timed the pain in commodities according to tax selling panics during 4Q15, we came out ahead.  New developments in places like Saudi may add more fuel to volatility. But we are looking at a multi-year story with many twists and turns. No easy way out. But a landscape abounding with opportunity.Topics from meetings<ul><li>Hong Kong and malaise of Civil Service…</li><li>Bank revenues from deals, ECM and role of research…</li><li>Space X and other cool updates</li><li>Three scenarios 2016</li><li>A last word on faulty data</li></ul>Long note with core views and investment ideas up front.

I outlined my 2016 quick takeaways from visiting clients, ex-clients and friends prior to the break (2016 A year of Reckoning, 23 December 2015), and I saw also @Hao Wang outlined a few similar ideas.  In this note I put a little more meat on the bones of the December note. In sum, the blow-ups we saw starting to develop in 2015 should continue in 2016. But given the market’s forward looking powers we should continue examining and accumulating as we did in 4Q15. If we timed the pain in commodities according to tax selling panics during 4Q15, we came out ahead.  New developments in places like Saudi may add more fuel to volatility. But we are looking at a multi-year story with many twists and turns. No easy way out. But a landscape abounding with opportunity.Topics from meetingsHong Kong and malaise of Civil Service…Bank revenues from deals, ECM and role of research…Space X and other cool updatesThree scenarios 2016A last word on faulty dataLong note with core views and investment ideas up front.

2016 Names Not Trades and a Tough Energy Environment (And Other Recent Visits)

Ex-Buyside Principal, now doing Independent Secondary Research on Indian Equities

Pawan Sachdeva

In preparing this insight, I have tried to compare ACC (as an Indian Cement Sector Proxy) to Holcim and Anhui Conch. &nbsp;<div><ul><li>I discuss Long Term trends of cement pricing in India, environmental issues and relative cost structures.&nbsp; </li><li>I believe that this work might aid fund managers / analysts in deriving a better view on the cement sector.&nbsp; </li><li>Cement Company Managements can also use this as an analysis framework to benchmark their own performance.&nbsp; </li><li>Lastly, I also try to raise thoughts on whether 2015-2020 is like 2003-2008 for the Indian stock market.&nbsp;</li></ul><blockquote>My work examines publicly available data spanning 15 years, going back to 1999.&nbsp;</blockquote></div>

In preparing this insight, I have tried to compare ACC (as an Indian Cement Sector Proxy) to Holcim and Anhui Conch. &nbsp;I discuss Long Term trends of cement pricing in India, environmental issues and relative cost structures.&nbsp; I believe that this work might aid fund managers / analysts in deriving a better view on the cement sector.&nbsp; Cement Company Managements can also use this as an analysis framework to benchmark their own performance.&nbsp; Lastly, I also try to raise thoughts on whether 2015-2020 is like 2003-2008 for the Indian stock market.&nbsp;My work examines publicly available data spanning 15 years, going back to 1999.&nbsp;

ACC, Holcim & Anhui Conch: A Cross-Country Benchmarking Study of Cement Sector Leaders

Hong Kong

Nine Dragons Paper Holdings Limited produces a wide range of containerboard products. The Company primarily produces linerboard, including kraft linerboard, test linerboard, white top linerboard, high performance corrugating medium and coated duplex board.

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

Nine Dragons Paper (2689 HK)

2016 Names Not Trades and a Tough Energy Environment (And Other Recent Visits)

I outlined my 2016 quick takeaways from visiting clients, ex-clients and friends prior to the break (2016 A year of Reckoning, 23 December 2015),...

Charles De Trenck

ACC, Holcim & Anhui Conch: A Cross-Country Benchmarking Study of Cement Sector Leaders

In preparing this insight, I have tried to compare ACC (as an Indian Cement Sector Proxy) to Holcim and Anhui Conch. I discuss Long Term trends...

Pawan Sachdeva

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)