Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

We're closing out our Long <a href="https://www.smartkarma.com/entities/15428" target="_blank" data-smartkarma-citation="entities:15428:1">Evergreen Marine Corp Ltd (2603 TT)</a> / Short <a href="https://www.smartkarma.com/entities/20645" target="_blank" data-smartkarma-citation="entities:20645:1">Eva Airways Corp (2618 TT)</a> pair trade idea as Evergreen has surpassed our target price of NS$16.00 per share. We first proposed the Long Evergreen / Short EVA pair idea in our December 2016 note <a href="https://www.smartkarma.com/insights/the-trump-call-may-see-taiwan-airlines-hurt-short-eva-against-long-position-in-evergreen-marine" target="_blank" data-smartkarma-citation="insights:7446">‘The Trump Call’ May See Taiwan Airlines Hurt; Short EVA Against Long Position in Evergreen Marine</a>. At that time we expected Evergreen to significantly outperform its airline affiliate EVA, which we believed would suffer the brunt of…

We're closing out our Long Evergreen Marine Corp Ltd (2603 TT) / Short Eva Airways Corp (2618 TT) pair trade idea as Evergreen has surpassed our target price of NS$16.00 per share. We first proposed the Long Evergreen / Short EVA pair idea in our December 2016 note ‘The Trump Call’ May See Taiwan Airlines Hurt; Short EVA Against Long Position in Evergreen Marine. At that time we expected Evergreen to significantly outperform its airline affiliate EVA, which we believed would suffer the brunt of…

Closing Evergreen / EVA Airways Long-Short Pair Trade Idea After Evergreen Exceeds Our Target Price

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.

Orient Overseas International / Equity Bottom-Up

Orient Overseas International Limited (316 HK) - Has the suitor been found for the perfect bride-to-be ?Key Takeaway: If the deal were to take place at the reported price of USD 4bn, acquiring OOIL at these multiples seems a very very competitive price for China Cosco Shipping Corp and is a “Big Win” for the Chinese company. Cosco will get a prized asset and a very well-run container carrier for a modest price just when the industry fortunes are looking up for a sustained recovery.  The real…

Orient Overseas International Limited (316 HK) - Has the suitor been found for the perfect bride-to-be ?Key Takeaway: If the deal were to take place at the reported price of USD 4bn, acquiring OOIL at these multiples seems a very very competitive price for China Cosco Shipping Corp and is a “Big Win” for the Chinese company. Cosco will get a prized asset and a very well-run container carrier for a modest price just when the industry fortunes are looking up for a sustained recovery.  The real…

Orient Overseas International Ltd (316 HK) - Has the Suitor Been Found for the Perfect Bride-To-Be ?

Orient Overseas International Limited (316 HK, Attractive) – 1Q17 operational data update<ul><li>
Liner revenue and volume grows y/y. In an operational update for 1Q17, released on 28 April 2017, OOIL reported an unaudited container shipping revenue of USD 1185m, up 6% y/y, but down 9% q/q. The company’s key drivers of revenue growth –Asia/Europe and Transpacific routes – recorded gains of 29% and 11% respectively, while the volumes on these routes increased by 18% and 20% during the same period. The…</li></ul>

Orient Overseas International Limited (316 HK, Attractive) – 1Q17 operational data update
Liner revenue and volume grows y/y. In an operational update for 1Q17, released on 28 April 2017, OOIL reported an unaudited container shipping revenue of USD 1185m, up 6% y/y, but down 9% q/q. The company’s key drivers of revenue growth –Asia/Europe and Transpacific routes – recorded gains of 29% and 11% respectively, while the volumes on these routes increased by 18% and 20% during the same period. The…

Orient Overseas International Limited (316 HK, Attractive) – 1Q17 Operational Data Update

Transport Sector, China and Asia-focused Research

Charles De Trenck

The 2-day 7% correction in oil managed to slaughter many cyclicals, from RIG, which had just gotten a big buy send-off from Barron’s two weeks ago, to transport names across the board. Containers, of course have little to do with oil price directly.  A little over a month ago, I had updated my generally negative view of last year on Seaspan. <a href="https://www.smartkarma.com/entities/23596" target="_blank" data-smartkarma-citation="entities:23596:1">Seaspan Corp. (SSW US)</a> had been, and is still, a leader in its field. But the negatives were that it had massively outperformed the sector while having its…

The 2-day 7% correction in oil managed to slaughter many cyclicals, from RIG, which had just gotten a big buy send-off from Barron’s two weeks ago, to transport names across the board. Containers, of course have little to do with oil price directly.  A little over a month ago, I had updated my generally negative view of last year on Seaspan. Seaspan Corp. (SSW US) had been, and is still, a leader in its field. But the negatives were that it had massively outperformed the sector while having its…

Oil Correction Drags Down Commodity Plays, Transports… and Takes Seaspan Back to Lows

Don’t get me wrong. I still like <a href="https://www.smartkarma.com/entities/801" target="_blank" data-smartkarma-citation="entities:801:1">Orient Overseas Intl Ltd (316 HK)</a>, OOIL/OOCL, as an operator long term. Always have. And I may come back at another price or time. But there are a few issues worth drawing out, now that analysts have gone gaga over shipping – including notably <a href="https://www.smartkarma.com/entities/286" target="_blank" data-smartkarma-citation="entities:286:1">China COSCO Holdings (H) (1919 HK)</a> which is at some 3x OOIL on a P/B and which still is not fit for long term investing. I list my reasons in selling OOIL in easy bullets further below.OOIL was at HK$30 when I bought and…

Don’t get me wrong. I still like Orient Overseas Intl Ltd (316 HK), OOIL/OOCL, as an operator long term. Always have. And I may come back at another price or time. But there are a few issues worth drawing out, now that analysts have gone gaga over shipping – including notably China COSCO Holdings (H) (1919 HK) which is at some 3x OOIL on a P/B and which still is not fit for long term investing. I list my reasons in selling OOIL in easy bullets further below.OOIL was at HK$30 when I bought and…

Why I Just Sold Orient Overseas (OOIL) At HK$45

Hong Kong

Orient Overseas International Ltd, through its subsidiaries, owns and leases ships, operates terminals, and provides freight forwarding and container transportation services.  The Company also develops and invests in properties, leases equipment, and invests in securities.

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Orient Overseas International (316 HK)

Closing Evergreen / EVA Airways Long-Short Pair Trade Idea After Evergreen Exceeds Our Target Price

We're closing out our Long Evergreen Marine Corp Ltd (2603 TT) / Short Eva Airways Corp (2618 TT) pair trade idea as Evergreen has surpassed our...

Daniel Hellberg

Orient Overseas International Ltd (316 HK) - Has the Suitor Been Found for the Perfect Bride-To-Be ?

Orient Overseas International Limited (316 HK) - Has the suitor been found for the perfect bride-to-be ?Key Takeaway: If the deal were to take...

Drewry Maritime Financial Research

Orient Overseas International Limited (316 HK, Attractive) – 1Q17 Operational Data Update

Orient Overseas International Limited (316 HK, Attractive) – 1Q17 operational data update Liner revenue and volume grows y/y. In an operational...

Drewry Maritime Financial Research

Oil Correction Drags Down Commodity Plays, Transports… and Takes Seaspan Back to Lows

The 2-day 7% correction in oil managed to slaughter many cyclicals, from RIG, which had just gotten a big buy send-off from Barron’s two weeks ago,...

Charles De Trenck

Why I Just Sold Orient Overseas (OOIL) At HK$45

Don’t get me wrong. I still like Orient Overseas Intl Ltd (316 HK), OOIL/OOCL, as an operator long term. Always have. And I may come back at...

Charles De Trenck

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