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)

• Credit markets: Global yields drifted lower in recent months, thanks to the low interest rate environment, ongoing stimulus imposed by the ECB as well as launch of quantitative easing by the Bank of England following Britain’s vote to exit the EU. Excessive demand for sovereign debt sent yields to negative territory and Germany’s 10-year sovereign paper to -0.2% in July. Meanwhile, corporate shipping and energy issuers offer higher yields at greater risk because of the low oil price and weak…

• Credit markets: Global yields drifted lower in recent months, thanks to the low interest rate environment, ongoing stimulus imposed by the ECB as well as launch of quantitative easing by the Bank of England following Britain’s vote to exit the EU. Excessive demand for sovereign debt sent yields to negative territory and Germany’s 10-year sovereign paper to -0.2% in July. Meanwhile, corporate shipping and energy issuers offer higher yields at greater risk because of the low oil price and weak…

DMER - Maritime Financial Insights - September 2016

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

<a href="https://www.smartkarma.com/profiles/710" target="_blank" data-smartkarma-citation="accounts:710">Pelham Smithers</a> came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan into Q4 as discussed in my ongoing "Japan Flow" series about BOJ ETF buying (<a href="https://www.smartkarma.com/insights/japan-flow-i-the-boj-s-new-etf-buying" target="_blank">I</a>, <a href="https://www.smartkarma.com/insights/japan-flow-ii-just-what-etfs-does-the-boj-buy-could-we-see-an-april2000-style-nikkei-225-rebal" target="_blank">II</a>, and <a href="https://www.smartkarma.com/insights/japan-flow-iii-the-mechanics-of-boj-buying" target="_blank">III</a>) and activity by foreigners on the TSE over time (<a href="https://www.smartkarma.com/insights/japan-flow-iv-foreign-flows-matter-they-have-clear-cycles" target="_blank">Japan Flow IV</a>). All that series should tell you that "flows matter" and it should give you some idea of when flows may come and their impact. In this case though, I thought the seasonality data was worth…

Pelham Smithers came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan into Q4 as discussed in my ongoing "Japan Flow" series about BOJ ETF buying (I, II, and III) and activity by foreigners on the TSE over time (Japan Flow IV). All that series should tell you that "flows matter" and it should give you some idea of when flows may come and their impact. In this case though, I thought the seasonality data was worth…

Japan Stock Market Seasonality - Late Q4 Is Indeed Good

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

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

Research Reinvented

Equity Capital Markets

Recruit Holdings / Equity Capital Markets

Since the deal was announced on 24th Aug 2016, Recruit shares have held up remarkably well post the initial knee-jerk correction in share price. We had earlier looked at the fundamental aspects of the deal in <a href="https://www.smartkarma.com/insights/recruit-holdings-time-to-hire-more-long-term-shareholders" target="_blank">Recruit Holdings - Time to Hire More Long-Term Shareholders</a>, while fellow insight provider, <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a>, followed up with updates post buyback and shareholding details, <a href="https://www.smartkarma.com/insights/recruit-offering-offer-details-update-shareholder-overhang-structure" target="_blank">Recruit Offering: Offer Details Update &amp; Shareholder Overhang Structure</a>. In this insight, we aim to provide a quick…

Since the deal was announced on 24th Aug 2016, Recruit shares have held up remarkably well post the initial knee-jerk correction in share price. We had earlier looked at the fundamental aspects of the deal in Recruit Holdings - Time to Hire More Long-Term Shareholders, while fellow insight provider, Travis Lundy, followed up with updates post buyback and shareholding details, Recruit Offering: Offer Details Update &amp; Shareholder Overhang Structure. In this insight, we aim to provide a quick…

A day after the August 24th announcement by <a href="https://www.smartkarma.com/entities/15070" target="_blank" data-smartkarma-citation="entities:15070:1">Recruit Holdings Co Ltd (6098 JP)</a> of a secondary offering selldown of roughly 11% of shares outstanding by a collection of a dozen major shareholders, <a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> of Smartkarma ably discussed the most significant parameters of the deal in <a href="https://www.smartkarma.com/insights/recruit-holdings-time-to-hire-more-long-term-shareholders" target="_blank" data-smartkarma-citation="insights:5466">Recruit Holdings - Time to Hire More Long-Term Shareholders</a>. At the time of the announcement, the company also noted a planned ToSTNeT-3 buyback which would buy back as many as 8,500,000 shares for up to JPY 30bn…

A day after the August 24th announcement by Recruit Holdings Co Ltd (6098 JP) of a secondary offering selldown of roughly 11% of shares outstanding by a collection of a dozen major shareholders, Sumeet Singh of Smartkarma ably discussed the most significant parameters of the deal in Recruit Holdings - Time to Hire More Long-Term Shareholders. At the time of the announcement, the company also noted a planned ToSTNeT-3 buyback which would buy back as many as 8,500,000 shares for up to JPY 30bn…

Recruit Offering: Offer Details Update & Shareholder Overhang Structure

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" ( <a href="https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926" target="_blank">https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926</a> ) and a piece by Breakingviews' Quentin Webb "Building Consensus" ( <a href="http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/" target="_blank">http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/</a> ) document the rise and the need for short sell research in the Japanese stock market. However, like much about the Japanese stock market, we would argue that the situation is nothing…

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" ( https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926 ) and a piece by Breakingviews' Quentin Webb "Building Consensus" ( http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/ ) document the rise and the need for short sell research in the Japanese stock market. However, like much about the Japanese stock market, we would argue that the situation is nothing…

Short Sell Research Vs The Japan Stock Market Blob

Japan

Recruit Holdings Co. Ltd. operates information providing services in human resource, housing, bridal, travel, restaurants, beauty, automobiles, and education and more. The company also operate staffing services and advertising business.

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Recruit Holdings (6098 JP)

DMER - Maritime Financial Insights - September 2016

• Credit markets: Global yields drifted lower in recent months, thanks to the low interest rate environment, ongoing stimulus imposed by the ECB as...

Drewry Maritime Financial Research

Japan Stock Market Seasonality - Late Q4 Is Indeed Good

Pelham Smithers came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan...

Travis Lundy

Recruit Holdings - Risk Reward Shifting

Since the deal was announced on 24th Aug 2016, Recruit shares have held up remarkably well post the initial knee-jerk correction in share price. We...

Sumeet Singh

Recruit Offering: Offer Details Update & Shareholder Overhang Structure

A day after the August 24th announcement by Recruit Holdings Co Ltd (6098 JP) of a secondary offering selldown of roughly 11% of shares outstanding...

Travis Lundy

Short Sell Research Vs The Japan Stock Market Blob

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" (...

Pelham Smithers Associates

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