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.

Equity Bottom-Up

Santos Brasil Participacoes Sa. / Equity Bottom-Up

Santos Brasil (STBP 11 BZ) - Yields Ease Across the Board, Downgrade to Unattractive <ul><li>
Results in line: Santos Brasil reported its 2Q16 results, which are largely in line with our expectations. Top line dropped 12.7% y/y to BRL 236m, from BRL 270m during the same period a year ago. Yield remained on a downward trajectory despite some optimism in operations at Tecon Santos. Revenue per container unit of Quay operations and Logistics segments lost 7.4% y/y and 17.8% y/y, respectively. Operational…</li></ul>

Santos Brasil (STBP 11 BZ) - Yields Ease Across the Board, Downgrade to Unattractive 
Results in line: Santos Brasil reported its 2Q16 results, which are largely in line with our expectations. Top line dropped 12.7% y/y to BRL 236m, from BRL 270m during the same period a year ago. Yield remained on a downward trajectory despite some optimism in operations at Tecon Santos. Revenue per container unit of Quay operations and Logistics segments lost 7.4% y/y and 17.8% y/y, respectively. Operational…

Santos Brasil (STBP 11 BZ) - Yields Ease Across the Board, Downgrade to Unattractive

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
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More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Macroeconomics

<div class="content-highlight">The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for investors.</div> We live in a world where investors are uncertain about asset values both in financial and non-financial companies.  Whilst a lot is written about the nature of bad debts at banks, little has been comprehensively written about the balance sheets of non-financial companies.We see the following evidence in our analysis: <ul><li><div class="content-highlight">The failure of some…</div></li></ul>

The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for investors. We live in a world where investors are uncertain about asset values both in financial and non-financial companies.  Whilst a lot is written about the nature of bad debts at banks, little has been comprehensively written about the balance sheets of non-financial companies.We see the following evidence in our analysis: The failure of some…

Brazil

Santos Brasil Participacoes S.A., through its subsidiaries, operates and manages container terminals in ports of Brazil. The Company provides logistics, transportation and distribution services integrated to port terminals.

Santos Brasil Participacoes Sa. (STBP11 BZ)

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Santos Brasil Participacoes Sa. (STBP11 BZ)

Santos Brasil (STBP 11 BZ) - Yields Ease Across the Board, Downgrade to Unattractive

Santos Brasil (STBP 11 BZ) - Yields Ease Across the Board, Downgrade to Unattractive Results in line: Santos Brasil reported its 2Q16 results,...

Drewry Maritime Financial Research

Beware Impairments in EM and Asia

The failure to use or the aggressive implementation of asset write downs in emerging markets and Asia will have far reaching implications for...

Mark Artherton

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