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)

Reading everyday of depressed shipping should one make one anxious. When I joined my 1st ship in early 2002...shipping was boring. Frankly it was not the top choice for a job but it did pay in dollars. The sole motive for me was the money and maybe I didn't want to be another software engineer from India. Tankers were the good ships (solely because they paid more). Dry bulk gave more leisure time..they stayed on ports longer, with job at Bergesen touted as the prized catch..they used to carry…

Reading everyday of depressed shipping should one make one anxious.   When I joined my 1st ship in early 2002...shipping was boring. Frankly it was not the top choice for a job but it did pay in dollars. The sole motive for me was the money and maybe I didn't want to be another software engineer from India.   Tankers were the good ships (solely because they paid more). Dry bulk gave more leisure time..they stayed on ports longer, with job at Bergesen touted as the prized catch..they used to carry…

Information Technology Consultant

Ishita Jain

China, land of coal and smog, is now increasing the generation of electricity from renewable sources faster than any other country, with more than 100 GWs a year of installed generating capacity from wind, a third of the world&rsquo;s total. Generating capacity is up tenfold in the last decade and three of the world&rsquo;s top ten turbine manufacturers are Chinese. Xinjiang&nbsp;Goldwind, the world&rsquo;s second largest wind turbine maker, seems poised to continue its growth story and be instrumental in shaping the Chinese wind energy market.

China, land of coal and smog, is now increasing the generation of electricity from renewable sources faster than any other country, with more than 100 GWs a year of installed generating capacity from wind, a third of the world&rsquo;s total. Generating capacity is up tenfold in the last decade and three of the world&rsquo;s top ten turbine manufacturers are Chinese. Xinjiang&nbsp;Goldwind, the world&rsquo;s second largest wind turbine maker, seems poised to continue its growth story and be instrumental in shaping the Chinese wind energy market.

Flying along China's wind of change: Goldwind

Transport Sector, China and Asia-focused Research

Charles De Trenck

Yes there are a few good China companies out there. In general a company like China Merchants has a good long term theme going for it (see April notes). But in shipping there are more badly run companies than good ones.&nbsp; What follows is an update on a piece I did for a specialized shipping publication following a long line of pieces I have put out delving into COSCO and CSCL corporate governance nightmares over the years. The truth is investors were ripped off on valuations from day one, with bankers helping as a result of shoddy work. Seasoned investors of course are not surprised to find this out. But what still amazes after so many years is the extent of mis-deeds and quite often the lack of interest to delve further into the problems. Feedback I've gotten so far are industry insiders agreeing with the extent of the corruption, and an expression of frustration they could not discuss more openly (although I think the spirit of Xi Jinping's exhortations would support further examination. ... recently Reuters and others did look into new facets of breakdowns at CSCL and COSCO).

Yes there are a few good China companies out there. In general a company like China Merchants has a good long term theme going for it (see April notes). But in shipping there are more badly run companies than good ones.&nbsp; What follows is an update on a piece I did for a specialized shipping publication following a long line of pieces I have put out delving into COSCO and CSCL corporate governance nightmares over the years. The truth is investors were ripped off on valuations from day one, with bankers helping as a result of shoddy work. Seasoned investors of course are not surprised to find this out. But what still amazes after so many years is the extent of mis-deeds and quite often the lack of interest to delve further into the problems. Feedback I've gotten so far are industry insiders agreeing with the extent of the corruption, and an expression of frustration they could not discuss more openly (although I think the spirit of Xi Jinping's exhortations would support further examination. ... recently Reuters and others did look into new facets of breakdowns at CSCL and COSCO).

A Brief History of Corporate Governance Nightmares at China's Flagship Shipping Companies

I recently had occasion to update my thinking on China, its massive waste generation in the last 10-15 years, and Chinese Communist Party members as major beneficiaries of this massive waste, and therefore also the continued need for Xi Jinping to keep cleaning up the more blatant instances of corruption and wealth transfer. The commodities boom of &lsquo;00s proved to be backed by a massive wave of over-production, waste and a social movement to self-enrichment by the privileged class of China. President Xi Jinping in many ways is now contributing to lower commodity prices as a byproduct of his crackdown. There is a twist, though. Not only does this piece make a link between Chinese Corruption and massive waste, but it also puts in its conclusions a couple of directional political Catch-22s President Xi may face.&nbsp;

I recently had occasion to update my thinking on China, its massive waste generation in the last 10-15 years, and Chinese Communist Party members as major beneficiaries of this massive waste, and therefore also the continued need for Xi Jinping to keep cleaning up the more blatant instances of corruption and wealth transfer. The commodities boom of &lsquo;00s proved to be backed by a massive wave of over-production, waste and a social movement to self-enrichment by the privileged class of China. President Xi Jinping in many ways is now contributing to lower commodity prices as a byproduct of his crackdown. There is a twist, though. Not only does this piece make a link between Chinese Corruption and massive waste, but it also puts in its conclusions a couple of directional political Catch-22s President Xi may face.&nbsp;

Implications and Fallout from Absolute Corruption of the Political Elite

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 8th.</li>
<li>We estimate the weekly outflows to be US$719.1 million, led by health care, information technology, and offset by materials, consumer discretionary, energy.</li>
<li>We highlight flows for BYD, Longi Green, ZTE, Zhongji Innolight.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 8th.
We estimate the weekly outflows to be US$719.1 million, led by health care, information technology, and offset by materials, consumer discretionary, energy.
We highlight flows for BYD, Longi Green, ZTE, Zhongji Innolight.


Northbound Flows (Sep 8th): BYD, Longi Green

China

SANY Heavy Industry Co., Ltd manufactures and markets construction and engineering machinery and related parts. The Company produces and sells concrete pumps, concrete pump vehicles, road rollers, pavers, and other related products. Sany Heavy Industry markets its products worldwide.

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Sany Heavy Industry (600031 CH)

"Shipping Has to Become BORING Again"

Reading everyday of depressed shipping should one make one anxious. When I joined my 1st ship in early 2002...shipping was boring. Frankly it was...

Drewry Maritime Financial Research

Flying along China's wind of change: Goldwind

China, land of coal and smog, is now increasing the generation of electricity from renewable sources faster than any other country, with more than...

Ishita Jain

A Brief History of Corporate Governance Nightmares at China's Flagship Shipping Companies

Yes there are a few good China companies out there. In general a company like China Merchants has a good long term theme going for it (see April...

Charles De Trenck

Implications and Fallout from Absolute Corruption of the Political Elite

I recently had occasion to update my thinking on China, its massive waste generation in the last 10-15 years, and Chinese Communist Party members...

Charles De Trenck

Northbound Flows (Sep 8th): BYD, Longi Green

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for BYD, Longi Green, ZTE, Zhongji Innolight.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)