Independent Insight Provider

Hao Wang, CFA

Thematic (Sector/Industry)

We have quite a few market surprises this year, especially from China, not to mention those from Middle East. Here I would like to mention a <a href="http://paper.people.com.cn/rmrb/html/2016-01/04/nw.D110000renmrb_20160104_1-02.htm" target="_blank">very important article</a> published on the front page and the whole second page on People's Daily on Jan 4th. Though the article is only in Chinese and not covered by most of the foreign media, it gives probably the best explanation of the so-called supply-side reform and more importantly the intentions of top leaders on economic policies. Given that most of…

We have quite a few market surprises this year, especially from China, not to mention those from Middle East. Here I would like to mention a very important article published on the front page and the whole second page on People's Daily on Jan 4th. Though the article is only in Chinese and not covered by most of the foreign media, it gives probably the best explanation of the so-called supply-side reform and more importantly the intentions of top leaders on economic policies. Given that most of…

What You Might Have Missed but Should Not on China's Supply-Side Reform

EM PM, Ecstrat

Emad Mostaque

EM PM

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.
​
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.

The Middle East has already hit the headlines in 2016 as the relationship between Saudi Arabia and Iran deteriorated further after the execution of 47 convicts including Shia cleric Sheikh Nimr al-Nimr.While some claim this is the latest manifestation of a historic Sunni-Shia hatred, digging deeper shows other, more important factors at work that could determine the fallout for the region.

The Middle East has already hit the headlines in 2016 as the relationship between Saudi Arabia and Iran deteriorated further after the execution of 47 convicts including Shia cleric Sheikh Nimr al-Nimr.While some claim this is the latest manifestation of a historic Sunni-Shia hatred, digging deeper shows other, more important factors at work that could determine the fallout for the region.

Information Technology Consultant

Ishita Jain

As the COP21 summit flagged off in Paris yesterday, Indian Prime Minister Narendra Modi, along with his French counterpart, Francois Hollande, announced the International Solar Alliance (ISA). The ISA aims to have 121 signatories, including the US and China, as well as a long list of developing countries situated between the Tropics of Cancer and Capricorn.It aims to mobilize $1tn worth of investment by 2030 towards developing solar power around the world, especially in the sun rich countries…

As the COP21 summit flagged off in Paris yesterday, Indian Prime Minister Narendra Modi, along with his French counterpart, Francois Hollande, announced the International Solar Alliance (ISA). The ISA aims to have 121 signatories, including the US and China, as well as a long list of developing countries situated between the Tropics of Cancer and Capricorn.It aims to mobilize $1tn worth of investment by 2030 towards developing solar power around the world, especially in the sun rich countries…

Announcing the International Solar Alliance

In <a href="http://www.smartkarma.com/insights/how-oil-can-head-over-100-by-2017" target="_blank">my last thoughts on oil</a>, where I plotted some of the structural factors that might take it over $100 in the next few years, I noted that the probability of a December OPEC cut was being underpriced by the market.Today we have seen headlines that Saudi will do, Draghi-style, "whatever it takes" to stabilize the oil price including co-operating with the broader OPEC cartel.A shift in Saudi Arabian production strategy was one of the main drivers of the "double dip" in oil prices over the summer…

In my last thoughts on oil, where I plotted some of the structural factors that might take it over $100 in the next few years, I noted that the probability of a December OPEC cut was being underpriced by the market.Today we have seen headlines that Saudi will do, Draghi-style, "whatever it takes" to stabilize the oil price including co-operating with the broader OPEC cartel.A shift in Saudi Arabian production strategy was one of the main drivers of the "double dip" in oil prices over the summer…

Oil markets continue to be turgid as producers look to make up lower prices by increased volume.&nbsp;This has led to markets that are severely overstretched versus their fundamentals.If we look at the oil futures curve structure and elements likely to impact it, oil looks like it may surprise to the upside much as it has surprised to the downside.This piece summarises the bull case for a complex topic.

Oil markets continue to be turgid as producers look to make up lower prices by increased volume.&nbsp;This has led to markets that are severely overstretched versus their fundamentals.If we look at the oil futures curve structure and elements likely to impact it, oil looks like it may surprise to the upside much as it has surprised to the downside.This piece summarises the bull case for a complex topic.

China

Shanxi Meijin Energy Co., Ltd. produces coal and related products.

Shanxi Meijin Energy Co, Ltd. (000723 CH)

Pingdingshan Tianan Coal Mining Co., Ltd. operates underground coal mining, coal washing and processing. The company also provides ground transportation services.

Jizhong Energy Resources Co., Ltd. produces and markets coal products, generates electric power, and manufactures cement.

Wintime Energy  Co., Ltd. is in coal mining business.  The Company's main businesses are coal mining, investment in the power plant, developing new energy technology, trading business, and rental.

Datong Coal Industry Co., Ltd. operates underground mining, preparation and sales of coal.

Yangquan Coal Industry Group Co Ltd. produces, processes, and sells coal. The Company also generates electricity and heat. Yangquan Coal sells its products domestically and exports to other countries.

Gansu Jingyuan Coal Industry and Electricity Power Co., Ltd. explores, process and sells coal.

Gansu Jngyn Coal Inds & Elctr Pwr (000552 CH)

Oriental Energy Co., Ltd. manufactures, processes and distributes liquefied petroleum gas (LPG).  The Company produces LPG using oilfield associated gases, mainly including propane and butane. Zhangjiagang's products are mainly used as industrial gas, as well as chemical raw materials.

Shanxi Lanhua Sci-Tech Venture Co., Ltd. produces and markets coal and fertilizers.

Anhui Hengyuan Coal Industry and Electricity Power Co., Ltd. operates in coal mining and processing.

Golar LNG Limited is an independent owner and operator of liquefied Natural Gas (LNG) infrastructure including carriers, Floating Storage and Regasification Units (FSRUs) and Floating Liquefaction (FLNG) vessels.  Collectively these assets make Golar an integrated midstream LNG services provider supporting resource holders, gas producers and consumers.

New Hope Corporation Limited is a thermal coal production company based in Australia. The Company also has interests in logistics and infrastructure operations in Australia as well.

Kosmos Energy Ltd. provides oil and gas exploration and production services. The Company focuses on discovering new petroleum systems and to grow and mature discovered hydrocarbon basins, as well as development and production projects. Kosmos Energy serves customers worldwide.

Peabody Energy Corporation mines and markets low sulfur coal, primarily for use by electric utilities. The Company also trades coal and emission allowances. Peabody owns and operates mines in Arizona, Colorado, New Mexico and Wyoming, Illinois, Indiana, and Australia.

Petronas Dagangan Berhad markets petroleum products and operates service stations domestically. Through its subsidiaries, the Company has operations in aviation fueling at Kuala Lumpur International Airport and bunkering facilities at West Port along with marketing and distributing lubricants.

Thai Oil Public Company Limited is an oil refinery company. The Company imports crude oil and refines it into gasoline.  It also produces oil related products including liquefied petroleum gas (LPG), kerosene, fuel oil and chemicals. Thai oil supplies its products to domestic market where its major customers include Shell, Caltex Oil and the Petroleum Authority of Thailand.

Gulfport Energy Corporation operates as an energy exploration and production company. The Company focuses on oil and natural gas exploration and production services. Gulfport Energy serves clients in the United States.

PT Golden Energy Mines Tbk, (GEMS) operates as a holding company. Through its  s ubsidiaries, the Company mines for coal. GEMS' supplies paper mills and export energy markets including China, India, Thailand, Vietnam, and Bangladesh.

GS Holdings is a holding company, which operates subsidiaries including GS Caltex Oil, GS Power, GS Home Shopping, GS Retail, and GS Sports.

Motor Oil (Hellas) Corinth Refineries S.A. refines crude oil.  The Company  produces and offers petroleum products and lubricants. Motor Oil produces the entire range of refinery products, from light ends and gasoline to middle distillates, fuel, bitumen and lubricants.

SDIC Xinji Energy Company Ltd. is involved in coal mining, coal processing, and power generation.

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Sdic Xinji Energy Co A (601918 CH)

What You Might Have Missed but Should Not on China's Supply-Side Reform

We have quite a few market surprises this year, especially from China, not to mention those from Middle East. Here I would like to mention a very...

Hao Wang, CFA

The Sunni-Shia Canard

The Middle East has already hit the headlines in 2016 as the relationship between Saudi Arabia and Iran deteriorated further after the execution of...

Emad Mostaque

Announcing the International Solar Alliance

As the COP21 summit flagged off in Paris yesterday, Indian Prime Minister Narendra Modi, along with his French counterpart, Francois Hollande,...

Ishita Jain

Is an OPEC Cut Imminent?

In my last thoughts on oil, where I plotted some of the structural factors that might take it over $100 in the next few years, I noted that the...

Emad Mostaque

How Oil Can Head over $100 by 2017

Oil markets continue to be turgid as producers look to make up lower prices by increased volume. This has led to markets that are severely...

Emad Mostaque

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52-week Range

Market Cap (USDm)

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