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)

DFRS Container Shipping Bonds Outlook - Recovery Priced In, See Downside Risk from Current Levels<ul><li>
In the current interest rate environment, we support issues that lie higher on the risk spectrum with a short duration. We believe in high yield notes from companies that have proven abilities in raising funds through various sources, mitigating refinancing risk as rates pick up. Short duration is a key metric for our bond picks at the moment, as we anticipate further rate hikes during the year by…</li></ul>

DFRS Container Shipping Bonds Outlook - Recovery Priced In, See Downside Risk from Current Levels
In the current interest rate environment, we support issues that lie higher on the risk spectrum with a short duration. We believe in high yield notes from companies that have proven abilities in raising funds through various sources, mitigating refinancing risk as rates pick up. Short duration is a key metric for our bond picks at the moment, as we anticipate further rate hikes during the year by…

DFRS Container Shipping Bonds Outlook - Recovery Priced In, See Downside Risk from Current Levels

Container Shipping - Spot Rates Now Filtering into Contract Rates, Indicating a Big Positive ReversalIn our last update <a href="https://www.smartkarma.com/insights/container-shipping-spot-rates-touch-20-month-high" target="_blank">https://www.smartkarma.com/insights/container-shipping-spot-rates-touch-20-month-high</a> we had highlighted spot container freight rates on the major East-West routes reaching a 20-month high and having risen above the average of the last 5 years. WCI spot rates assessed by Drewry (USD / 40ft container)<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/020/332/original/wci1.JPG?1486437501" class="editor-image img-responsive" data-smartkarma-image-id="20332"></figure>Our recent channel checks suggest the spot rates are now having an increasingly…

Container Shipping - Spot Rates Now Filtering into Contract Rates, Indicating a Big Positive ReversalIn our last update https://www.smartkarma.com/insights/container-shipping-spot-rates-touch-20-month-high we had highlighted spot container freight rates on the major East-West routes reaching a 20-month high and having risen above the average of the last 5 years. WCI spot rates assessed by Drewry (USD / 40ft container)Our recent channel checks suggest the spot rates are now having an increasingly…

Container Shipping - Spot Rates Now Filtering into Contract Rates, Indicating Big Positive Reversal

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…
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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…



SGX's MOE Sector Sustains 4Q16 Momentum into 2017

Independent, global risk consultancy, Control Risks

Aparajita Verma

Independent, global risk consultancy

Control Risks

Control Risks is an independent, global risk consultancy specialising in helping organisations manage political, integrity and security risks in complex and hostile environments. We support clients by providing strategic consultancy, expert analysis and in-depth investigations, handling sensitive political issues and providing practical on-the-ground protection and support.

Our unique combination of services, geographical reach and the trust our clients place in us ensure we can help them to effectively solve their problems and realise new opportunities across the world.

Control Risks, the pre-eminent global risk consultancy, has identified the following key business risks in Asia Pacific for 2017.Written by <a href="https://www.controlrisks.com/en/about-us/our-experts/people/steve-wilford" target="_blank">Steve Wilford</a>, Senior Partner, Global Risk Analysis, Control Risks

Control Risks, the pre-eminent global risk consultancy, has identified the following key business risks in Asia Pacific for 2017.Written by Steve Wilford, Senior Partner, Global Risk Analysis, Control Risks

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

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

Research Reinvented

In our inaugural ASEAN weekly offering, we kick off with an interview with one of our most experienced and erudite economists on the platform, <a href="https://www.smartkarma.com/profiles/612" target="_blank" data-smartkarma-citation="accounts:612">Prasenjit K. Basu</a>. and canvas his views on the South East Asian Economies. Indonesia remains his favourite economy <a href="https://www.smartkarma.com/insights/indonesia-firing-on-all-cylinders-but-one-with-inflation-at-a-60-year-low" target="_blank" data-smartkarma-citation="insights:7934">Indonesia: Firing on All Cylinders (But One) With Inflation at a 60-Year Low</a> in the ASEAN region for 2017, followed by Vietnam <a href="https://www.smartkarma.com/insights/vietnam-export-champion-is-allowing-its-banking-problems-to-fester" target="_blank" data-smartkarma-citation="insights:7221">Vietnam: Export Champion Is Allowing Its Banking Problems to Fester</a> . Singapore <a href="https://www.smartkarma.com/insights/singapore-robust-4q-2016-in-the-bag" target="_blank" data-smartkarma-citation="insights:8266">Singapore: Robust 4Q 2016 in the</a>…

In our inaugural ASEAN weekly offering, we kick off with an interview with one of our most experienced and erudite economists on the platform, Prasenjit K. Basu. and canvas his views on the South East Asian Economies. Indonesia remains his favourite economy Indonesia: Firing on All Cylinders (But One) With Inflation at a 60-Year Low in the ASEAN region for 2017, followed by Vietnam Vietnam: Export Champion Is Allowing Its Banking Problems to Fester . Singapore Singapore: Robust 4Q 2016 in the…

The Week that Was in ASEAN@Smartkarma - Groceries, Noodles and Gossip Girls

Philippines

JG Summit Holdings Inc. operates in the consumer foods, agro-industrial and commodity food products, and textiles industries. The Company also invests in real estate, manages hotel, and provides apartment management services. In addition, JG also provides banking and financial services, and invests in telecommunications, petrochemicals, and air transportation businesses.

Aboitiz Equity Ventures Inc., through its subsidiaries, distributes and generates power, provides financial services, manufactures food, and provides inter-island transportation services.

San Miguel Corporation operates food, beverage, packaging, power, fuel and oil, infrastructure and telecommunications businesses.  The Company produces beverages, poultry, animal feed, meat, 
flour, dairy products, and glass and plastic packaging; generates electricity; refines and markets petroleum products; builds infrastructure; and provides telecommunications services.

GT Capital Holdings Inc. is an investment holding company. The Company, through its subsidiaries, provides banking, automotive, property development, infrastructure, utilities, and insurance services.

DMCI Holdings Inc., through its subsidiaries, provides general construction and infrastructure construction. DMCI also develops real estate and mines coal. In addition, DMCI manufactures cement and other products.

Alliance Global Group, Inc. is a holding company with interests in food and beverage, real estate development, and fast food restaurant businesses.  The Company distills brandy, manufactures glass containers, distributes wines and snacks, develops planned mixed-use communities, and either operates or sub-franchises hamburger restaurants.

Top Frontier Investment Holdings, Inc. produces, processes, and markets beverage, food, and packaging products in the Philippines and internationally. It offers alcoholic and non-alcoholic beverages. The company also engages in feeds production; poultry and livestock farming; processing and selling of poultry and meat products; processing and marketing of refrigerated and canned meat products; manufacturing and marketing of flour products, premixes and flour-based products, dairy-based products, breadfill, desserts, and cooking oil; and importation and marketing of coffee and coffee-related products. In addition, it produces and markets packaging products, such as glass containers, glass molds, PET bottles and preforms, PET recycling, plastic closures, corrugated cartons, woven polypropylene, kraft sacks and paperboard, pallets, flexible packaging, plastic crates, plastic floorings, plastic films, plastic trays, plastic pails and tubs, metal closures and two-piece aluminum cans, woven products, industrial laminates, and radiant barriers. Further, the company is involved in crate and plastic pallet leasing, PET bottle filling graphics design, packaging research and testing, packaging development and consultation, and contract packaging and trading. Additionally, it engages in power generation, distribution, and trading; coal mining; refining and marketing petroleum products; and construction and development of various infrastructure projects, such as airports, roads, highways, toll roads, freeways, skyways, flyovers, viaducts, and interchanges. The company also offers domestic and international telecommunications services; and banking services. In addition, it is involved in exploration, development, and commercial utilization of nickel, cobalt, chrome, iron, gold, and other mineral deposits; and commercial property development, sale and lease of real properties, and provision of corporate real estate services. The company is based in Makati City, the Philippines.

A. Soriano Corporation, through its subsidiaries, provides temporary health-care staffing services in the United States and the Philippines. It offers nurse/physical therapist staffing, and other healthcare and allied services. The company also provides hotel and resort accommodation, relaxation and entertainment, and other services; construction and sale of villas; air transportation, hangarage, real estate holding and management, and recruitment services; and online community management. In addition, it is involved in manufacturing, importing, exporting, buying, and selling building wires, power cables, aluminum wires and cables, copper rods, automotive wires, and other energy-related goods. The company was founded in 1930 and is based in Makati City, the Philippines.

Keepers Holdings Inc. operates as a holding company. The Company, through its subsidiaries, engages in the distribution of liquor such as wine, spirits, and other beverages. Keepers Holdings serves customers in Philippine.

International Container Terminal Services, Inc. provides containerized cargo handling services. The Company also manages and operates the Manila International Container Terminal and port.

Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

CK Hutchison Holdings Limited holds all of the non-property businesses of the Cheung Kong Group and the Hutchison Group, including ports and related services, telecommunications, retail, infrastructure, energy, and movable assets leasing operations.

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

LG Corp. is a holding company, which operates subsidiaries including LG Electronics, LG Household & Health Care, LG Chem Ltd., and Dacom Corp. The Company's main business areas are electronics, chemicals, and household products manufacturing and telecommunications services.

Carlisle Companies Incorporated manufactures and distributes construction materials, transportation products, and general industry products.  The Company manufactures a variety of products for the roofing, real estate, construction, trucking, food-service, aircraft manufacturing, lawn and garden, and other industries.

Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio of businesses focused on the Asia-Pacific region. The Group's activities include financial services, supermarkets, consumer marketing, engineering and construction, automobile trading, insurance broking, property investment, and hotels.

CITIC Limited operates in a range of business activities including financial services, resources and energy, manufacturing, real estate and infrastructure, engineering contracting and other businesses in China and overseas.

Koninklijke Philips NV is a health technology company focused on improving people's health across the health continuum from healthy living and prevention, to diagnosis, treatment, and home care. The Company offers products and services in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care.

SM Investments Corporation is an investment holding company. The Company operates retail business and develops shopping mall and other real estate property.  The Company also provides tourism services.

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SM Investments (SM PM)

DFRS Container Shipping Bonds Outlook - Recovery Priced In, See Downside Risk from Current Levels

DFRS Container Shipping Bonds Outlook - Recovery Priced In, See Downside Risk from Current Levels In the current interest rate environment, we...

Drewry Maritime Financial Research

Container Shipping - Spot Rates Now Filtering into Contract Rates, Indicating Big Positive Reversal

Container Shipping - Spot Rates Now Filtering into Contract Rates, Indicating a Big Positive ReversalIn our last...

Drewry Maritime Financial Research

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

Top 5 Risks for Business in Asia Pacific

Control Risks, the pre-eminent global risk consultancy, has identified the following key business risks in Asia Pacific for 2017.Written by Steve...

Control Risks

The Week that Was in ASEAN@Smartkarma - Groceries, Noodles and Gossip Girls

In our inaugural ASEAN weekly offering, we kick off with an interview with one of our most experienced and erudite economists on the platform,...

Angus Mackintosh

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