Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

Hanwha Techwin officially said that it would buy Thales' 50% stake in their unlisted JV Hanwha Thales (KRW718bil in sales and KRW29bil in OP in 2015) for KRW288bil (USD257mil). In a regulatory filing, Hanwha Techwin said Thales exercised a put option.This deal is subject to South Korean government approval, but it will likely be approved by the government. Hanwha Thales would be Hanwha Techwin's wholly-owned subsidiary should the deal be approved. The book value of 50% shares in Thales is…

Hanwha Techwin officially said that it would buy Thales' 50% stake in their unlisted JV Hanwha Thales (KRW718bil in sales and KRW29bil in OP in 2015) for KRW288bil (USD257mil). In a regulatory filing, Hanwha Techwin said Thales exercised a put option.This deal is subject to South Korean government approval, but it will likely be approved by the government. Hanwha Thales would be Hanwha Techwin's wholly-owned subsidiary should the deal be approved. The book value of 50% shares in Thales is…

Hanwha Techwin's Buying 50% Stake in Thales JV: Price Soars but Cautions for Recapitalization

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Weakness in industrial production growth in May was seen across most major sectors and economies, which clearly shows that the Euro Zone industry is struggling to gain momentum which poses a risk to our GDP outlook of 1.3% for 2016 (lowered from 1.6% after the Brexit vote).Industrial Production (IPI) in the Eurozone slowed to 0.6% y-o-y in May 2016 after having recorded a growth of 2.1% y-o-y in April 2016 on a seasonally and working day adjusted (swda) basis. On a 3 month moving average (3mma)…

Weakness in industrial production growth in May was seen across most major sectors and economies, which clearly shows that the Euro Zone industry is struggling to gain momentum which poses a risk to our GDP outlook of 1.3% for 2016 (lowered from 1.6% after the Brexit vote).Industrial Production (IPI) in the Eurozone slowed to 0.6% y-o-y in May 2016 after having recorded a growth of 2.1% y-o-y in April 2016 on a seasonally and working day adjusted (swda) basis. On a 3 month moving average (3mma)…

EUROZONE: Industrial Production GROWTh Slows ACROSS SECTORS AND COUNTRIES

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and working day adjusted (swda) basis, production grew by 2% y-o-y in April 2016 compared to a rise of 0.1% y-o-y in March 2016. It grew 1.1% y-o-y on a 3-month moving average (3mma) basis in April 2016 compared to 1.6% y-o-y in March 2016.In terms of industry segments, electricity &amp; utilities increased 1.8% y-o-y in April 2016 after having recorded negative…

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and working day adjusted (swda) basis, production grew by 2% y-o-y in April 2016 compared to a rise of 0.1% y-o-y in March 2016. It grew 1.1% y-o-y on a 3-month moving average (3mma) basis in April 2016 compared to 1.6% y-o-y in March 2016.In terms of industry segments, electricity &amp; utilities increased 1.8% y-o-y in April 2016 after having recorded negative…

Eurozone: Industrial Production Revives Across Most Sectors and Countries in April

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a  seasonally and working day adjusted basis, production slowed to 0.2% y-o-y in March 2016 compared to a 1.1% y-o-y increase in February 2016. It grew 1.6% y-o-y on a 3-month moving average basis in March compared to 1.7% y-o-y in February.In terms of industry segments, chemicals &amp; basic pharmaceutical production saw a decline of around 5.5% y-o-y in March compared to an increase of 0.4% y-o-y in…

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a  seasonally and working day adjusted basis, production slowed to 0.2% y-o-y in March 2016 compared to a 1.1% y-o-y increase in February 2016. It grew 1.6% y-o-y on a 3-month moving average basis in March compared to 1.7% y-o-y in February.In terms of industry segments, chemicals &amp; basic pharmaceutical production saw a decline of around 5.5% y-o-y in March compared to an increase of 0.4% y-o-y in…

Eurozone: March Industrial Production Lower than Expected

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)

Consolidation in the Liner Industry Container shipping companies confront the enormous challenges facing the industry today. One of the options available to lines is consolidation; this is essential for the industry but fraught with difficulty for the lines involved. We at Drewry have prepared a thought leadership paper which looks at the industry context, historical M&amp;A activity, and the benefits and risks to participants and proposes some must dos for successful liner consolidation.

Consolidation in the Liner Industry Container shipping companies confront the enormous challenges facing the industry today. One of the options available to lines is consolidation; this is essential for the industry but fraught with difficulty for the lines involved. We at Drewry have prepared a thought leadership paper which looks at the industry context, historical M&amp;A activity, and the benefits and risks to participants and proposes some must dos for successful liner consolidation. 

France

LISI (Link Solutions for Industry) is a worldwide manufacturer of fasteners and assembly components for the Aerospace, Automotive, and medical implants industries.  The Company designs and delivers parts, components and high-tech devices for the largest international companies.

Bouygues SA offers construction services, develops real estate, offers cellular communications services, produces television programming and movies, and manages utilities.  The Company offers building, civil engineering, and oil and gas contracting services, develops residential, commercial, and office projects, produces and distributes water and electricity, and collects waste.

Legrand S.A. specializes in products and systems for electrical installations and information networks.  The company's products are offered for residential, commercial, and industrial use.

Compagnie de Saint-Gobain manufactures glass products, high-performance materials, and construction materials.  The Company produces flat glass, insulation, and glass containers, high-performance ceramics, plastics, and abrasives, and building materials such as roofing, wall facings, mortars, and ductile cast iron pipe.  Saint-Gobain also retails building materials.

Eiffage SA is a contractor and a concessionaire. The Company operates through numerous business lines, including concessions and public-private partnerships, construction, public works, energy, metal. Eiffage offers its products and services throughout Europe and Senegal.

Colas SA offers construction and engineering services.  The Company constructs and maintains roads, bridges, railways, parking lots, airport runways, test tracks and circuits, industrial floors, logistics hubs, and commercial and leisure facilities.  Colas also manufactures aggregates and related products, waterproofing materials, and equipment for traffic control worldwide.

Rexel SA distributes low voltage electrical equipment.  The Company distributes wires, cables, ducts, heating, light and ventilation equipment, security equipment, household appliances, and products which connect computer peripherals to networks.  Rexel sells its products to electrical contractors, industrial and service sector companies, homeowners, and government agencies.

SPIE SA provides engineering services. The Company designs, constructs, and maintains electrical and mechanical infrastructure, energy applications, communication systems as well as offers facilities management, industrial machinery installations, and security equipment. SPIE serves clients worldwide.

Alstom SA develops and markets integrated systems for transportation sector. The Company offers a complete range of equipment and services, from high-speed trains, metros, trams and e-buses to integrated systems, customized services, infrastructure, signaling, and digital mobility solutions. Alstom serves customers worldwide.

Nexans S.A. manufactures cables.  The Company produces power transmission and distribution cables, wire rods, bare wires, winding wires, and copper and fiber optic telecommunications cables.  Nexans markets its products to the telecommunications, energy generation, aeronautics, construction, automobile, information technology, petrochemicals, and medical equipment industries.

AECC Aviation Power Co. Ltd. manufactures and distributes aerospace products. The Company produces aircraft power devices, aerospace turbines, aerospace engines, and other products. AECC Aviation Power also provides equipment testing, equipment maintenance, and other services.


Bharat Electronics Ltd. manufactures electronic communication equipment, night vision equipment such as image converter tubes, night vision binoculars, and goggles, periscopes, gunsights and tank electronics.  The Company's electronic communication products include HF/VHF transmitters, receivers, microwave radio relays, radars and other electronic components required by defense services.

Axon Enterprise, Inc. is a public safety technology company. The Company offers law enforcement, military, and self defense solutions. Axon Enterprise serves customers worldwide.

AVIC Shenyang Aircraft Company Limited manufactures aviation products. The Company mainly develops, produces, and sells aircrafts. AVIC Shenyang Aircraft also offers foreign investment, electronic products development, and other services.

HEICO Corporation designs, manufactures, and sells aerospace products and services through its subsidiaries. The Company's customers include airlines and airmotive, as well as defense contractors and military agencies worldwide, including the United States Air Force, the United States Navy, and the National Aeronautics & Space Administration (NASA).

Textron Inc. is a global, multi-industry company with operations in aircraft, defense, industrial products, and finance.  The Company's products include airplanes, helicopters, weapons, and automotive products. Textron's finance division offers asset based lending, aviation, distribution, golf, and resort finance, as well as structured capital.

Teledyne Technologies Inc. provides electronic subsystems and instrumentation. The Company provides aerospace and defense electronics, digital imaging products & software, monitoring instrumentation for marine & environmental applications, harsh environment interconnect products, and subsystems for satellite communications.  Teledyne also provides engineered systems.

L3Harris Technologies, Inc. is an aerospace and defense technology innovator. The Company designs, develops, and manufactures radio communications products and systems, including single channel ground and airborne radio systems. L3Harris Technologies provides advanced defense and commercial technologies across air, land, sea, space, and cyber domains.

Leonardo SpA operates as a technology company. The Company provides its services to the aerospace, defense, and security sectors globally. Leonardo works on helicopters, aircrafts, aerostructures, airborne and space systems, land and naval defense electronics, and defense systems.

MTU Aero Engines AG develops and manufactures engines and offers commercial engine services and support.  The Company sells to manufacturers and operators of engines and industrial gas turbines across the world.

Thales SA manufactures aerospace systems and industrial electronics products. The Company manufactures radar and countermeasure systems, optronics and electron tubes, communications, navigation, and identification systems, air traffic management systems, computer hardware and software, missile defense systems, and semiconductors.  Thales serves the civilian and military markets.

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Thales SA (HO FP)

Hanwha Techwin's Buying 50% Stake in Thales JV: Price Soars but Cautions for Recapitalization

Hanwha Techwin officially said that it would buy Thales' 50% stake in their unlisted JV Hanwha Thales (KRW718bil in sales and KRW29bil in OP in...

Sanghyun Park

EUROZONE: Industrial Production GROWTh Slows ACROSS SECTORS AND COUNTRIES

Weakness in industrial production growth in May was seen across most major sectors and economies, which clearly shows that the Euro Zone industry...

Rajan Govil

Eurozone: Industrial Production Revives Across Most Sectors and Countries in April

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and...

Rajan Govil

Eurozone: March Industrial Production Lower than Expected

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a seasonally and working day adjusted basis, production...

Rajan Govil

Consolidation in the Liner Industry

Consolidation in the Liner Industry Container shipping companies confront the enormous challenges facing the industry today. One of the options...

Drewry Maritime Financial Research

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