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)

We publish an update on our Maritime Model Portfolio. Our earlier model portfolio updates can be found at <a href="https://www.smartkarma.com/insights/maritime-model-portfolio-adding-risk-with-upgrade-on-dry-bulk-and-downgrade-on-tanker-shipping" target="_blank">https://www.smartkarma.com/insights/maritime-model-portfolio-adding-risk-with-upgrade-on-dry-bulk-and-downgrade-on-tanker-shipping</a> &amp; <a href="https://www.smartkarma.com/insights/dmer-launches-model-stock-portfolio-for-the-maritime-sector" target="_blank">https://www.smartkarma.com/insights/dmer-launches-model-stock-portfolio-for-the-maritime-sector</a>The Timeline<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/015/357/original/mmp1.JPG?1477455972" class="editor-image img-responsive" data-smartkarma-image-id="15357"></figure>Model portfolio – revisiting our tactical idea, How has it panned out so far?<ul><li>
Our selected stocks from the Dry Bulk sector generated a return of 8.7% (28%…</li></ul>

We publish an update on our Maritime Model Portfolio. Our earlier model portfolio updates can be found at https://www.smartkarma.com/insights/maritime-model-portfolio-adding-risk-with-upgrade-on-dry-bulk-and-downgrade-on-tanker-shipping &amp; https://www.smartkarma.com/insights/dmer-launches-model-stock-portfolio-for-the-maritime-sectorThe TimelineModel portfolio – revisiting our tactical idea, How has it panned out so far?
Our selected stocks from the Dry Bulk sector generated a return of 8.7% (28%…

Maritime Model Portfolio - Early Call on Dry Bulk Stocks Offsets Initial Losses

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

A Hillary victory would benefit Thai markets in terms of TIP market re-allocations and export strength, while hurting us on global stability. Victims of Trump includes energy and exporters. If Hillary extends Obamacare, chances of Americans coming to Thailand for medical tourism will also decline yo.In Las Vegas, Hillary and Trump meet for their final debate, and both of them were SPECTACULAR. Not all the polls are out yet, but we generally agree that Hillary won narrowly. Trump had better grasps of foreign politics and exuded more confidence, but President (yes, trust me on this) Hillary won a vote from MCorp Review for superior thematic consistency (very important to us) and sportsmanship. The two candidates tied on economics, and no scores were awarded for emotional connection since this ain't no town hall format. At the end of the day, we regret to inform Trump supporters that well...he really shot himself in the foot yo. :(

A Hillary victory would benefit Thai markets in terms of TIP market re-allocations and export strength, while hurting us on global stability. Victims of Trump includes energy and exporters. If Hillary extends Obamacare, chances of Americans coming to Thailand for medical tourism will also decline yo.In Las Vegas, Hillary and Trump meet for their final debate, and both of them were SPECTACULAR. Not all the polls are out yet, but we generally agree that Hillary won narrowly. Trump had better grasps of foreign politics and exuded more confidence, but President (yes, trust me on this) Hillary won a vote from MCorp Review for superior thematic consistency (very important to us) and sportsmanship. The two candidates tied on economics, and no scores were awarded for emotional connection since this ain't no town hall format. At the end of the day, we regret to inform Trump supporters that well...he really shot himself in the foot yo. :(

What Happens in Vegas...Goes to the White House (Hillary 2, Trump 1...Game Over!)

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Capital Markets

ZTO Express Cayman  / Equity Capital Markets

ZTO Announced Price Range for NYSE IPO on Friday October 14th: ZTO Express, one of China's leading express parcel delivery companies, announced a price range for its NYSE IPO last Friday. The company expects to sell 72.1 mn ADSs (representing 72.1 mn Class A common shares) at a price of US$16.50 to $US18.50 per ADS. At the low end of the price range, the listing would generate gross proceeds of US$1.19 bn, while at the top end of the range (and assuming an over-allotment option is exercised) the…

ZTO Announced Price Range for NYSE IPO on Friday October 14th: ZTO Express, one of China's leading express parcel delivery companies, announced a price range for its NYSE IPO last Friday. The company expects to sell 72.1 mn ADSs (representing 72.1 mn Class A common shares) at a price of US$16.50 to $US18.50 per ADS. At the low end of the price range, the listing would generate gross proceeds of US$1.19 bn, while at the top end of the range (and assuming an over-allotment option is exercised) the…

ZTO Express Announced Price Range For NYSE IPO on Friday, October 14th

Strong supply growth on account of high vessel deliveriesscheduled in FY16/FY17 will continue to keep the LPG shipping market in imbalance. On the demand side, with lower price of LPG in Asia, the propane trade has been hurt, and there has been no major driver of incremental demand to absorb the excess tonnage available. Freight rates across segments have dropped in the recent past, and we do not expect a meaningful recovery over the next 12 months, even thoughthere could be a short-lived…

Strong supply growth on account of high vessel deliveriesscheduled in FY16/FY17 will continue to keep the LPG shipping market in imbalance. On the demand side, with lower price of LPG in Asia, the propane trade has been hurt, and there has been no major driver of incremental demand to absorb the excess tonnage available. Freight rates across segments have dropped in the recent past, and we do not expect a meaningful recovery over the next 12 months, even thoughthere could be a short-lived…

DMER - LPG Shipping - Headwinds to Persist in FY17

On Friday September 30th leading Chinese express parcel delivery company ZTO Express filed with the SEC and reportedly plans to raise as much as US$1.5 bn in its initial public offering on the NYSE later this Fall. Using the information presented in ZTO's form F-1, combined with our background covering Asian logistics and US express giants <a href="https://www.smartkarma.com/entities/19984" target="_blank" data-smartkarma-citation="entities:19984:1">United Parcel Service Cl B (UPS US)</a> and <a href="https://www.smartkarma.com/entities/14577" target="_blank" data-smartkarma-citation="entities:14577:1">Fedex Corp (FDX US)</a>, in this note we describe ZTO's operations, evaluate its market position in China, and compare it to its larger US rivals. We also identify what we view as ZTO's key opportunities and challenges, and close with a list of questions we would put to management once the roadshow commences. We also include summary financial information (through June 2016) taken from ZTO's filing with the SEC.Once an IPO price range is established, we will issue a separate note that covers ZTO's valuation.

On Friday September 30th leading Chinese express parcel delivery company ZTO Express filed with the SEC and reportedly plans to raise as much as US$1.5 bn in its initial public offering on the NYSE later this Fall. Using the information presented in ZTO's form F-1, combined with our background covering Asian logistics and US express giants United Parcel Service Cl B (UPS US) and Fedex Corp (FDX US), in this note we describe ZTO's operations, evaluate its market position in China, and compare it to its larger US rivals. We also identify what we view as ZTO's key opportunities and challenges, and close with a list of questions we would put to management once the roadshow commences. We also include summary financial information (through June 2016) taken from ZTO's filing with the SEC.Once an IPO price range is established, we will issue a separate note that covers ZTO's valuation.

China's ZTO Express Files for NYSE IPO: What It Is, What It Isn't

United States

United Parcel Service, Inc.(UPS) delivers packages and documents throughout the United States and in other countries and territories.  The Company also provides global supply chain services and less-than-truckload transportation, primarily in the U.S. UPS's business consists of integrated air and ground pick-up and delivery network

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United Parcel Service Cl B (UPS US)

Maritime Model Portfolio - Early Call on Dry Bulk Stocks Offsets Initial Losses

We publish an update on our Maritime Model Portfolio. Our earlier model portfolio updates can be found...

Drewry Maritime Financial Research

What Happens in Vegas...Goes to the White House (Hillary 2, Trump 1...Game Over!)

A Hillary victory would benefit Thai markets in terms of TIP market re-allocations and export strength, while hurting us on global stability....

Athaporn Arayasantiparb, CFA

ZTO Express Announced Price Range For NYSE IPO on Friday, October 14th

ZTO Announced Price Range for NYSE IPO on Friday October 14th: ZTO Express, one of China's leading express parcel delivery companies, announced a...

Daniel Hellberg

DMER - LPG Shipping - Headwinds to Persist in FY17

Strong supply growth on account of high vessel deliveriesscheduled in FY16/FY17 will continue to keep the LPG shipping market in imbalance. On the...

Drewry Maritime Financial Research

China's ZTO Express Files for NYSE IPO: What It Is, What It Isn't

On Friday September 30th leading Chinese express parcel delivery company ZTO Express filed with the SEC and reportedly plans to raise as much as...

Daniel Hellberg

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