Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Our index suggests long-haul rates remained stable in May as carriers approach peak season</li>
<li>Cleanup of West Coast slowdown, lower fuel prices should both serve as Summer tailwinds</li>
<li>We believe conditions could improve in H2 2023, and shares remain cheap on Price / Assets</li>
</ul>


Our index suggests long-haul rates remained stable in May as carriers approach peak season
Cleanup of West Coast slowdown, lower fuel prices should both serve as Summer tailwinds
We believe conditions could improve in H2 2023, and shares remain cheap on Price / Assets


Monthly Container Shipping Tracker | Rates Stable | Strike Averted | Fuel Prices Lower  (June 2023)

<ul>
<li>Declines in carrier revenues and pricing continued to moderate in April</li>
<li>Inbound to N. America container volume declines also eased in April</li>
<li>Lower fuel prices a tailwind in '23, shares cheap, we retain our +ive sector view </li>
</ul>


Declines in carrier revenues and pricing continued to moderate in April
Inbound to N. America container volume declines also eased in April
Lower fuel prices a tailwind in '23, shares cheap, we retain our +ive sector view 


Monthly Container Shipping Tracker | Price, Volume Declines Moderate | Fuel=Tailwind (May 2023)

Equity Capital Markets

<ul>
<li>Regional container carrier TS Lines debuted in HK at HK$4.18 on November 1 </li>
<li>Post-IPO, shares appear cheap, trading at 65% of fleet replacement + net cash</li>
<li>We provide updates on early trading, Q324 earnings from peers, &amp; more</li>
</ul>


Regional container carrier TS Lines debuted in HK at HK$4.18 on November 1 
Post-IPO, shares appear cheap, trading at 65% of fleet replacement + net cash
We provide updates on early trading, Q324 earnings from peers, &amp; more


TS Lines HKEX IPO: Early Trading | Valuation Vs Wan Hai & RCL | Return to TransPac May Not Work Out

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 analyzed the changes in short interest of TWSE Stocks as of Nov 1st which has an aggregated short interest worth USD21.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Taishin Financial, Elite Material, Nuvoton Technology, Wan Hai Lines, King Yuan Electronics.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Nov 1st which has an aggregated short interest worth USD21.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Taishin Financial, Elite Material, Nuvoton Technology, Wan Hai Lines, King Yuan Electronics.


TWSE Short Interest Weekly (Nov 1st): Taishin Financial, Elite Material, Nuvoton Technology

AP Moeller - Maersk A/S / Equity Bottom-Up

<ul>
<li>Maersk's Q324 results were strong, fueled almost purely by higher freight rates</li>
<li>The company's peers have been reporting similar results since early 2024</li>
<li>We continue to believe that price momentum has peaked; AVOID the carriers</li>
</ul>


Maersk's Q324 results were strong, fueled almost purely by higher freight rates
The company's peers have been reporting similar results since early 2024
We continue to believe that price momentum has peaked; AVOID the carriers


Maersk Q324 Results: Giant Dane Finally Joins the Party, But Read-Through for Industry Is Limited

Taiwan

Wan Hai Lines Ltd. provides marine transportation and shipping agent services. The Company also purchases, sells, and leases vessels and containers as well as operates container freight stations.

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Wan Hai Lines (2615 TT)

Monthly Container Shipping Tracker | Rates Stable | Strike Averted | Fuel Prices Lower (June 2023)

We are gaining conviction in our view that market conditions have bottomed for long-haul carriers, and that their shares appear depressed compared...

Tracking Traffic

Monthly Container Shipping Tracker | Price, Volume Declines Moderate | Fuel=Tailwind (May 2023)

April numbers show Y/Y declines in revenue and throughput are moderating. In addition, lower fuel prices could provide a tailwind in the remainder...

Tracking Traffic

TS Lines HKEX IPO: Early Trading | Valuation Vs Wan Hai & RCL | Return to TransPac May Not Work Out

In this insight we offer some quick updates on regional container carrier TS Lines, which successfully listed its shares in Hong Kong on November 1.

Tracking Traffic

TWSE Short Interest Weekly (Nov 1st): Taishin Financial, Elite Material, Nuvoton Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Taishin Financial, Elite Material, Nuvoton...

Ke Yan, CFA, FRM

Maersk Q324 Results: Giant Dane Finally Joins the Party, But Read-Through for Industry Is Limited

Maersk reported a scary-good set of quarterly results on Halloween! But many of its peers have been enjoying similar price-driven improvements in...

Tracking Traffic

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