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>Price momentum in October was negative, but decline moderated somewhat</li>
<li>Disparate Q3 profitability trends reported by Maersk, Evergreen, and ZIM </li>
<li>As sentiment weakens (again), we also see signs of a cyclical bottom</li>
</ul>


Price momentum in October was negative, but decline moderated somewhat
Disparate Q3 profitability trends reported by Maersk, Evergreen, and ZIM 
As sentiment weakens (again), we also see signs of a cyclical bottom


Monthly Container Shipping Tracker | Maersk, Evergreen, ZIM Report Disparate Results (November 2023)

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

<ul>
<li>Container shipping giant Maersk met Q3 expectations and maintained earlier FY23 guidance</li>
<li>However, downbeat commentary combined with capex and job cuts sent shares -17% lower</li>
<li>Maersk does not expect any recovery in '24, but we believe this pessimism already in prices</li>
</ul>


Container shipping giant Maersk met Q3 expectations and maintained earlier FY23 guidance
However, downbeat commentary combined with capex and job cuts sent shares -17% lower
Maersk does not expect any recovery in '24, but we believe this pessimism already in prices


Maersk Q3: Estimates Met, Guidance Kept | But Downbeat Assessment of Market Sends Shares Down -17%

<ul>
<li>Price momentum stagnant, but could North American volume surge be an inflection point?</li>
<li>Fuel price hasn't risen since outbreak of violence in mideast, but no longer a tailwind, either</li>
<li>Look to Maersk results on November 3 for guidance, US inventory de-stocking commentary</li>
</ul>


Price momentum stagnant, but could North American volume surge be an inflection point?
Fuel price hasn't risen since outbreak of violence in mideast, but no longer a tailwind, either
Look to Maersk results on November 3 for guidance, US inventory de-stocking commentary


Monthly Container Shipping Tracker | Rebound in NAM Volume Could Be Inflection Point (October 2023)

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 Oct 13th which has an aggregated short interest worth USD11.7bn.</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 Largan Precision, Alchip Tech, Nanya Tech, Delta Elec.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 13th which has an aggregated short interest worth USD11.7bn.
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 Largan Precision, Alchip Tech, Nanya Tech, Delta Elec.


TWSE Short Interest Weekly (Oct 13th): Largan Precision, Alchip Tech, Nanya Tech, Delta Electronics

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 22nd which has an aggregated short interest worth USD13.6bn.</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 Accton Tech, Alchip Tech, Ap Memory Tech, Asmedia Tech, Bizlink Holding, Faraday Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 22nd which has an aggregated short interest worth USD13.6bn.
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 Accton Tech, Alchip Tech, Ap Memory Tech, Asmedia Tech, Bizlink Holding, Faraday Tech.


TWSE Short Interest Weekly (Sep 22nd): Accton Tech, Alchip Tech, Ap Memory Tech, Asmedia Tech

Taiwan

Yang Ming Marine Transport provides transportation services and handles domestic and foreign maritime services on cargos.  The Company also operates warehouse, wharf, tug, barge, and container freight station services as well as repairs, leases, and sells containers and chassis.

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Yang Ming Marine Transport (2609 TT)

Monthly Container Shipping Tracker | Maersk, Evergreen, ZIM Report Disparate Results (November 2023)

Container rates remain under pressure, and fuel is no longer a tailwind. But Evergreen's stellar performance YTD is worthy of investors' attention,...

Tracking Traffic

Maersk Q3: Estimates Met, Guidance Kept | But Downbeat Assessment of Market Sends Shares Down -17%

Last Friday Maersk reported Q3 results that met expectations. The company maintained FY23 guidance, but announced surprising cash-conservation...

Tracking Traffic

Monthly Container Shipping Tracker | Rebound in NAM Volume Could Be Inflection Point (October 2023)

Pricing still appears stagnant, but a sharp rebound in container volumes moving into the ports along North America's Pacific coast in September...

Tracking Traffic

TWSE Short Interest Weekly (Oct 13th): Largan Precision, Alchip Tech, Nanya Tech, Delta Electronics

We analyzed TWSE short interest report for the past week and highlight short interest changes in Largan Precision, Alchip Tech, Nanya Tech, Delta...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 22nd): Accton Tech, Alchip Tech, Ap Memory Tech, Asmedia Tech

We analyzed TWSE short interest report for the past week and highlight short interest changes in Accton Tech, Alchip Tech, Ap Memory Tech, Asmedia...

Ke Yan, CFA, FRM

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