DP World Ltd (DPW DU) - Limited Upside on Current Valuation

DP World Ltd. Credit Research - Credit Outlook Stable - Bond Valuation Neutral

Moderate Throughput Growth Y/Y, High Valuations and Interest Rate Hikes Weigh on Ports Bonds

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.

Equity Bottom-Up

DP World (DPW DU) - Throughput Weakness Apparent in Its Global PortfolioIn our earlier report in May 2016, we had questioned DP World’s 100 million gross teu capacity by 2020 target. The latest throughput numbers lent support to our thesis. Moderation in throughput was apparent in its global portfolio. Even itsprimed growth segment, Asia Pac &amp; Indian Subcontinent, contracted in 3Q 2016. The anchor EMEA segment of DP World’s portfolio did not provide the much needed stability for the third…

DP World (DPW DU) - Throughput Weakness Apparent in Its Global PortfolioIn our earlier report in May 2016, we had questioned DP World’s 100 million gross teu capacity by 2020 target. The latest throughput numbers lent support to our thesis. Moderation in throughput was apparent in its global portfolio. Even itsprimed growth segment, Asia Pac &amp; Indian Subcontinent, contracted in 3Q 2016. The anchor EMEA segment of DP World’s portfolio did not provide the much needed stability for the third…

DP World (DPW DU) - Throughput Weakness Apparent in Its Global Portfolio