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Equity analyst - Containers, Drewry Maritime Financial Research

Nilesh Tiwary

Equity analyst - Containers

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

<p>We expect Evergreen Marine's (EMC) fundamentals to remain distressed in the near to medium term on macro headwinds - reflected on the latest revenue numbers. For the third quarter, revenue growth for EMC has just been 8% y/y compared to a robust 30% growth witnessed a year ago. A low revenue growth despite one of the best peak seasons seen in recent times amid a backdrop of bunker costs remaining elevated does not augur well for its financials. Nonetheless, we do not expect any major downside to its share price from the current levels and therefore revise our rating to Neutral with an estimated fair value of NTD 12.</p>

We expect Evergreen Marine's (EMC) fundamentals to remain distressed in the near to medium term on macro headwinds - reflected on the latest revenue numbers. For the third quarter, revenue growth for EMC has just been 8% y/y compared to a robust 30% growth witnessed a year ago. A low revenue growth despite one of the best peak seasons seen in recent times amid a backdrop of bunker costs remaining elevated does not augur well for its financials. Nonetheless, we do not expect any major downside to its share price from the current levels and therefore revise our rating to Neutral with an estimated fair value of NTD 12.

Evergreen Marine: Fundamentals Under Strain

Evergreen Marine Corp

Evergreen Marine: Fundamentals Under Strain