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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><strong>Fundamentals improve, but benefits do not accrue on bourses:</strong> Although WHL is yet to report its full year 2017 results, the monthly revenue development until December suggests that the revenue for FY17 has gone up by 6% compared with FY16. The growth is a major turnaround from a decline in each of FY16 (-10% y/y) and FY15 (-5% y/y). Also, the overall debt and net gearing by end-3Q17 have declined, compared with the last couple of years, to NTD 28bn (USD 960m) and 23% from a debt of NTD 33bn (USD…</p>

Fundamentals improve, but benefits do not accrue on bourses: Although WHL is yet to report its full year 2017 results, the monthly revenue development until December suggests that the revenue for FY17 has gone up by 6% compared with FY16. The growth is a major turnaround from a decline in each of FY16 (-10% y/y) and FY15 (-5% y/y). Also, the overall debt and net gearing by end-3Q17 have declined, compared with the last couple of years, to NTD 28bn (USD 960m) and 23% from a debt of NTD 33bn (USD…

Wan Hai Lines

Wan Hai Lines - Remains Competitive