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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

Yang Ming Marine Transport / Equity Bottom-Up

<p><strong>Revise our call to Neutral:</strong> Our Neutral call on YMM is based on the premise that: (1) The long-awaited operational turnaround process for YMM has already begun, albeit the recovery might be slow, and (2) The time to be permanently bearish on the stock has passed. Owing to its high operating leverage, the company has started to benefit from a positive turnaround in the industry – evident from its monthly sales data. We note that YMM recorded a 14% y/y rise in revenue for FY17 versus a decline…</p>

Revise our call to Neutral: Our Neutral call on YMM is based on the premise that: (1) The long-awaited operational turnaround process for YMM has already begun, albeit the recovery might be slow, and (2) The time to be permanently bearish on the stock has passed. Owing to its high operating leverage, the company has started to benefit from a positive turnaround in the industry – evident from its monthly sales data. We note that YMM recorded a 14% y/y rise in revenue for FY17 versus a decline…

Yang Ming Marine - Macro Tailwinds Lift Operating Fortunes