Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<figure class="editor-figure"><figure class="editor-figure">Keppel Corp reported its 1Q16 results this evening (<a href="http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&amp;B=AnnouncementTodaySecurity&amp;F=Z1DZYBNJEO3AG7CB&amp;H=5e3c4e34eb24a102960d6bcad8f6c7cf1abd43c067c522f6098b4de93af52250&amp;fileId=KCL1Q%202016%20results.pdf" target="_blank">here is the url to the announcement and presentation</a>). Overall it is a set of disappointing results as compared to expectations (with 1Q revenue and net profit representing 19.2% and 17% consensus full year estimates respectiely), however, there are still silver lining as the group is taking disciplined action to optimize its operation in a tough environment. The company has detailed explanation of financials in its announcement. In this</figure></figure>…

Keppel Corp reported its 1Q16 results this evening (here is the url to the announcement and presentation). Overall it is a set of disappointing results as compared to expectations (with 1Q revenue and net profit representing 19.2% and 17% consensus full year estimates respectiely), however, there are still silver lining as the group is taking disciplined action to optimize its operation in a tough environment. The company has detailed explanation of financials in its announcement. In this…

Keppel Corp 1Q16 Results: Property Come to Save Offshore? What Awaits SMM?

<a href="https://www.smartkarma.com/entities/1087" target="_blank" data-smartkarma-citation="entities:1087">Sembcorp Industries Ltd</a> announced that it is increasing its stake in mega India power project NCCPP from 49% to 88% at a cost of INR6.5bn (or USD96.45m) (<a href="http://infopub.sgx.com/FileOpen/SEMBCORP%20INCREASES%20STAKE%20IN%20ITS%20SECOND%20THERMAL%20POWER%20PROJECT%20AND%20RENAMING%20OF%20NCCPPL.ashx?App=Announcement&amp;FileID=393900" target="_blank">link to announcement</a>). The valuation is based on par value of shares and carrying cost. NCCPP is at the same time renamed to Sembcorp Gayatri Power.Recap - India Thermal. We spoken with management previously on SCI's India strategy ( see the India section in my previous insight <a href="https://www.smartkarma.com/insights/sci-company-meeting-take-away-sg-power-market-bottoming-india-to-soar" target="_blank" data-smartkarma-citation="insights:2824">SCI Company Meeting Take-Away: SG Power Market Bottoming, India to</a>…

Sembcorp Industries Ltd announced that it is increasing its stake in mega India power project NCCPP from 49% to 88% at a cost of INR6.5bn (or USD96.45m) (link to announcement). The valuation is based on par value of shares and carrying cost. NCCPP is at the same time renamed to Sembcorp Gayatri Power.Recap - India Thermal. We spoken with management previously on SCI's India strategy ( see the India section in my previous insight SCI Company Meeting Take-Away: SG Power Market Bottoming, India to…

Sembcorp Industries: Ups Stake in India Thermal, One Step Closer to IPO?

Post SCI's 4Q results, we met with the management to discuss the future growth drivers. In this insight, I consolidate our discussion with the management and reiterate my bullish view on SCI's Utility business given the following reasons: <ul>
<li>Singapore's power market likely bottoming. </li>
<li>Both thermal and wind projects in India will make significant contribution in the following years. Potential of IPO for thermal projects in the future.</li>
<li>Strong pipeline in Emerging markets in Myanmar and Bangladesh.</li>
<li>…</li>
</ul>

Post SCI's 4Q results, we met with the management to discuss the future growth drivers. In this insight, I consolidate our discussion with the management and reiterate my bullish view on SCI's Utility business given the following reasons: 
Singapore's power market likely bottoming. 
Both thermal and wind projects in India will make significant contribution in the following years. Potential of IPO for thermal projects in the future.
Strong pipeline in Emerging markets in Myanmar and Bangladesh.
…


SCI Company Meeting Take-Away: SG Power Market Bottoming, India to Soar

Event-Driven

<a href="https://www.smartkarma.com/entities/1087" target="_blank" data-smartkarma-citation="entities:1087">Sembcorp Industries Ltd</a> reported its 4Q15 results this evening (link to <a href="http://www.sembcorp.com/en/src/downloads/SCI_FY2015_Financial%20Statements.pdf" target="_blank">financial statement</a>, <a href="http://www.sembcorp.com/en/src/downloads/SCI_FY2015_Results%20Slides.pdf" target="_blank">presentation</a>). Thanks to the net loss contribution from its fully consolidated subsidiary <a href="https://www.smartkarma.com/entities/11" target="_blank" data-smartkarma-citation="entities:11">Sembcorp Marine Ltd</a>  , its full year headline numbers of 12% YoY decline in revenue and 32% YoY decline in net profit appears to be ugly.However, the utility business shows a much different picture from its Marine segment, whereby despite a weak Singapore power market, SCI's utility business recorded full year…

Sembcorp Industries Ltd reported its 4Q15 results this evening (link to financial statement, presentation). Thanks to the net loss contribution from its fully consolidated subsidiary Sembcorp Marine Ltd  , its full year headline numbers of 12% YoY decline in revenue and 32% YoY decline in net profit appears to be ugly.However, the utility business shows a much different picture from its Marine segment, whereby despite a weak Singapore power market, SCI's utility business recorded full year…

SCI 4Q15 Results: Bullish on Utilities, Thoughts on SMM

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.

Thematic (Sector/Industry)

Ominous start to the year for container shipping with Drewry forecasting container shipping profitability to deteriorate in 2016. Ocean freight rates for cargo moving under contracts on the major East-West trade routes witnessing another reduction in the last quarter of 2015, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight rates. The Drewry Benchmarking Club Contract Rate Index, based on Trans…

Ominous start to the year for container shipping with Drewry forecasting container shipping profitability to deteriorate in 2016. Ocean freight rates for cargo moving under contracts on the major East-West trade routes witnessing another reduction in the last quarter of 2015, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight rates. The Drewry Benchmarking Club Contract Rate Index, based on Trans…

2016 - Washout Year for Container Shipping

Singapore

Sembcorp Industries Ltd provides utilities and integrated services for industrial sites such as power, gas, steam, water, wastewater treatment and other on-site services. The Company's businesses also include marine & offshore engineering and urban development comprising industrial parks and business, commercial and residential spaces.

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Sembcorp Industries (SCI SP)

Keppel Corp 1Q16 Results: Property Come to Save Offshore? What Awaits SMM?

Keppel Corp reported its 1Q16 results this evening (here is the url to the announcement and presentation). Overall it is a set of disappointing...

Ke Yan, CFA, FRM

Sembcorp Industries: Ups Stake in India Thermal, One Step Closer to IPO?

Sembcorp Industries Ltd announced that it is increasing its stake in mega India power project NCCPP from 49% to 88% at a cost of INR6.5bn (or...

Ke Yan, CFA, FRM

SCI Company Meeting Take-Away: SG Power Market Bottoming, India to Soar

Post SCI's 4Q results, we met with the management to discuss the future growth drivers. In this insight, I consolidate our discussion with the...

Ke Yan, CFA, FRM

SCI 4Q15 Results: Bullish on Utilities, Thoughts on SMM

Sembcorp Industries Ltd reported its 4Q15 results this evening (link to financial statement, presentation). Thanks to the net loss contribution...

Ke Yan, CFA, FRM

2016 - Washout Year for Container Shipping

Ominous start to the year for container shipping with Drewry forecasting container shipping profitability to deteriorate in 2016. Ocean freight...

Drewry Maritime Financial Research

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