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

We have talked in our <a href="https://www.smartkarma.com/insights/sembcorp-marine-profit-warning-in-the-down-turn-it-can-be-very-nasty" target="_blank">earlier note</a> that Sete Brasil contract, making up close to half of SMM's orderbook, is the near term key risk that is beeing underestimated by the street. In November, BTG Pactual, which owns 27% stake in Sete Brasil,  is in trouble as its controlling shareholder and asset manager, Andre Esteves was arrested in the corruption probe, <a href="http://www.bloomberg.com/news/articles/2015-11-25/btg-s-andre-esteves-senator-amaral-arrested-brazil-police-say" target="_blank">according to Bloomberg</a>.Slightly more than one month on, Bloomberg <a href="http://www.bloomberg.com/news/articles/2016-01-06/btg-backed-rig-venture-said-to-mull-bankruptcy-filing-in-brazil" target="_blank">reported today</a> that shareholders of Sete Brasil, a major customer of Sembcorp…

We have talked in our earlier note that Sete Brasil contract, making up close to half of SMM's orderbook, is the near term key risk that is beeing underestimated by the street. In November, BTG Pactual, which owns 27% stake in Sete Brasil,  is in trouble as its controlling shareholder and asset manager, Andre Esteves was arrested in the corruption probe, according to Bloomberg.Slightly more than one month on, Bloomberg reported today that shareholders of Sete Brasil, a major customer of Sembcorp…

Sembcorp Marine: Major Customer Sete Brasil May File for Bankruptcy

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

Following my insight on December 1st regarding the company's profit warning ( <a href="https://www.smartkarma.com/insights/sembcorp-marine-profit-warning-in-the-down-turn-it-can-be-very-nasty" target="_blank" data-smartkarma-citation="insights:2004">Sembcorp Marine Profit Warning: In the Down Turn It Can Be Very Nasty</a> ), SMM announced on December 3rd that its <a href="http://infopub.sgx.com/FileOpen/Standstill_Agreement.ashx?App=Announcement&amp;FileID=381041" target="_blank">Jurong Shipyard (JSPL) enters into a standstill agreement with North Atlantic Drilling</a>, a subsidiary of US listed <a href="https://www.smartkarma.com/entities/15294" target="_blank" data-smartkarma-citation="entities:15294">Seadrill Ltd</a> (SDRL US), pertaining to a semi submersible drilling rig that was initially scheduled to be delivered earlier.<h2>What Happened?</h2>North Atlantic Drilling (NADL) ordered the rig in April…

Following my insight on December 1st regarding the company's profit warning ( Sembcorp Marine Profit Warning: In the Down Turn It Can Be Very Nasty ), SMM announced on December 3rd that its Jurong Shipyard (JSPL) enters into a standstill agreement with North Atlantic Drilling, a subsidiary of US listed Seadrill Ltd (SDRL US), pertaining to a semi submersible drilling rig that was initially scheduled to be delivered earlier.What Happened?North Atlantic Drilling (NADL) ordered the rig in April…

Sembcorp Marine: If Shipyard Becomes Rig Owner

We have previously <a href="https://www.smartkarma.com/insights/3q15-results-earning-deterioration-finally-speeds-up-more-to-come" target="_blank">warned about profit deterioration</a> that could be much faster than what the street can expect. And despite a worse than expected Q3 results, the company has made <a href="http://infopub.sgx.com/FileOpen/Profit_Guidance.ashx?App=Announcement&amp;FileID=380829" target="_blank">a profit warning today</a>, pointing to a significant decline in profit for the 4Q and the full year. Sembcorp Marine (SMM SP) mentioned in their announcement that "customers deferring or seeking to defer their rig orders, the results for the 4Q2015 and FY2015 will be materially negatively impacted."No more details are…

We have previously warned about profit deterioration that could be much faster than what the street can expect. And despite a worse than expected Q3 results, the company has made a profit warning today, pointing to a significant decline in profit for the 4Q and the full year. Sembcorp Marine (SMM SP) mentioned in their announcement that "customers deferring or seeking to defer their rig orders, the results for the 4Q2015 and FY2015 will be materially negatively impacted."No more details are…

Sembcorp Marine Profit Warning: In the Down Turn It Can Be Very Nasty

Transport Sector, China and Asia-focused Research

Charles De Trenck

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Singapore

Seatrium Ltd offers engineering solutions for the offshore, marine, and energy industries. The Company provides rigs and floaters, repairs and upgrades, offshore platforms, and specialized shipbuilding. Seatrium serves customers worldwide.

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Seatrium (STM SP)

Sembcorp Marine: Major Customer Sete Brasil May File for Bankruptcy

We have talked in our earlier note that Sete Brasil contract, making up close to half of SMM's orderbook, is the near term key risk that is beeing...

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

Sembcorp Marine: If Shipyard Becomes Rig Owner

Following my insight on December 1st regarding the company's profit warning ( Sembcorp Marine Profit Warning: In the Down Turn It Can Be Very...

Ke Yan, CFA, FRM

Sembcorp Marine Profit Warning: In the Down Turn It Can Be Very Nasty

We have previously warned about profit deterioration that could be much faster than what the street can expect. And despite a worse than expected...

Ke Yan, CFA, FRM

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global...

Charles De Trenck

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