Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Thematic (Sector/Industry)

<ul>
<li>US PPI has steadily eased over the past 15 months, and lower transportation costs have helped</li>
<li>US long-distance trucking and international air freight costs have fallen dramatically from the peak, but ocean freight has surprisingly remained close to peak levels</li>
<li>We believe falling transportation costs are unlikely to provide "tailwinds" for much longer</li>
</ul>


US PPI has steadily eased over the past 15 months, and lower transportation costs have helped
US long-distance trucking and international air freight costs have fallen dramatically from the peak, but ocean freight has surprisingly remained close to peak levels
We believe falling transportation costs are unlikely to provide "tailwinds" for much longer


US PPI: Tailwinds from Transportation Price Collapse Set to Subside in H2 2023

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on KAL, SK Hynix, LG Display, SK Innovation, SKSQUARE, Shinhan Group, KB Financial, Samsung Electronics.</li>
</ul>


We analysed the earning revision of component stocks of MS-South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on KAL, SK Hynix, LG Display, SK Innovation, SKSQUARE, Shinhan Group, KB Financial, Samsung Electronics.


MS-South Korea Index Earning Revision (Jul): KAL, SK Hynix, LG Display, SK Innovation, SKSQUARE

Equity Bottom-Up

<ul>
<li>In May and June, domestic and outbound Chinese travel demand both softened</li>
<li>Given higher fuel prices and weak consumer sentiment, this shouldn't be a surprise</li>
<li>For Trip.com, we believe tepid Chinese demand could delay recovery in momentum</li>
</ul>


In May and June, domestic and outbound Chinese travel demand both softened
Given higher fuel prices and weak consumer sentiment, this shouldn't be a surprise
For Trip.com, we believe tepid Chinese demand could delay recovery in momentum


Monthly Chinese Tourism Tracker | May, June, Q2 All Show A Clear Softening of Chinese Travel Demand

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we discuss the recent COVID-19 stats including cases, deaths, and recovery/death rates.</li>
<li>In addition, we analyze the easing of travel restrictions among major Asian countries including Australia, India, Japan, Singapore, Thailand, and South Korea. </li>
<li>More countries are treating COVID-19 not as a pandemic but as a serious flu. </li>
</ul>


In this insight, we discuss the recent COVID-19 stats including cases, deaths, and recovery/death rates.
In addition, we analyze the easing of travel restrictions among major Asian countries including Australia, India, Japan, Singapore, Thailand, and South Korea. 
More countries are treating COVID-19 not as a pandemic but as a serious flu. 


A Review of COVID-19 Cases & The Easing of Travel Restrictions in Major Asian Countries

Douglas Research Advisory

Event-Driven

<ul>
<li>In the past several days, it has been reported that Hoban Group has raised its stake in Hanjin KAL Corp (180640 KS) to more than 20%.</li>
<li>Now, Hoban Group's stake in Hanjin Kal is less than 1%  than the controlling shareholding entities led by Walter Cho (Chairman of the Hanjin Group). </li>
<li>My base case valuation of Hanjin Kal suggests implied NAV per share of 104,060 won per share which is 21% lower than its current share price.</li>
</ul>


In the past several days, it has been reported that Hoban Group has raised its stake in Hanjin KAL Corp (180640 KS) to more than 20%.
Now, Hoban Group's stake in Hanjin Kal is less than 1%  than the controlling shareholding entities led by Walter Cho (Chairman of the Hanjin Group). 
My base case valuation of Hanjin Kal suggests implied NAV per share of 104,060 won per share which is 21% lower than its current share price.


Hoban Group Raises Stake in Hanjin Kal to More than 20%: Next Step (A Partnership with a Major PE?)

South Korea

Korean Air Lines Co., Ltd. operates air transportation services.  The Company's services include passenger and cargo transportation, aircraft maintenance, and air catering.  Korean Air Lines provides domestic and international airline services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Korean Air Lines (003490 KS)

US PPI: Tailwinds from Transportation Price Collapse Set to Subside in H2 2023

Falling costs for multiple modes of transportation have provided a strong "tailwind" to US PPI, which has declined steadily over the past 15...

Tracking Traffic

MS-South Korea Index Earning Revision (Jul): KAL, SK Hynix, LG Display, SK Innovation, SKSQUARE

We analyzed MS-South Korea's consensus for Jul 2026 and highlighted changes of EPS in KAL, SK Hynix, LG Display, SK Innovation, SKSQUARE, Shinhan...

Ke Yan, CFA, FRM

Monthly Chinese Tourism Tracker | May, June, Q2 All Show A Clear Softening of Chinese Travel Demand

Data from May, June, and Q226 show a softening in Chinese air travel demand, for both domestic and outbound travel. Tepid demand will make a quick...

Tracking Traffic

A Review of COVID-19 Cases & The Easing of Travel Restrictions in Major Asian Countries

We discuss the recent COVID-19 stats including cases, deaths, and recovery/death rates in major Asian countries. More countries are treating COVID...

Douglas Kim

Hoban Group Raises Stake in Hanjin Kal to More than 20%: Next Step (A Partnership with a Major PE?)

Hoban Group increases stake in Hanjin KAL Corp, but still falls short of controlling shareholding entities led by Walter Cho. Valuation suggests...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

US PPI: Tailwinds from Transportation Price Collapse Set to Subside in H2 2023

Falling costs for multiple modes of transportation have provided a strong "tailwind" to US PPI, which has declined steadily over the past 15...

Tracking Traffic

MS-South Korea Index Earning Revision (Jul): KAL, SK Hynix, LG Display, SK Innovation, SKSQUARE

We analyzed MS-South Korea's consensus for Jul 2026 and highlighted changes of EPS in KAL, SK Hynix, LG Display, SK Innovation, SKSQUARE, Shinhan...

Ke Yan, CFA, FRM

Monthly Chinese Tourism Tracker | May, June, Q2 All Show A Clear Softening of Chinese Travel Demand

Data from May, June, and Q226 show a softening in Chinese air travel demand, for both domestic and outbound travel. Tepid demand will make a quick...

Tracking Traffic

A Review of COVID-19 Cases & The Easing of Travel Restrictions in Major Asian Countries

We discuss the recent COVID-19 stats including cases, deaths, and recovery/death rates in major Asian countries. More countries are treating COVID...

Douglas Kim

Hoban Group Raises Stake in Hanjin Kal to More than 20%: Next Step (A Partnership with a Major PE?)

​Hoban Group increases stake in Hanjin KAL Corp, but still falls short of controlling shareholding entities led by Walter Cho. Valuation suggests...

Douglas Kim

Hoban Group increases stake in Hanjin KAL Corp, but still falls short of controlling shareholding entities led by Walter Cho. Valuation suggests...