Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

Shares of <a href="https://www.smartkarma.com/entities/23628" target="_blank" data-smartkarma-citation="entities:23628:1">ZTO Express (ZTO US) </a>now trade almost 27% below the IPO price of US$19.50 amid concerns over slowing demand growth in China's express parcel delivery market. In this note we examine some of those concerns, present some scenarios for ZTO's earnings growth in 2017e, and preview the company's first earnings release, which will take place on the afternoon of November 28th in New York.There is anecdotal evidence that underlying demand growth is slowing: Since ZTO's October 27th IPO, we have…

Shares of ZTO Express (ZTO US) now trade almost 27% below the IPO price of US$19.50 amid concerns over slowing demand growth in China's express parcel delivery market. In this note we examine some of those concerns, present some scenarios for ZTO's earnings growth in 2017e, and preview the company's first earnings release, which will take place on the afternoon of November 28th in New York.There is anecdotal evidence that underlying demand growth is slowing: Since ZTO's October 27th IPO, we have…

ZTO Express -26.7% Since IPO; New Signs of Slowing Growth and a Q3 Results Preview

China Macroeconomics & Academia

Christopher Balding

Macroeconomics

There has been enormous amounts of hand wringing about what a Trump presidency will mean for economic relations with China and the Chinese economy.  Markets around the world dropped significantly when it became apparent that Trump was the likely winner but have recovered most of those losses since.  There remains, however, enormous questions about what a Trump presidency will mean for economic relations with China.It is very difficult to know with any certainty what a Trump presidency will mean…

There has been enormous amounts of hand wringing about what a Trump presidency will mean for economic relations with China and the Chinese economy.  Markets around the world dropped significantly when it became apparent that Trump was the likely winner but have recovered most of those losses since.  There remains, however, enormous questions about what a Trump presidency will mean for economic relations with China.It is very difficult to know with any certainty what a Trump presidency will mean…

How a Trump Presidency Might Be Good for the Chinese Economy

Global Logistic Properties / Equity Bottom-Up

Is GLP a takeover target? The shares of <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894:1">Global Logistic Properties Ltd (GLP SP)</a> rose by 8.7% on Wednesday in response to media reports that a group led by China's sovereign wealth fund is considering a takeover bid. GLP later issued a statement saying there are no discussions with an investor group "at this time". Whether or not there is a deal in place, we continue to view GLP as a linchpin in the development of China's domestic logistics network, and we believe the shares are worth at least…

Is GLP a takeover target? The shares of Global Logistic Properties Ltd (GLP SP) rose by 8.7% on Wednesday in response to media reports that a group led by China's sovereign wealth fund is considering a takeover bid. GLP later issued a statement saying there are no discussions with an investor group "at this time". Whether or not there is a deal in place, we continue to view GLP as a linchpin in the development of China's domestic logistics network, and we believe the shares are worth at least…

Deal or No Deal, GLP Still Linchpin in China's Domestic Logistics Network, Still Deeply Undervalued

After facing troubles in the beginning of year from the weak economy, the Chinese appears to be further stabilizing during the third quarter. By far the prospects of economic expansion seem not to be dimmed but the recent activity of unleashing debt into the market do suggest that the sudden increased economic activity is indeed temporary.The main industries once again have spurred growth, inevitably due to the current fiscal stimulus. The steel industry is still struggling to maintain its…

After facing troubles in the beginning of year from the weak economy, the Chinese appears to be further stabilizing during the third quarter. By far the prospects of economic expansion seem not to be dimmed but the recent activity of unleashing debt into the market do suggest that the sudden increased economic activity is indeed temporary.The main industries once again have spurred growth, inevitably due to the current fiscal stimulus. The steel industry is still struggling to maintain its…

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)

We have earlier argued that the current M&amp;A in the container shipping industry is about "Survival" and not "Growth". This morning from Japan, <blockquote>Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd., and Nippon Yusen Kabushiki Kaisha have agreed, after the resolution by the board of directors of each company held today, and subject to regulatory approval from the authorities, to establish a new joint-venture company to integrate the container shipping businesses (including worldwide terminal…</blockquote>

We have earlier argued that the current M&amp;A in the container shipping industry is about "Survival" and not "Growth". This morning from Japan, Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd., and Nippon Yusen Kabushiki Kaisha have agreed, after the resolution by the board of directors of each company held today, and subject to regulatory approval from the authorities, to establish a new joint-venture company to integrate the container shipping businesses (including worldwide terminal…

Container Shipping - "Survival" M&A In Full Swing, Japanese Big 3 Merge Container Operations

China

ZTO Express (Cayman) Inc. operates as an express delivery company. The Company provides express delivery service through their nationwide network, as well as other value-added logistics services. ZTO Express serves customers globally.

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ZTO Express Cayman (ZTO US)

ZTO Express -26.7% Since IPO; New Signs of Slowing Growth and a Q3 Results Preview

Shares of ZTO Express (ZTO US) now trade almost 27% below the IPO price of US$19.50 amid concerns over slowing demand growth in China's express...

Daniel Hellberg

How a Trump Presidency Might Be Good for the Chinese Economy

There has been enormous amounts of hand wringing about what a Trump presidency will mean for economic relations with China and the Chinese...

Christopher Balding

Deal or No Deal, GLP Still Linchpin in China's Domestic Logistics Network, Still Deeply Undervalued

Is GLP a takeover target? The shares of Global Logistic Properties Ltd (GLP SP) rose by 8.7% on Wednesday in response to media reports that a group...

Daniel Hellberg

Early Look at October Chinese PMI

After facing troubles in the beginning of year from the weak economy, the Chinese appears to be further stabilizing during the third quarter. By...

Christopher Balding

Container Shipping - "Survival" M&A In Full Swing, Japanese Big 3 Merge Container Operations

We have earlier argued that the current M&A in the container shipping industry is about "Survival" and not "Growth". This morning from...

Drewry Maritime Financial Research

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