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)

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive has been rockedIn 2009 when the container industry posted operating losses of nearly $20 billion and many lines were said to be minutes from bankruptcy, none died. The “zombie” carriers’ survival methods were varied and complex, ranging from off-hiring ships to requesting government support, but ultimately they worked.Having survived the worst crisis…

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive has been rockedIn 2009 when the container industry posted operating losses of nearly $20 billion and many lines were said to be minutes from bankruptcy, none died. The “zombie” carriers’ survival methods were varied and complex, ranging from off-hiring ships to requesting government support, but ultimately they worked.Having survived the worst crisis…

Collapse of Hanjin Shipping - Carriers Do Have Breaking Points

Transport Sector, China and Asia-focused Research

Charles De Trenck

Equity Bottom-Up

Cathay Pacific Airways / Equity Bottom-Up

CX shares were generally downgraded or maintained underweight prior to the poor set of 1H16 results mid-August. Having the stock on a buy, as some might still have, would have been a fool’s errand fighting China macro winds for several years. And, recently, also in the face of increasing Chinese carrier capacity. Add to that the company’s poor fuel hedging strategy.They say that fuel surcharges get adjusted in ticket prices, hurting revenues. And they say CX has marketed a whole lot of Fanfares…

CX shares were generally downgraded or maintained underweight prior to the poor set of 1H16 results mid-August. Having the stock on a buy, as some might still have, would have been a fool’s errand fighting China macro winds for several years. And, recently, also in the face of increasing Chinese carrier capacity. Add to that the company’s poor fuel hedging strategy.They say that fuel surcharges get adjusted in ticket prices, hurting revenues. And they say CX has marketed a whole lot of Fanfares…

Cathay Pacific: The Hubris of the Last Decade and the Long Flight Down from China Windfall

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

<a href="https://www.smartkarma.com/entities/8239" target="_blank" data-smartkarma-citation="entities:8239:1">Air China Ltd (H) (753 HK)</a> H1 results (out late in the day on August 30th) showed continued success in cost-cutting, specifically efforts to reduce Sales &amp; Marketing expenses, which fell 20% Y/Y despite a 9% increase in overall traffic. Lower Sales &amp; Marketing expenses and lower jet fuel prices, combined with just a 4% increase in Revenue, led to an impressive +20.5% Y/Y increase in Operating Profit.The result is equivalent to over 48% of our 2016e OP target. Overall, despite some negative (but…

Air China Ltd (H) (753 HK) H1 results (out late in the day on August 30th) showed continued success in cost-cutting, specifically efforts to reduce Sales &amp; Marketing expenses, which fell 20% Y/Y despite a 9% increase in overall traffic. Lower Sales &amp; Marketing expenses and lower jet fuel prices, combined with just a 4% increase in Revenue, led to an impressive +20.5% Y/Y increase in Operating Profit.The result is equivalent to over 48% of our 2016e OP target. Overall, despite some negative (but…

Air China H1 Result Shows Progress on Cost-Cutting, OP up 20% Y/Y; Negative Read-Through for Ctrip

<a href="https://www.smartkarma.com/entities/243" target="_blank" data-smartkarma-citation="entities:243:1">Cathay Pacific Airways (293 HK)</a> on Wednesday reported a disappointing set of results, with revenue down -9% YoY and earnings per share down -82% YoY. As disappointing as these earnings are, they do not affect our positive view on <a href="https://www.smartkarma.com/entities/8239" target="_blank" data-smartkarma-citation="entities:8239:1">Air China Ltd (H) (753 HK)</a>, nor do we expect to see the same weak numbers when Air China reports H1 results at the end of August.Cathay Pacific stake is almost immaterial. Air China owns 30% of Cathay Pacific (CX), but using August 17th closing prices, the value of this…

Cathay Pacific Airways (293 HK) on Wednesday reported a disappointing set of results, with revenue down -9% YoY and earnings per share down -82% YoY. As disappointing as these earnings are, they do not affect our positive view on Air China Ltd (H) (753 HK), nor do we expect to see the same weak numbers when Air China reports H1 results at the end of August.Cathay Pacific stake is almost immaterial. Air China owns 30% of Cathay Pacific (CX), but using August 17th closing prices, the value of this…

Why Cathay Pacific's H1 Results Don't Matter to Air China

It is no easy task generating decent relatively low-risk long-term returns portfolio. Over the last decade I have put a lot of thinking into building such a portfolio. It did involve risk taking and periods of relative volatility. I have found several golden rules, also based on failures of up close experiences from myself and others. My hands down worse investment was not cutting losses in certain names into the 2008 crash – most notably Citigroup shares, some of which I was forcibly locked into owing to management options with false information from HR. GE was another counter I took a beating on in 2008+.But some 2009-09 investment lessons I found mirrored some of my 1987-88 market crash lessons. Over time I have reduced volatility in my portfolio.  My main lesson for my conservative investment style was that buying into the heart of a crash takes quite a bit of time and patience to claw back to break even on average picks.  But in the end I stuck to this value style for increasing positions a number of times over the years. What follows is a no-holds barred account of my rules based investments, and losses and gains which have led to decent long-term performance despite a few scary gaps.The second half of this piece is a dialogue with a global investor friend of 15-20 years.

It is no easy task generating decent relatively low-risk long-term returns portfolio. Over the last decade I have put a lot of thinking into building such a portfolio. It did involve risk taking and periods of relative volatility. I have found several golden rules, also based on failures of up close experiences from myself and others. My hands down worse investment was not cutting losses in certain names into the 2008 crash – most notably Citigroup shares, some of which I was forcibly locked into owing to management options with false information from HR. GE was another counter I took a beating on in 2008+.But some 2009-09 investment lessons I found mirrored some of my 1987-88 market crash lessons. Over time I have reduced volatility in my portfolio.  My main lesson for my conservative investment style was that buying into the heart of a crash takes quite a bit of time and patience to claw back to break even on average picks.  But in the end I stuck to this value style for increasing positions a number of times over the years. What follows is a no-holds barred account of my rules based investments, and losses and gains which have led to decent long-term performance despite a few scary gaps.The second half of this piece is a dialogue with a global investor friend of 15-20 years.

Building a Rules Based Perpetual Portfolio(Incl Global Investor Q & A)

Hong Kong

Cathay Pacific Airways Limited operates scheduled airline services. The Company also provides related services, including airline catering, aircraft handling, and engineering.

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Cathay Pacific Airways (293 HK)

Collapse of Hanjin Shipping - Carriers Do Have Breaking Points

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive...

Drewry Maritime Financial Research

Cathay Pacific: The Hubris of the Last Decade and the Long Flight Down from China Windfall

CX shares were generally downgraded or maintained underweight prior to the poor set of 1H16 results mid-August. Having the stock on a buy, as some...

Charles De Trenck

Air China H1 Result Shows Progress on Cost-Cutting, OP up 20% Y/Y; Negative Read-Through for Ctrip

Air China Ltd (H) (753 HK) H1 results (out late in the day on August 30th) showed continued success in cost-cutting, specifically efforts to reduce...

Daniel Hellberg

Why Cathay Pacific's H1 Results Don't Matter to Air China

Cathay Pacific Airways (293 HK) on Wednesday reported a disappointing set of results, with revenue down -9% YoY and earnings per share down -82%...

Daniel Hellberg

Building a Rules Based Perpetual Portfolio(Incl Global Investor Q & A)

It is no easy task generating decent relatively low-risk long-term returns portfolio. Over the last decade I have put a lot of thinking into...

Charles De Trenck

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