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)

Results of listed terminal operators reveal a weakness in organic earnings as gearing increases. Stricter cost rationalisation and financial risk reduction will retain investment interest. Companies with growth plans command a significant market premium as profitability diminishes.

Results of listed terminal operators reveal a weakness in organic earnings as gearing increases. Stricter cost rationalisation and financial risk reduction will retain investment interest. Companies with growth plans command a significant market premium as profitability diminishes.

Global Port Operators - 3Q16 Profitability Trends Lower on Slackening Growth

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>Overweighting EM versus DM and global resources/deep cyclicals looked like a compelling contrarian bet coming into Q1 as consensus bearishness reached an extreme.</li>
<li><div>If the reflationary theme persists through 2017, EM equities will outperform bonds - the structural decline in ROE which led to very low P/B ratios now looks over.</div></li>
<li><div>The broad improvement in EM relative macro momentum is reflected in net earnings revision momentum (strongest in MSCI AXJ, with India the exception) and factory PMIs, if not…</div></li>
</ul>


Overweighting EM versus DM and global resources/deep cyclicals looked like a compelling contrarian bet coming into Q1 as consensus bearishness reached an extreme.
If the reflationary theme persists through 2017, EM equities will outperform bonds - the structural decline in ROE which led to very low P/B ratios now looks over.
The broad improvement in EM relative macro momentum is reflected in net earnings revision momentum (strongest in MSCI AXJ, with India the exception) and factory PMIs, if not…


2017 Asset Allocation Outlook: Part 1 – Emerging Markets and Commodities

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

<ul><li>The author was a senior executive in Trump’s casino organization for 3 years: a view from the inside</li><li>Trump’s public statements and private dealings with Asian associates differ.</li><li>The President-elect’s perceived negativity toward Asian trade policy is not a complaint against specific nations per se, but against what he perceives to have been inept US negotiating strategies.</li></ul>

The author was a senior executive in Trump’s casino organization for 3 years: a view from the insideTrump’s public statements and private dealings with Asian associates differ.The President-elect’s perceived negativity toward Asian trade policy is not a complaint against specific nations per se, but against what he perceives to have been inept US negotiating strategies.

The Trump Presidency: A Look from the Inside Out on Possible Impacts in Asian Economies

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

"Why Hold Japan?" is a question that recurs among foreign investors, now the greatest cohort of investors in Japanese stocks.  The question tends to arise much more during cyclical downturns, as investors reassess their holdings.  Japan's lukewarm economic expansion as well as uncertainty surrounding events overseas still compel investors to justify their Japan allocation with a sound investment thesis, even if there are no imminent plans for portfolio reallocation.  As in the first installment of the series, <a href="https://www.smartkarma.com/insights/why-hold-japan-part-i-relative-tax-regimes" target="_blank" data-smartkarma-citation="insights:6854">Why Hold Japan, Part I: Relative Tax Regimes</a> , we once again focus on comparative metrics within the world's largest developed economies.  This time, we focus upon relative growth cycles and comparative valuation among G7 bourses.  On the macroeconomic side, we find Japan far less of an under-performer than it was at its cyclical trough in 2011-2012.  Aggregate index valuation metrics meanwhile show valuations in Japan to be far less inflated than in 2006 (mid expansion cycle) or 2011 (mid contraction cycle), while Return on Equity is much more in line with its G7 counterparts than in either of these historical periods.  There remain signals of greater longer-term under-valuation of smaller listed firms in particular among TOPIX constituents.

"Why Hold Japan?" is a question that recurs among foreign investors, now the greatest cohort of investors in Japanese stocks.  The question tends to arise much more during cyclical downturns, as investors reassess their holdings.  Japan's lukewarm economic expansion as well as uncertainty surrounding events overseas still compel investors to justify their Japan allocation with a sound investment thesis, even if there are no imminent plans for portfolio reallocation.  As in the first installment of the series, Why Hold Japan, Part I: Relative Tax Regimes , we once again focus on comparative metrics within the world's largest developed economies.  This time, we focus upon relative growth cycles and comparative valuation among G7 bourses.  On the macroeconomic side, we find Japan far less of an under-performer than it was at its cyclical trough in 2011-2012.  Aggregate index valuation metrics meanwhile show valuations in Japan to be far less inflated than in 2006 (mid expansion cycle) or 2011 (mid contraction cycle), while Return on Equity is much more in line with its G7 counterparts than in either of these historical periods.  There remain signals of greater longer-term under-valuation of smaller listed firms in particular among TOPIX constituents.

Why Hold Japan, Part II: Comparative Valuation Among G7 Economies

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Medicine is changing. For hundreds of years, the key drivers of progress were biology and chemistry. Now they are data science and software.Big Medicine and Big Pharma are being gradually undermined by swelling networks of connected biosensors, ubiquitous mobile devices and cloud-based healthcare apps. Collectively, we group these phenomena under the umbrella term, “The Internet of Medical Things”.Five broad technology categories are set to transform the $8 trillion global healthcare industry over the next two years: genomics, mobile health, health IT systems, robotics and virtual reality.These five technologies will dramatically change the balance of power in the “Healthcare” value chain, but it may take a few years to get there.In this report, we look at the main technology categories where disruption of the healthcare sector will be at its greatest over the next two years and identify which parts of the value chain investors should focus on. The five key technology categories are genomics (a branch of biotech), mobile health, health IT systems, robotics and virtual reality.

Medicine is changing. For hundreds of years, the key drivers of progress were biology and chemistry. Now they are data science and software.Big Medicine and Big Pharma are being gradually undermined by swelling networks of connected biosensors, ubiquitous mobile devices and cloud-based healthcare apps. Collectively, we group these phenomena under the umbrella term, “The Internet of Medical Things”.Five broad technology categories are set to transform the $8 trillion global healthcare industry over the next two years: genomics, mobile health, health IT systems, robotics and virtual reality.These five technologies will dramatically change the balance of power in the “Healthcare” value chain, but it may take a few years to get there.In this report, we look at the main technology categories where disruption of the healthcare sector will be at its greatest over the next two years and identify which parts of the value chain investors should focus on. The five key technology categories are genomics (a branch of biotech), mobile health, health IT systems, robotics and virtual reality.

Japan

Japan Post Holdings Co. Ltd. operates post stations, banks, and insurance business. The Company offers letters and goods transportation services, stamp sales, deposits, loans, and insurance products.

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Japan Post Holdings (6178 JP)

Global Port Operators - 3Q16 Profitability Trends Lower on Slackening Growth

Results of listed terminal operators reveal a weakness in organic earnings as gearing increases. Stricter cost rationalisation and financial risk...

Drewry Maritime Financial Research

2017 Asset Allocation Outlook: Part 1 – Emerging Markets and Commodities

Overweighting EM versus DM and global resources/deep cyclicals looked like a compelling contrarian bet coming into Q1 as consensus bearishness...

Sean Maher

The Trump Presidency: A Look from the Inside Out on Possible Impacts in Asian Economies

The author was a senior executive in Trump’s casino organization for 3 years: a view from the inside Trump’s public statements and private...

Howard J Klein

Why Hold Japan, Part II: Comparative Valuation Among G7 Economies

"Why Hold Japan?" is a question that recurs among foreign investors, now the greatest cohort of investors in Japanese stocks. The question tends...

Naomi Fink

MedTech as an Investment Theme

Medicine is changing. For hundreds of years, the key drivers of progress were biology and chemistry. Now they are data science and software.Big...

CM Research

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