Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China Logistics Property Holdings / Event-Driven

In Game Of Ports: China's "Suez Blockage" Disruption, I discussed Yantian International Container Terminals (YICT), operating at around 20% capacity amid stringent COVID-19 prevention and restriction measures.
YICT forms part of the third busiest gateway in the world.

Source: World Shipping Council
The good news is that YICT is back to normal operations as of yesterday. 
That appears to be all the good news. 

The Backlog
"Normal" does not, in this instance, mean standard operating procedures immediately resume. There still remains the yet-to-be serviced queue of ships to be unloaded and discharged, in tandem with the cargo backlog to be exported from Asia.

Lars Jensen, the CEO and Partner of Sea Intelligence Consulting, provides his back-of-the-napkin numbers as to when this backlog of boxes would be cleared.
YICT handled 13.3mn TEUs in 2020, or 36,400 TEUs/day.
YICT has officially operated at 30% capacity over the past month, or a shortfall of ~25,500 TEUs/day.
Multiply that by 30 days to get a rough number of 765,000 TEUs impacted.
IICT handled a record of 45,800 TEUs/day in August 2020. So at peak operating capabilities, the backlog could be cleared in 17 days (765,000/45,800).
HOWEVER, we need to factor in normal cargo flow as more cargo arrives to feed demand in both the US and Europe. Assume 36,400 TEUs/day, which leaves 9,400 TEUs/day of excess to chip away at the backlog - implying 82 days (765,000/9,400) to clear.
Those numbers are pretty simplified.  Q3 peak season will be well underway for Xmas.

It could be argued that the diversion of cargo will lessen the backlog, however, diversion has been ongoing in recent weeks, which in turn is causing operational efficiencies at those ports, and the general flow of cargo.



The Die Had Already Been Cast

When Covid first took hold, the fallout from Asia was unknown, as was the impact on factory output. This resulted in carriers canceling sailings. It is estimated some shipping companies cut capacity by ~20% around the spring of last year.
Then people stuck at home in the US and elsewhere started buying stuff. Lots of it. Both the Port of Los Angeles and Port of Long Beach, the first and second-largest in the US, recently set new cargo handling records. US Census Bureau also indicates the ratio between inventory sizes and sales for the US retailers declined to a new historical low in April. 

This surge in demand created a bottleneck, resulting in unloading time for containers actually exceeding the time it took the ship to sail across the Pacific. Ports are physically overwhelmed getting the containers off ships, and trucks and rail to clear the port.
Suez compounded matters.  The  Suez Canal got blocked 3 months ago on the 23rd of March. Ships sailing from Asia to Europe were rerouted around Africa, and in turn, some ports were omitted on the return legs. Specific data suggests delays of up to 2 months for certain cargo that was expected to be loaded and shipped, meaning the knock-on effect from the Suze blockage still lingers in the system. 

And it's not just the US that is congested.  Just this week Maersk stopped its AE7 service from calling in on Hamburg on account of congestion and exceptional waiting times, and will discharge cargo in Bremerhaven over the next month. Hapag-Lloyd has temporarily suspended its eastbound call in Rotterdam on its FE4 service to Asia due to congestion. Platts said the Port of Liverpool in the UK suffers congestion due to understaffing, an IT outage, and a high density of stock. Re-routing to other European ports is a bigger issue than say re-routing from Yantian to Nansha in Guangdong province, on account of different customs and duties imposed. 


Maersk also reports reliability issues in Australia and New Zealand due to berth congestion.

All of this has an accordion or squeeze box effect. A two-week delay in the US will have result in a two-week delay on the return leg, which may well be following a ship that itself may also have been delayed. This could lead to the carrier canceling the ship an exporter was expecting to load its goods onto, forcing that customers to seek a replacement elsewhere, at a cost. 
When the Yantian backlog is gradually cleared, what will be the knock-on effect? 
And there is a lack of containers. Apart from ships being delayed, and anchored, waiting to be unloaded in the US and Europe, a lot of these containers don't make the return leg to Asia. According to FreightWaves, import volume from China into the US via ocean shipping is up 54% year-on-year, whereas exports are up by 4.4%.   Ideally, carriers need to carry more empty containers.


The Indices

The China (Export) Containerized Freight Index (CCFI) recorded its ninth consecutive weekly increase, and is now up 200% from a year ago, and 36% since mid-April, subsequent to which the Suez blockage occurred, followed by the Yantian slowdown. 
The CCFI is a composite index. Separate trade routes are up even more - the contract index for Asia-North Europe is up 310% compared to last year – more than quadrupling from a year ago.


Source: SSE


The World Container Index eked out its largest increase since its 2012 inception. The rates from Shanghai to Los Angeles increased 34% in the past week, to $8,548/FFE (Forty Foot container Equivalent unit) from $6,358/FFE. From Shanghai to New York, the weekly increase was 39%, from $8,017/FFE to $11,180/FFE.


Source: World Container Index, Lars Jensen

There are no indications that the rates are about to level off.


Contracts

Ocean container rates are either fixed-rates (“contract rates”), or variable-rates (“spot rates”).  If you are a large player like Walmart or Target, you're probably on a Tier-1 contract, meaning you need 10,000+ TEUs annually or roughly 200 TEUs per week.
On the 21st of June, Mitsui Osk Lines (9104 JP) published a revision to its H1 (Apr-Sep) forecast, raising Net Profit Forecast by 240% because container business profits from its One Ocean Network affiliate are vastly above expectations . This comes 7 weeks after the company made its original forecast for the fiscal year. They did not revise H2 at all, meaning the guidance is a stale number still. Other companies are likely to see similar effects, depending on their split of contract vs spot.
Transpacific contracts show no sign of abating, with carriers asking ~$17,000 per 40ft container for US east coast ports, a 1,000% increase year on year. US$20,000 appears within reach.
Not surprisingly, carriers are increasingly leaning towards spot versus contract given the current trajectory. Data is difficult to come by but I understand spot rates now exceed 50% of containers on ships, up from the teens a few years ago.
To this, based on Xeneta's data, the gap between contract and spot is widening on the Asia-Europe trade, and often exceeds US$10,000/FFE, when comparing the spot rates of small shippers compared to contract rates with large shippers. This suggests smaller import/export players are getting the short end of the stick.
Also, entering into contracts is not a water-tight guarantee you will move your cargo. Reportedly shippers are being forced to pay additional surcharges over and above contracted box prices to move goods.


Blank Sailings

A liner service is allocated a certain number of days to complete a full rotation covering all the ports of call on a schedule. When a ship does not call at one or more of its scheduled intermediate ports - due to weather issues, strikes, or what transpired at YICT - it is called a blank sailing or void sailing from these ports. This avoids the congestion and knock-on waiting time.

project44 estimates container lines blanked 298 sailings globally between 1 – 15 June with a combined vessel capacity of over 3m TEUs. This is a 300% increase in one month. The disruption at YICT did not cause all of these bank sailings, but the vast majority.

There are also planned blank sailings, wherein a ship is simply taken out of a group loop to reduce capacity on certain trade routes.  For example, if a shipping company has eight ships plying a particular transpacific route in a loop formation, if a blank sailing does occur, that liner may opt to put that ship at the back of the loop, so as to not disrupt the natural flow of capacity.  That is also removing (temporarily) supply from the system.
You can observe this by looking at the number of vessels laid up outside Yantian and other congested ports which are primary source ports (rather than destination ports). 


Alliances

The three large alliances account for 80-85% of the shipping market and include all of the top 10 container lines.
2M was formed by the two world leaders in the sector, the Ap Moller - Maersk A/S (MAERSKA DC) and the Italian-Mediterranean Mediterranean Shipping Company (MSC);
The Ocean Alliance formed by COSCO Shipping Holdings Co., Ltd (H) (1919 HK) (together with OOCL), France's CMA CGM, and Evergreen Marine Corp (2603 TT), which are the third, fourth, and seventh largest in the sector;
And THE Alliance formed by Hapag-Lloyd AG (HLAG GR),  Japan's Ocean Network Express (ONE), and Yang Ming Marine Transport (2609 TT), who are the fifth, sixth, and eighth companies in the market.
Ships are getting larger on average. But given tight margins, these massive ships often need to be at ~90% capacity in the past in order to keep these carriers in the black.
With box spot prices skyrocketing, accusations of a cartel are being fielded. That's probably a stretch - given any vessel that can be used, is probably being used. Arguably, the current supply/demand situation is out of the hands of carriers.
Carriers could keep a fixed price and simply reject some shippers (customers). But we are not seeing this.
But as and when box spot prices do eventually level off, expect those accusations to become louder.  To what degree can carriers enforce higher contractual rates once the market normalises?



Filling The Void

American Shipper reported a 5,060-TEUs was chartered at $135,000/day per day for 45-90 days. Alphaliner subsequently reported that the 4,506-TEUs was chartered for two months at $125,000/day.
MPC Container also reported it just chartered out a 2,800-TEUs vessel at above $100,000/day for 65 to 80 days. That ship, built in 2008, was bought for US$8mn. The charter alone covers that $8mn cost.
If we assume that last ship is put into the transpacific route, you're looking at ~US$3,000/FFE for the round trip, at ~80 days. And that's just the vessel cost. There will be all the other costs added on top - fuel, etc. So with spot rates at US$7,000/FFE, the chartering company is probably still making decent coin.
The flipside is that this vessel was probably plying a regional route. By taking that volume out of the equation, that regional route cost will then be hit. 


Chassis

To get an idea of the contagion effect at work here, there is currently a shortage of chassis in the US. These are the truck beds a container is placed on.
As a guide, chassis have a normal turnaround time (say 80% of chassis) of 11 days or less. That number is down to 60%. That means the ports are struggling to clear containers, resulting in a build of containers at the ports. Shippers then occur fees for storage, not to mention the delay in picking up their containers. The return of those empty containers is similarly compounded.
This week, the US International Trade Commission applied anti-dumping duties on CIMC's chassis. Ironically, this only exacerbates the shortage of chassis in the system.


What Else? How About Vessel Collisions



This video show's the Hamburg Süd vessel Cap San Antonio sustaining damage after colliding with a pier in Santos.
At ~10,000TEUs and ~50% of the weekly capacity between  East Coast South America to North Europe, taking this ship out of the loop will impact this trade route.

Again, this serves to illustrate factors that could aggravate an already existing stretched logistic situation. 





Where to Invest?

The shipping liners are making money hand over fist. 
Container manufacturers
Warehouse operators
Chassis manufacturers - although no pure listed players as far as I'm aware.


Shipping Liners

I still like COSCO Shipping Holdings Co., Ltd (H) (1919 HK) here.


        



Trading Comps


Mkt Cap (USDm)


PER (E)


EV/EBITDA (E)


P/B



Hapag-Lloyd Aktiengesellschaft
39,752
8.2x
7.0x
4.8x


A.P. Møller - Mærsk A/S
54,484
5.8x
4.1x
1.8x


DSV Panalpina A/S
52,810
37.0x
21.1x
6.8x


Kuehne + Nagel International AG
41,586
33.3x
15.7x
15.3x


Atlas Corp.
3,545
10.9x
8.6x
1.0x


COSCO SHIPPING Holdings Co., Ltd.
46,062
3.9x
5.2x
6.8x


Nippon Yusen Kabushiki Kaisha
8,576
2.8x
10.2x
1.5x


Kawasaki Kisen Kaisha, Ltd.
3,281
2.1x
20.1x
1.7x


Mitsui O.S.K. Lines, Ltd.
5,643
3.0x
15.9x
1.1x


Yang Ming Marine Transport Corporation
17,728
4.6x
3.7x
14.0x


Evergreen Marine Corporation (Taiwan) Ltd.
28,609
6.0x
4.8x
8.5x


Max
54,484
37.0x
21.1x
15.3x


Median
28,609
5.8x
8.6x
4.8x


Min 
3,281
2.1x
3.7x
1.0x


Mean
27,461
10.7x
10.6x
5.8x


Source: CapIQ



 

      



Trading Comps


One-Mth


Three-Mth


Six-Mth


One-YR



Hapag-Lloyd Aktiengesellschaft
19%
49%
119%
291%


A.P. Møller - Mærsk A/S
5%
27%
29%
153%


DSV Panalpina A/S
-1%
24%
44%
102%


Kuehne + Nagel International AG
2%
22%
54%
113%


Atlas Corp.
6%
1%
36%
97%


COSCO SHIPPING Holdings Co., Ltd.
28%
104%
133%
739%


Nippon Yusen Kabushiki Kaisha
22%
37%
116%
256%


Kawasaki Kisen Kaisha, Ltd.
31%
49%
76%
247%


Mitsui O.S.K. Lines, Ltd.
14%
24%
51%
160%


Yang Ming Marine Transport Corporation
54%
360%
561%
2367%


Evergreen Marine Corporation (Taiwan) Ltd.
84%
278%
374%
1460%


Max
84%
360%
561%
2367%


Median
19%
37%
76%
247%


Min 
-1%
1%
29%
97%


Mean
24%
88%
145%
544%



Source: CapIQ 




Containers

The three key Chinese container manufacturing companies are China International Marine Cntnrs Gp (2039 HK), Singamas Container Hldgs (716 HK), and unlisted CXIC.
Container manufacturing accounts for around 23%/33% of CIMC's revs/NPBT. So not a clean player. A mentioned above, it also makes chassis.
And Singamas is tiny - around US$200mn market cap.

Warehousing

When Global Logistics Properties, the logistic giant and largest operator of warehouse space in China, was privatised in 2017, Prologis Inc (PLD US) and Goodman Group (GMG AU) were cited as GLP's closest peers at the time
As discussed in CLPH (1589 HK): Free Float Breached As JD.com Bumps Stake, China Logistics Property Holdings (1589 HK) has also been in the news recently over possible interest from JD.com Inc. (9618 HK).
Separately, Kerry Logistics Network (636 HK)'s independent shareholders approved last month the sale of its Hong Kong and Taiwan warehouse businesses to Kerry Holdings. See  Kerry Logistics (636 HK): SF Holdings' Pre-Conditional Partial Offer. That looks to be a fortuitous transaction for Kery Holdings.



"Squeezebox" is a slang term for accordion.



Squeeze Box: The Port Congestion Contagion

Last Week in Event SPACE: Soho China, Toshiba, China Logistics, Invesco Office, Yantian's Backlog

Last Week in Event SPACE: Toshiba, MMC Corp, Japan Post, China Logistics, Pershing Square, Hang Lung


For the month of May, 11 new deals were discussed on Smartkarma with an overall announced deal size of ~US$7.3bn.



Clicking on the company name in the table below will take you to the entity page where you can read the initial insight(s) written by Smartkarma contributors on these new deals and follow-up discussions, or simply click on the insight link(s) below the name.







New Deals


Industry


Size (US$bn)


Type


Premium




Australia




APN Property Group (APD AU) 
Property
0.2
Scheme
50%


APN Prop (APD AU): Dexus' Done Deal



Boral Ltd (BLD AU) 
Construction
4.8
Off-market
Nil


Boral Ltd (BLD AU): Seven's Nil Premium



Japara Healthcare (JHC AU) 
Healthcare
0.2
Scheme
30%


Japara Healthcare (JHC AU): Here Comes The Calvary


 



Hong Kong




Chong Hing Bank (1111 HK) 
Banking
0.2
Scheme
51.2%



Chong Hing Bank (1111 HK): Takeover Talk As Shares Pop
Chong Hing Bank (1111 HK): Yue Xiu's Offer Is Light



 



Japan




Aomori Bank (8342 JP) / Michinoku Bank (8350 JP) 
Bank
0.6
Merger



Aomori Bank &amp; Michinoku Bank Merger - Nothing To Write Home About Yet



EPS Holdings (4282 JP) 
Data/software
0.1
Tender Offer
35.5%


Another Too-Cheap MBO as Founder Takes Out EPS


 Locoguide (4497 JP) / Kufu (4399 JP)

Real estate
0.4
Merger



Locoguide (4497 JP) - Kufu (4399 JP): Merger Is a Done Deal



Maruka Machinery (7594 JP) / Furusato Industries (8087 JP) 
Trading
0.4
Merger



A Complex SmallCap Merger in Japan: Maruka (7594) And Furusato (8087)



Secom Joshinetsu (4342 JP) 
Security
0.3
Tender Offer
66.2%


Secom To Finally Buy Out Affiliate Secom Joshinetsu (4342)








Malaysia




Can-One Bhd (CAN MK) 
Manufacturing
0.1
MTO
15.8%


Can-One (CAN MK)? Yeoh Can Lah!



IHH Healthcare (IHH MK) 
Healthcare
N/A
N/A
N/A


IHH Healthcare (IHH MK): More Medicine For Mitsui?


Source: Smartkarma Insights






The above does not include BetMakers Technology Group (BET AU) lobbing a non-binding offer of A$4bn (A$1bn cash, $3bn scrip into BET) for Tabcorp Ltd (TAH AU)'s wagering and media division, and Apollo's prior tilt - Tabcorp (TAH AU): Apollo Shows Its Hand.

Nor does the table include the rumoured merger between  Angang Steel Co Ltd (H) (347 HK) and Bengang Steel (000761 CH) - Amalgamated Steel: Merging Angang &amp; Bengang As, Bs, and Hs.



The average premium for the new deals announced (or first discussed) in May was ~41%, with a year-to-date average of ~31% (78 deals). This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively. 




Summary of News in May of Arb Situations On Smartkarma's Radar



(Again, click on the company names to take to you to the insights and/or discussion posts for a more comprehensive read-through on each situation)






Australia


Comments (with links to announcements &amp; insights)




3P Learning (3PL AU) 

No May update




Bingo Industries (BIN AU) 

1-May: Capital Group announced it has sold its entire 9.7% stake in Bingo Industries (BIN AU).




Crown Resorts (CWN AU) 

10-May: Crown Resorts: Blackstone &amp; Star Place Their Bets
17-May: Crown Says Blackstone's Bid Is Light. Undecided On Star
20-May: Crown Resorts Ltd: Blackstone Offer Rejected, Star Offer May Still Not Reflect True Forward Value




Galaxy Resources (GXY AU) 

No May update




Link Administration Holdings (LNK AU) 

27-May: Link Group (LNK AU): KKR Opens The Bidding For PEXA
31-May: Link Admin (LNK AU) Goes IPO Route For PEXA Afterall




Mainstream Group Holdings Ltd (MAI AU) 

2-May: Mainstream (MAI AU): More-Than-Double in Less than 2 Months After Apex Bump
6-May: Mainstream (MAI AU): Bidding War Continues as SS&amp;C Overbids for the 4th Time
14-May: Mainstream (MAI AU): +120% in ~2 Months but Bidding War Continues....




McPherson's Ltd (MCP AU) 

No May update




Mortgage Choice (MOC AU) 

26-Mau FIRB gives its approval



Primewest Group Ltd (PWG AU)

14-May: Target's Statement and Bidder's Statements were published. Primewest Group Ltd (PWG AU)'s Board has unanimously recommended shareholders to accept the Offer. 




Think Childcare (TNK AU) 

12-May: Think Childcare (TNK AU) has agreed to extend the Exclusivity Period with Busy Bees to 31st May 2021 (vs. original deadline of 14th May). This is still a non-binding deal with an expected completion date to be in 1Q CY22. 




Vitalharvest Freehold Trust (VTH AU) 

1-May: And so it goes - MAFM bumps its Offer for Vitalharvest Freehold Trust (VTH AU) to $1.26.
7-May: MAFM exercises a call option and acquires 16.2% of Vitalharvest Freehold Trust (VTH AU).
28-May Roc bumps its Offer for Vitalharvest Freehold Trust (VTH AU) to $1.29/share.  And says it will overbid any MAFM counter! 




Vocus Communications (VOC AU) 

10-May: Vocus Comms (VOC AU): MIRA/Aware's Done Deal
19-May: Vocus Comms (VOC AU): MIRA/​Aware’s Scheme Doc Despatched. EGM On 22 June










Hong Kong


Comments (with links to announcements &amp; insights)




Beijing Digital Telecom (6188 HK) 

1-May: Beijing Digital (6188 HK): Offer Now Open. IFA Says Fair
20-May: Beijing Digital Telecom (6188 HK)'s MGO is now unconditional in all respects. 




China Machinery Engineering (1829 HK) 

28-May: China Machinery Engineering (1829 HK): Movement In The Works?




China Traditional Chinese Medicine (570 HK) 

7-May: In its monthly update regarding a potential Offer, China Traditional Chinese Medicine (570 HK) says there is no update.




China Youzan Limited (8083 HK) 

10-May: China Youzan (8083 HK): Reality Check As Shares Rollover




Kerry Logistics Network (636 HK) 

4-May: Kerry Logistics Network (636 HK) will hold an EGM on the 26 May for shareholders to vote on the sale of the Hong Kong and Taiwan warehouse businesses to Kerry Holdings. 
26-May: At its SGM, Kerry Logistics Network (636 HK) shareholders overwhelmingly approved the sale of its Hong Kong, Taiwan warehouse business to Kerry Holdings.




New Century REIT (1275 HK) 

No May update




Rivera Holdings (281 HK) 

No April update




Sichuan Languang Justbon Service Group (2606 HK) 

3-May: Languang Justbon (2606 HK): Offer Now Open - For Up To Four Months










India


Comments (with links to insights)




Mphasis Ltd (MPHL IN) 

4-May: The Detailed Public Statement on Mphasis Ltd (MPHL IN) has been released. The Open Offer is scheduled tentatively to run from 18 June to 1 July, which means it is running Very Tight and the option is worth a bit less than I expected. But that just means there is more gamma. One could get big at the high Rs 1600s area. 




Vedanta Ltd (VEDL IN) 

4-May: Vedanta Now Caught Up With Peers - A Different Skew Ahead










Japan


Comments (with links to announcements &amp; insights)




BeNEXT Group (2154 JP) 
No May update



Cocokara Fine (3098 JP) 
No May update



Fuji Kosan Company (5009 JP) 
17-May:  Fuji Kosan Company (5009 JP) has responded to Aslead Strategic Value Fund's Tender Offer with its initial Target Opinion Statement which is "Opinion Withheld." This is because Fuji Kosan hasn't actually done anything yet - two weeks in. They have sent questions to Aslead, and Aslead has five business days to respond. This is slow-walking it. This tender offer is likely to be extended because of that.



Hitachi Metals (5486 JP) 

5-May: Hitachi Metals - Should I Stay or Should I Go Now?




Honshu Chemical Industry (4115 JP) 

13-May: Honshu Chemical (4115) Shareholders Perhaps One Day From a Wrong Price Takeover
16-May:: Honshu Chemical Shareholders Get the Short End of the Stick As The Board Is Ex-Gourd




Invesco Office J Reit (3298 JP) 

6-May:  Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight
11-May:  Starwood Bumps Terms, Lowers Threshold on Invesco Office
13-May:  Invesco Office's Terrible, Horrible, No Good Very Bad Day... Changes Things
20-May:  Invesco Office's Beige Knight (Deemed Dirty Gray By Markets) Suddenly Looks Brighter and Whiter
23-May:  Starwood Responds to Invesco Office's White Knight Proposal
24-May: Starwood has extended their Tender Offer on Invesco Office J Reit (3298 JP) from the 24th of May to 15th of June after the close of the 24th. They did not raise the price. This is basically the equivalent of Starwood calling Invesco's bluff. They can extend again if they want but they are going to make Invesco come out. They can change price later if they think it necessary.



Japan Asia (3751 JP)
No May update



Sawada Holdings (8699 JP) 

9-May:  Sawada Selldown Was NOT Done - Shareholder Structure Looks Different Now
23-May: Sawada Is A Different Stock Now
31-May:  Be Careful of Expectations on Sawada (8699)




Toshiba Corp (6502 JP) 

14-May: Toshiba – Shareholder Returns Trump Weak Guidance
17-May: Toshiba Results &amp; Shareholder Return - Possibly Big Impact Buyback Coming











New Zealand


Comments 




Tilt Renewables Ltd (TLT NZ) 

No May update











Singapore


Comments (with links to announcements)




Procurri Corporation (PROC SP) 

3-May: The Partial Offer has not become unconditional in all respects on the Closing Date and has therefore lapsed










Thailand


Comments




Intouch Holdings (INTUCH TB) 

No May update




Vinythai Public Co (VNT TB) 

No May update






Last Week in Event SPACE: Sing Air, JD Logistics, China Mobile, Angang/Bengang, Link Admin, Xiaomi

Hong Kong

Kerry Logistics Network Limited provides logistics services in Asia and internationally. The Company offers integrated logistics services, as well as leases warehousing space in Hong Kong and provides international freight forwarding services.

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Kerry Logistics Network (636 HK)

Squeeze Box: The Port Congestion Contagion

For now, we have a cargo boom, a shortage of capacity, falling inventories, as we head into the peak season, There appears minimal leeway for a...

David Blennerhassett

Last Week in Event SPACE: Soho China, Toshiba, China Logistics, Invesco Office, Yantian's Backlog

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Last Week in Event SPACE: Toshiba, MMC Corp, Japan Post, China Logistics, Pershing Square, Hang Lung

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

(Mostly) Asia M&A: May 2021 Roundup

The average premium for the new deals announced (or first discussed) in May was ~41%, with a year-to-date average of ~31% (78 deals).

David Blennerhassett

Last Week in Event SPACE: Sing Air, JD Logistics, China Mobile, Angang/Bengang, Link Admin, Xiaomi

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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