Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

AP Moeller - Maersk A/S / Equity Bottom-Up

<ul>
<li>Core "Ocean" EBITDA fell by 55% Y/Y in Q325 due to lower average freight rates</li>
<li>Maersk lifted lower end of guidance range, but offered downbeat tone on Q4, 2026</li>
<li>Shares fell by 5% in response to Thursday's report; we remain negative on sector</li>
</ul>


Core "Ocean" EBITDA fell by 55% Y/Y in Q325 due to lower average freight rates
Maersk lifted lower end of guidance range, but offered downbeat tone on Q4, 2026
Shares fell by 5% in response to Thursday's report; we remain negative on sector


Maersk Q325 Results: Core Ocean Down 55% Y/Y | Downbeat Guidance from Management | Q425 Losses?

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

DZT Research

DZT 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 HSI 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 Pop Mart Intl, WUXI APPTEC, MEITUAN, PING AN INSURANCE, JD.COM, China Life, China Life, Ping An, Pop Mart, Meituan, Jd, Wuxi Apptec.</li>
</ul>


We analysed the earning revision of component stocks of HSI 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 Pop Mart Intl, WUXI APPTEC, MEITUAN, PING AN INSURANCE, JD.COM, China Life, China Life, Ping An, Pop Mart, Meituan, Jd, Wuxi Apptec.


HSI Index Earning Revision (Oct): Pop Mart Intl, WUXI APPTEC, MEITUAN, PING AN INSURANCE, JD.COM

ZIM Integrated Shipping Services / Equity Bottom-Up

ZIM Integrated Shipping Services (ZIM US)

<ul>
<li>Recently there have been rumors ZIM could be taken private by management</li>
<li>ZIM issued a 'no comment' but its board has reportedly hired bankers</li>
<li>We think a bid from a non-Israeli source is quite unlikely in the near-term</li>
</ul>


Recently there have been rumors ZIM could be taken private by management
ZIM issued a 'no comment' but its board has reportedly hired bankers
We think a bid from a non-Israeli source is quite unlikely in the near-term


Addressing Go-Private Rumors Surrounding ZIM | Near-Term, We Think a Transaction Is Unlikely

<ul>
<li>Concerted rate increase on Sept 1 failed, deep sea rates are still falling</li>
<li>Carrier revenues in July-August down ~40% Y/Y, W Coast volumes weak</li>
<li>We retain our -ive view on container shipping, seek opportunities to Short</li>
</ul>


Concerted rate increase on Sept 1 failed, deep sea rates are still falling
Carrier revenues in July-August down ~40% Y/Y, W Coast volumes weak
We retain our -ive view on container shipping, seek opportunities to Short


Monthly Container Shipping Tracker | Sept 1 Rate Increase Failed, Rates Still Down | September 2025

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 17 September, HMM Co., Ltd. (011200 KS) announced the results of the tender offer.</li>
<li>Its two largest shareholders (Korea Development Bank - KDB and Korea Ocean Business Corp - KOBC) both participated in the tender offer.</li>
<li>With end of the tender offer, we believe there could be a renewed focus on the continued decline in the global shipping rates which is negative on HMM. </li>
</ul>


On 17 September, HMM Co., Ltd. (011200 KS) announced the results of the tender offer.
Its two largest shareholders (Korea Development Bank - KDB and Korea Ocean Business Corp - KOBC) both participated in the tender offer.
With end of the tender offer, we believe there could be a renewed focus on the continued decline in the global shipping rates which is negative on HMM. 


Hong Kong

Orient Overseas (International) is an investment holding company primarily engaged in international container transport and logistics services, offering global containerized shipping and supply chain management. It also has interests in property investment and development. The company was incorporated in 1986 and is headquartered in Hong Kong.

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Orient Overseas (International) (316 HK)

Maersk Q325 Results: Core Ocean Down 55% Y/Y | Downbeat Guidance from Management | Q425 Losses?

Maersk reported decent Q3 numbers last week, but management's downbeat tone & new guidance that suggests EBIT loss in Q4 should raise alarm bells...

Tracking Traffic

HSI Index Earning Revision (Oct): Pop Mart Intl, WUXI APPTEC, MEITUAN, PING AN INSURANCE, JD.COM

We analyzed HSI's consensus for Oct 2025 and highlighted changes of EPS in Pop Mart Intl (9992 HK), WUXI APPTEC (2359 HK), MEITUAN (3690 HK), PING...

Ke Yan, CFA, FRM

Addressing Go-Private Rumors Surrounding ZIM | Near-Term, We Think a Transaction Is Unlikely

Despite the rumors floating around in Israel's financial media, we believe a go-private deal for Israeli deep-sea container carrier ZIM is unlikely...

Tracking Traffic

Monthly Container Shipping Tracker | Sept 1 Rate Increase Failed, Rates Still Down | September 2025

August and September data show clearly that deep-sea ocean freight rates remain under downward pressure. We believe Q325 carrier earnings may...

Tracking Traffic

HMM: Results of the Tender Offer

HMM announced the results of the tender offer. The combined stakes of KDB and KOBC declined from 71.7% prior to tender offer to 64.9% post this event.

Douglas Kim

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