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.

Equity Bottom-Up

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

Impairments hold back group’s result, but Maersk Line turns profitable. Maersk Line returned back to the black with a profit of USD 339m in 2Q17 from a loss of USD 151m in 2Q16. The company’s turnaround was achieved mainly on account of a 22% increase in the freight rates. Unit costs though proved to be a slight dampener which rose 7% on the back of higher bunker fuel prices (+61% y/y to USD 313 / tonne). The turnaround of Maersk Line is largely in line with DMFR’s estimate and we believe this…

Impairments hold back group’s result, but Maersk Line turns profitable. Maersk Line returned back to the black with a profit of USD 339m in 2Q17 from a loss of USD 151m in 2Q16. The company’s turnaround was achieved mainly on account of a 22% increase in the freight rates. Unit costs though proved to be a slight dampener which rose 7% on the back of higher bunker fuel prices (+61% y/y to USD 313 / tonne). The turnaround of Maersk Line is largely in line with DMFR’s estimate and we believe this…

Underlying Thesis Intact; Maersk Line Returns to Profitability

Results in line: Westports Holdings Bhd reported its 2Q17 results, which are in line with our expectations. On the back of throughput weakness and a change in accounting standards, the revenue slipped 6.3% y/y to MYR 421.0m (USD 98.4m). The Malaysian-listed terminal operator handled 2.23m teu in the quarter, representing a contraction of 10.8% over the same period last year.Dual-hubbing strategy hurts: Had it not been for a record quarterly gateway throughput, the net earnings could have been…

Results in line: Westports Holdings Bhd reported its 2Q17 results, which are in line with our expectations. On the back of throughput weakness and a change in accounting standards, the revenue slipped 6.3% y/y to MYR 421.0m (USD 98.4m). The Malaysian-listed terminal operator handled 2.23m teu in the quarter, representing a contraction of 10.8% over the same period last year.Dual-hubbing strategy hurts: Had it not been for a record quarterly gateway throughput, the net earnings could have been…

Westports 2Q17 – Throughput Guidance Boosts Our Unattractive Call

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.

We recently had a call with management from <a href="https://www.smartkarma.com/entities/13602" target="_blank" data-smartkarma-citation="entities:13602:1">Singamas Container Hldgs (716 HK)</a>, the second largest container manufacturer in the world after <a href="https://www.smartkarma.com/entities/11752" target="_blank" data-smartkarma-citation="entities:11752:1">China International Marine Cntnrs Gp Ltd (2039 HK; "CIMC")</a>, to understand the latest trends in the container manufacturing industry. 2016 saw a weak market for container manufacturers, and Singamas made a loss of US$59m. Singamas' share price has been weak until recently. We look at this name because: 1) the shipping industry has come off lows in 2016, 2)…

We recently had a call with management from Singamas Container Hldgs (716 HK), the second largest container manufacturer in the world after China International Marine Cntnrs Gp Ltd (2039 HK; "CIMC"), to understand the latest trends in the container manufacturing industry. 2016 saw a weak market for container manufacturers, and Singamas made a loss of US$59m. Singamas' share price has been weak until recently. We look at this name because: 1) the shipping industry has come off lows in 2016, 2)…

Call with Singamas: Tales of Hanjin, Water Based Paints, and New Reefer Plant

Transport Sector, China and Asia-focused Research

Charles De Trenck

Orient Overseas (International) / Equity Bottom-Up

Don’t get me wrong. I still like <a href="https://www.smartkarma.com/entities/801" target="_blank" data-smartkarma-citation="entities:801:1">Orient Overseas Intl Ltd (316 HK)</a>, OOIL/OOCL, as an operator long term. Always have. And I may come back at another price or time. But there are a few issues worth drawing out, now that analysts have gone gaga over shipping – including notably <a href="https://www.smartkarma.com/entities/286" target="_blank" data-smartkarma-citation="entities:286:1">China COSCO Holdings (H) (1919 HK)</a> which is at some 3x OOIL on a P/B and which still is not fit for long term investing. I list my reasons in selling OOIL in easy bullets further below.OOIL was at HK$30 when I bought and…

Don’t get me wrong. I still like Orient Overseas Intl Ltd (316 HK), OOIL/OOCL, as an operator long term. Always have. And I may come back at another price or time. But there are a few issues worth drawing out, now that analysts have gone gaga over shipping – including notably China COSCO Holdings (H) (1919 HK) which is at some 3x OOIL on a P/B and which still is not fit for long term investing. I list my reasons in selling OOIL in easy bullets further below.OOIL was at HK$30 when I bought and…

Why I Just Sold Orient Overseas (OOIL) At HK$45

A.P. Møller - Mærsk A/S (MAERSKB DC) - FY17 to Mark Big Reversal Driven by Maersk Line, Buy on Declines<ul>
<li>
A.P. Moller Maersk  reported its 4Q16 and FY16 numbers which were in line with our estimates. Group wide underlying profit ex impairments came in at USD 711mn, vs. our expectations of USD 781mn. We note that the underlying profitability was at the lowest in the last five years and likely marked the bottom in earnings, in our view. 
</li>
<li>
Maersk Line reported a loss of USD 376mn for FY16, in line with…</li>
</ul>

A.P. Møller - Mærsk A/S (MAERSKB DC) - FY17 to Mark Big Reversal Driven by Maersk Line, Buy on Declines

A.P. Moller Maersk  reported its 4Q16 and FY16 numbers which were in line with our estimates. Group wide underlying profit ex impairments came in at USD 711mn, vs. our expectations of USD 781mn. We note that the underlying profitability was at the lowest in the last five years and likely marked the bottom in earnings, in our view. 


Maersk Line reported a loss of USD 376mn for FY16, in line with…


A.P. Møller - Mærsk A/​S (MAERSKB DC) - FY17 to Mark Big Reversal Driven by Maersk Line

Denmark

A.P. Moeller-Maersk A/S is a conglomerate with diversified holdings. The Company operates a fleet including container vessels, tankers, supply ships, special vessels, APM terminials, and oil drilling rigs.  A.P. Moeller-Maersk also operates industrial business and explores for and produces oil and gas. The Company is active worldwide.

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AP Moeller - Maersk A/S (MAERSKB DC)

Underlying Thesis Intact; Maersk Line Returns to Profitability

Impairments hold back group’s result, but Maersk Line turns profitable. Maersk Line returned back to the black with a profit of USD 339m in 2Q17...

Drewry Maritime Financial Research

Westports 2Q17 – Throughput Guidance Boosts Our Unattractive Call

Results in line: Westports Holdings Bhd reported its 2Q17 results, which are in line with our expectations. On the back of throughput weakness and...

Drewry Maritime Financial Research

Call with Singamas: Tales of Hanjin, Water Based Paints, and New Reefer Plant

We recently had a call with management from Singamas Container Hldgs (716 HK), the second largest container manufacturer in the world after China...

Ke Yan, CFA, FRM

Why I Just Sold Orient Overseas (OOIL) At HK$45

Don’t get me wrong. I still like Orient Overseas Intl Ltd (316 HK), OOIL/OOCL, as an operator long term. Always have. And I may come back at...

Charles De Trenck

A.P. Møller - Mærsk A/S (MAERSKB DC) - FY17 to Mark Big Reversal Driven by Maersk Line

A.P. Møller - Mærsk A/S (MAERSKB DC) - FY17 to Mark Big Reversal Driven by Maersk Line, Buy on Declines A.P. Moller Maersk reported its 4Q16 and...

Drewry Maritime Financial Research

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Underlying Thesis Intact; Maersk Line Returns to Profitability

Impairments hold back group’s result, but Maersk Line turns profitable. Maersk Line returned back to the black with a profit of USD 339m in 2Q17...

Drewry Maritime Financial Research

Westports 2Q17 – Throughput Guidance Boosts Our Unattractive Call

Results in line: Westports Holdings Bhd reported its 2Q17 results, which are in line with our expectations. On the back of throughput weakness and...

Drewry Maritime Financial Research

Call with Singamas: Tales of Hanjin, Water Based Paints, and New Reefer Plant

We recently had a call with management from Singamas Container Hldgs (716 HK), the second largest container manufacturer in the world after China...

Ke Yan, CFA, FRM

Why I Just Sold Orient Overseas (OOIL) At HK$45

Don’t get me wrong. I still like Orient Overseas Intl Ltd (316 HK), OOIL/OOCL, as an operator long term. Always have. And I may come back at...

Charles De Trenck

A.P. Møller - Mærsk A/​S (MAERSKB DC) - FY17 to Mark Big Reversal Driven by Maersk Line

A.P. Møller - Mærsk A/S (MAERSKB DC) - FY17 to Mark Big Reversal Driven by Maersk Line, Buy on Declines A.P. Moller Maersk reported its 4Q16 and...

Drewry Maritime Financial Research

A.P. Møller - Mærsk A/S (MAERSKB DC) - FY17 to Mark Big Reversal Driven by Maersk Line