Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Event-Driven

We are closing our suggested Long <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894:1">Global Logistic Properties Ltd (GLP SP)</a> / Short <a href="https://www.smartkarma.com/entities/15155" target="_blank" data-smartkarma-citation="entities:15155:1">China Merchants Port Holdings Company Ltd. (144 HK)</a> pair trade idea on Friday's news that GLP has finally selected a bidder for the company. The winning bidder, a consortium of Chinese investors led by GLP CEO Ming Mei, will pay S$3.38 per share plus the previously announced 6 cent dividend (to be paid in August), which brings total consideration very close to our target price for GLP (S$3.55). GLP shares traded up…

We are closing our suggested Long Global Logistic Properties Ltd (GLP SP) / Short China Merchants Port Holdings Company Ltd. (144 HK) pair trade idea on Friday's news that GLP has finally selected a bidder for the company. The winning bidder, a consortium of Chinese investors led by GLP CEO Ming Mei, will pay S$3.38 per share plus the previously announced 6 cent dividend (to be paid in August), which brings total consideration very close to our target price for GLP (S$3.55). GLP shares traded up…

Closing GLP / China Merchants Ports Holdings Long-Short Pair Trade Idea on Positive GLP Deal News

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

Hutchison Port Holdings / Equity Bottom-Up

Drewry Maritime Research has raised the 2017 global throughput forecast. In particular, US and Europe containerised volumes are expected to accelerate 3.0% and 3.9% this year; a marked improvement from last year’s forward projection of 2.0% and 1.6% respectively. As HPHT has significant trade exposure to the US and Europe, we believe the market is pricing in a strong 2Q17 report card which will be revealed on 19 July 2017.<ul><li>
Volume-driven play.While buoyant macro data in the US and Eurozone lifted…</li></ul>

Drewry Maritime Research has raised the 2017 global throughput forecast. In particular, US and Europe containerised volumes are expected to accelerate 3.0% and 3.9% this year; a marked improvement from last year’s forward projection of 2.0% and 1.6% respectively. As HPHT has significant trade exposure to the US and Europe, we believe the market is pricing in a strong 2Q17 report card which will be revealed on 19 July 2017.
Volume-driven play.While buoyant macro data in the US and Eurozone lifted…

HPHT Clambers Higher on Upbeat Expectations

Orient Overseas (International) / Equity Bottom-Up

In our comments on the global container shipping segment, we have until recently argued that players on the supply side -- liner operators and other container ship owners -- have not taken the painful steps needed to bring excess supply in line with weakened demand in the near-term, and that the benefits of consolidation weren't likely to be seen for at least another year or two. In the last few weeks, however, we have seen evidence that ship owners are finally biting the bullet and reducing…

In our comments on the global container shipping segment, we have until recently argued that players on the supply side -- liner operators and other container ship owners -- have not taken the painful steps needed to bring excess supply in line with weakened demand in the near-term, and that the benefits of consolidation weren't likely to be seen for at least another year or two. In the last few weeks, however, we have seen evidence that ship owners are finally biting the bullet and reducing…

Container Shipping: Demand Weak, But Supply Side Taking Needed Steps; Hanjin Sold; Focus On OOIL

<ul><li>
Trump stuns with a comfortable win: Last night Donald Trump won the US presidency, edging out Hillary Clinton in several swing states to secure at least 279 electoral college votes to Clinton's 218 (270 votes are needed to win; results of a few close contests are still being tallied this morning, but they won't change the outcome). Clinton actually won the popular vote by a small margin (estimated 47.6% vs Trump's 47.5% as of Wednesday morning in the US) but badly underperformed expectations in…</li></ul>


Trump stuns with a comfortable win: Last night Donald Trump won the US presidency, edging out Hillary Clinton in several swing states to secure at least 279 electoral college votes to Clinton's 218 (270 votes are needed to win; results of a few close contests are still being tallied this morning, but they won't change the outcome). Clinton actually won the popular vote by a small margin (estimated 47.6% vs Trump's 47.5% as of Wednesday morning in the US) but badly underperformed expectations in…

Trump's Victory, The Danger of Certainty, and an Actionable Idea: Get Short US Int'l Trade Flows

In line with September's macro numbers (see <a href="https://www.smartkarma.com/insights/china-exports-fall-but-reforms-apace" target="_blank" data-smartkarma-citation="insights:6500">China: Exports Fall but Reforms Apace</a> and <a href="https://www.smartkarma.com/insights/chinese-trade-data-recap-it-isn-t-pretty" target="_blank" data-smartkarma-citation="insights:6443">Chinese Trade Data Recap: It Isn’t Pretty</a>), organic growth reported by the two largest Chinese port operators remained weak last month. In this note we quickly review September throughput numbers for both <a href="https://www.smartkarma.com/entities/15155" target="_blank" data-smartkarma-citation="entities:15155:1">China Merchants Port Holdings Company Ltd. (144 HK)</a> and <a href="https://www.smartkarma.com/entities/360" target="_blank" data-smartkarma-citation="entities:360:1">COSCO Pacific Ltd (1199 HK)</a>. We point out that while organic growth at Chinese ports remains weak, the alternative to growing organically (ie, growth via…

In line with September's macro numbers (see China: Exports Fall but Reforms Apace and Chinese Trade Data Recap: It Isn’t Pretty), organic growth reported by the two largest Chinese port operators remained weak last month. In this note we quickly review September throughput numbers for both China Merchants Port Holdings Company Ltd. (144 HK) and COSCO Pacific Ltd (1199 HK). We point out that while organic growth at Chinese ports remains weak, the alternative to growing organically (ie, growth via…

Organic Growth at China Merchants Port, Cosco Shipping Ports Remains Weak. Acquisitions? Expensive!

Hong Kong

China Merchants Port is a leading global port developer, investor, and operator, primarily engaged in port operations, bonded logistics, and property investment. The company manages container and bulk/general cargo terminals, operates logistics parks, and provides port transportation and airport cargo handling services. It is headquartered in Hong Kong and was founded in 1991.

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China Merchants Port (144 HK)

Closing GLP / China Merchants Ports Holdings Long-Short Pair Trade Idea on Positive GLP Deal News

We are closing our suggested Long Global Logistic Properties Ltd (GLP SP) / Short China Merchants Port Holdings Company Ltd. (144 HK) pair trade...

Daniel Hellberg

HPHT Clambers Higher on Upbeat Expectations

Drewry Maritime Research has raised the 2017 global throughput forecast. In particular, US and Europe containerised volumes are expected to...

Drewry Maritime Financial Research

Container Shipping: Demand Weak, But Supply Side Taking Needed Steps; Hanjin Sold; Focus On OOIL

In our comments on the global container shipping segment, we have until recently argued that players on the supply side -- liner operators and...

Daniel Hellberg

Trump's Victory, The Danger of Certainty, and an Actionable Idea: Get Short US Int'l Trade Flows

Trump stuns with a comfortable win: Last night Donald Trump won the US presidency, edging out Hillary Clinton in several swing states to secure...

Daniel Hellberg

Organic Growth at China Merchants Port, Cosco Shipping Ports Remains Weak. Acquisitions? Expensive!

In line with September's macro numbers (see China: Exports Fall but Reforms Apace and Chinese Trade Data Recap: It Isn’t Pretty), organic growth...

Daniel Hellberg

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