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)

As <a href="https://www.smartkarma.com/profiles/2" target="_blank" data-smartkarma-citation="accounts:2">Raghav Kapoor</a>  mentioned this morning, "Smartkarma aims to be a disruptive force not only by changing economics, but by empowering independent thought leaders with a platform that doesn't mind being the lone voice keeping others accountable."Using this post I wanted to highlight how we are in complete sync with that thought process and independent research driven by great platform like SK will continue to evolve and will lead a change in investing landscape keeping investors interest in the…

As Raghav Kapoor  mentioned this morning, "Smartkarma aims to be a disruptive force not only by changing economics, but by empowering independent thought leaders with a platform that doesn't mind being the lone voice keeping others accountable."Using this post I wanted to highlight how we are in complete sync with that thought process and independent research driven by great platform like SK will continue to evolve and will lead a change in investing landscape keeping investors interest in the…

"Reports Were Prematurely Conceived and Greatly Exaggerated"

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive has been rockedIn 2009 when the container industry posted operating losses of nearly $20 billion and many lines were said to be minutes from bankruptcy, none died. The “zombie” carriers’ survival methods were varied and complex, ranging from off-hiring ships to requesting government support, but ultimately they worked.Having survived the worst crisis…

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive has been rockedIn 2009 when the container industry posted operating losses of nearly $20 billion and many lines were said to be minutes from bankruptcy, none died. The “zombie” carriers’ survival methods were varied and complex, ranging from off-hiring ships to requesting government support, but ultimately they worked.Having survived the worst crisis…

Collapse of Hanjin Shipping - Carriers Do Have Breaking Points

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

We lower our fair value estimate for China Merchants Port, or CMP, to HKD 26.00 from HKD 28.00, following the company’s worse-than-expected first-half 2016 results, with net profit declining 39% year over year, to HKD 1.7 billion. The shortfall is mainly attributed to an exceptional net loss at its 23% owned associate China International Marine Containers, or CIMC. While port operation is also slightly softer than we anticipated, making up 45% of our full-year forecast, we see a moderate 5%-6% throughput volume recovery in July-August and expect the company’s port operation to improve in the second half, with full-year organic throughput and tariff rates likely flat. We cut our 2016 net profit forecast to HKD 4.3 billion from HKD 5 billion, to reflect the worsening operating environment at CIMC. We retain our no-moat rating along with our high uncertainty ranking, reflecting our concerns on CMP’s minority holdings in most port assets as well as the higher cyclicality from CIMC.Analysts: Jennifer Song &amp; Lorraine Tan, CFA

We lower our fair value estimate for China Merchants Port, or CMP, to HKD 26.00 from HKD 28.00, following the company’s worse-than-expected first-half 2016 results, with net profit declining 39% year over year, to HKD 1.7 billion. The shortfall is mainly attributed to an exceptional net loss at its 23% owned associate China International Marine Containers, or CIMC. While port operation is also slightly softer than we anticipated, making up 45% of our full-year forecast, we see a moderate 5%-6% throughput volume recovery in July-August and expect the company’s port operation to improve in the second half, with full-year organic throughput and tariff rates likely flat. We cut our 2016 net profit forecast to HKD 4.3 billion from HKD 5 billion, to reflect the worsening operating environment at CIMC. We retain our no-moat rating along with our high uncertainty ranking, reflecting our concerns on CMP’s minority holdings in most port assets as well as the higher cyclicality from CIMC.Analysts: Jennifer Song &amp; Lorraine Tan, CFA

China Merchants Port's First-Half Missed, Cut Fair Value on Worsening CIMC

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

During the lunch break in Hong Kong on Wednesday August 31st, <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> reported a weak set of H116 results. Core revenue from the parent company's port operations fell -6% Y/Y and core operating profit fell by -16% Y/Y. Even after adjusting for disposals and other one-off gains in H115, CMPH's H116 pre-tax profit fell by almost -28% Y/Y, this despite an 11% increase in TEU throughput at the group's worldwide facilities. The results reinforce our…

During the lunch break in Hong Kong on Wednesday August 31st, China Merchants Port Holdings Company Ltd. (144 HK) reported a weak set of H116 results. Core revenue from the parent company's port operations fell -6% Y/Y and core operating profit fell by -16% Y/Y. Even after adjusting for disposals and other one-off gains in H115, CMPH's H116 pre-tax profit fell by almost -28% Y/Y, this despite an 11% increase in TEU throughput at the group's worldwide facilities. The results reinforce our…

China Merchants Port Hldgs Core PTP Falls -28% Y/Y Despite Throughput Growth; Retain Negative View

Carriers have withdrawn extremely low spot market freight rates on some, but not all, routesDrewry’s Global Freight Rate Index, a weighted average of spot container freight rates across all major routes except intra-Asia, swung back in Q216 by 13% to reach $1,403 per 40ft box. The global spot rate index had dropped to an all-time low of $1,113 per 40ft container in April.The 26% jump in the global rate index between April and July follows the recent tendency of ocean carriers to increase rates…

Carriers have withdrawn extremely low spot market freight rates on some, but not all, routesDrewry’s Global Freight Rate Index, a weighted average of spot container freight rates across all major routes except intra-Asia, swung back in Q216 by 13% to reach $1,403 per 40ft box. The global spot rate index had dropped to an all-time low of $1,113 per 40ft container in April.The 26% jump in the global rate index between April and July follows the recent tendency of ocean carriers to increase rates…

Container Shipping - Freight Rates Bottoming Out ?

Hong Kong

China Merchants Holdings International Company Limited, through its subsidiaries and associated companies, operates container and cargo terminals, port transportation, and airport cargo handling.  The Company also manufactures containers, paint, and trailers as well as operates toll road, shipping, property, and dealing securities businesses.

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China Merchants Port (144 HK)

"Reports Were Prematurely Conceived and Greatly Exaggerated"

As Raghav Kapoor mentioned this morning, "Smartkarma aims to be a disruptive force not only by changing economics, but by empowering independent...

Drewry Maritime Financial Research

Collapse of Hanjin Shipping - Carriers Do Have Breaking Points

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive...

Drewry Maritime Financial Research

China Merchants Port's First-Half Missed, Cut Fair Value on Worsening CIMC

We lower our fair value estimate for China Merchants Port, or CMP, to HKD 26.00 from HKD 28.00, following the company’s worse-than-expected...

Morningstar, Inc.

China Merchants Port Hldgs Core PTP Falls -28% Y/Y Despite Throughput Growth; Retain Negative View

During the lunch break in Hong Kong on Wednesday August 31st, China Merchants Port Holdings Company Ltd. (144 HK) reported a weak set of H116...

Daniel Hellberg

Container Shipping - Freight Rates Bottoming Out ?

Carriers have withdrawn extremely low spot market freight rates on some, but not all, routesDrewry’s Global Freight Rate Index, a weighted average...

Drewry Maritime Financial Research

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52-week Range

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