Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>This is a short insight, informing readers that we intend to initiate a container port terminal product, following our recent initiation on <a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> </li>
<li>This product will be followed by initiations on high-quality companies like <a href="https://www.smartkarma.com/entities/westports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3954:1" rel="noopener">Westports Holdings (WPRTS MK)</a> / <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a> / <a href="https://www.smartkarma.com/entities/port-of-tauranga-ltd" target="_blank" data-smartkarma-citation="entities:3739:1" rel="noopener">Port of Tauranga (POT NZ)</a>, etc, and a monthly screen.
</li>
<li>In this insight, we will highlight our rationale for introducing this product and outline the screening metrics for companies. </li>
</ul>


This is a short insight, informing readers that we intend to initiate a container port terminal product, following our recent initiation on Asian Terminals (ATI PM) 
This product will be followed by initiations on high-quality companies like Westports Holdings (WPRTS MK) / ICTSI (ICT PM) / Port of Tauranga (POT NZ), etc, and a monthly screen.

In this insight, we will highlight our rationale for introducing this product and outline the screening metrics for companies. 


Initiation of A Container Port Terminal Product

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since 4/22/25, we continue to believe SPX and ACWI-US likely bottomed at 4800-4820 and $101-$102 (May 13, 2025 report), and our intermediate-term outlook remains bullish also.</li>
<li>We'll maintain our bullish view as long as dynamics remain healthy and SPX and ACWI-US are above 5500 and $115, but we do not expect these levels to be tested.</li>
<li>We expect 5700-5785 on SPX and $120-$121 on ACWI-US to hold as support; considering the historic run up, don't be surprised to see another week or two of consolidation.</li>
</ul>


We remain near-term bullish since 4/22/25, we continue to believe SPX and ACWI-US likely bottomed at 4800-4820 and $101-$102 (May 13, 2025 report), and our intermediate-term outlook remains bullish also.
We'll maintain our bullish view as long as dynamics remain healthy and SPX and ACWI-US are above 5500 and $115, but we do not expect these levels to be tested.
We expect 5700-5785 on SPX and $120-$121 on ACWI-US to hold as support; considering the historic run up, don't be surprised to see another week or two of consolidation.


MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

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

<ul>
<li>Maersk's Q125 results slightly beat expectations, but earnings momentum continues to wane</li>
<li>Financial guidance for FY25 unchanged, but there are notable tweaks to key assumptions</li>
<li>Q125 likely carriers' best financial period of FY25 (by far), profits set to erode rest of year</li>
</ul>


Maersk's Q125 results slightly beat expectations, but earnings momentum continues to wane
Financial guidance for FY25 unchanged, but there are notable tweaks to key assumptions
Q125 likely carriers' best financial period of FY25 (by far), profits set to erode rest of year


Maersk Q125 Results: Solid Q1 Numbers | But Mgmt Retains Negative View on FY25, Citing Uncertainty

<ul>
<li>For the first time since Q322, our price momentum index flipped to negative</li>
<li>We see few signs of US tariff impacts in the March data -- not surprising</li>
<li>New US levies on China-built ships unhelpful, but most carriers can adjust</li>
</ul>


For the first time since Q322, our price momentum index flipped to negative
We see few signs of US tariff impacts in the March data -- not surprising
New US levies on China-built ships unhelpful, but most carriers can adjust


Monthly Container Shipping Tracker | Price Turns Negative | Tariff, Ship Levy Impacts (April 2025)

<ul>
<li>Price momentum remains very weak, and spot rates are already below 2024 lows</li>
<li>Multiple deep-sea carriers have recently guided to a collapse in core earnings in 2025</li>
<li>USTR / MARAD proposed rule changes could add to US tariff chaos &amp; raise carriers' costs</li>
</ul>


Price momentum remains very weak, and spot rates are already below 2024 lows
Multiple deep-sea carriers have recently guided to a collapse in core earnings in 2025
USTR / MARAD proposed rule changes could add to US tariff chaos &amp; raise carriers' costs


Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)

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)

Initiation of A Container Port Terminal Product

We will soon initiate coverage on five high-quality container port terminal companies. This insight lays the foundation for covering them as well...

Sameer Taneja

MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

MSCI $ACWI Coiling Under All-Time Highs; Monitoring Europe for Downgrade; Buying Korean Financials $WF $SHG $KB and Hana. Still Bullish, expecting...

Vermilion Research

Maersk Q125 Results: Solid Q1 Numbers | But Mgmt Retains Negative View on FY25, Citing Uncertainty

Maersk reported solid Q1 results on Thursday in Copenhagen, and its downbeat FY25 guidance is unchanged. That guidance implies a dramatic erosion...

Tracking Traffic

Monthly Container Shipping Tracker | Price Turns Negative | Tariff, Ship Levy Impacts (April 2025)

In March we believe average deep-sea container rates fell Y/Y. Risks facing the carriers -- higher tariffs, new levies on Chinese ships in the US,...

Tracking Traffic

Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)

Container rates continue to fall, and major carriers are guiding to a collapse in core margins in FY25. Proposed US rules could potentially make...

Tracking Traffic

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