Equity Analyst, TMT & Energy Specialist

HL Tan

Thematic (Sector/Industry)

Brent Oil prices have rallied by more than 18% since end-July'16 close, after new Saudi oil minister tipped for an 'OPEC deal' on oil production freeze, in the upcoming informal OPEC meet in Algeria from 26-28 September 2016. We are skeptical on execution, deal or no deal. Nevertheless, any headline news on supply cuts could result in near term oil volatility or fund re-positioning.Who is going to cut?<ul><li>
Collective production quota is difficult to enforce– Despite an explicit OPEC collective…</li></ul>

Brent Oil prices have rallied by more than 18% since end-July'16 close, after new Saudi oil minister tipped for an 'OPEC deal' on oil production freeze, in the upcoming informal OPEC meet in Algeria from 26-28 September 2016. We are skeptical on execution, deal or no deal. Nevertheless, any headline news on supply cuts could result in near term oil volatility or fund re-positioning.Who is going to cut?
Collective production quota is difficult to enforce– Despite an explicit OPEC collective…

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Two recent reports on business confidence from the European Union and the American Chambers of Commerce in China show a marked fall in business confidence over the past year. Both reports share common concerns, although there are some marked differences, particularly on the question of innovation.

Two recent reports on business confidence from the European Union and the American Chambers of Commerce in China show a marked fall in business confidence over the past year. Both reports share common concerns, although there are some marked differences, particularly on the question of innovation.

US, EU Business Confidence Falls in China

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.

Underperformance continues as markets look past near-term earnings<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/135/original/t1.JPG?1465610335" class="editor-image img-responsive" data-smartkarma-image-id="9135"></figure> • The surge in the seaborne crude trade – a result of continued supply glut and low crude prices boosted the fortunes of tanker shipping companies in 2015; tanker operators reported a sharp growth in topline and registered multi-fold increase in earnings and profitability. The year gone by was one of the best for the industry since the GFC in 2008-09 as freight rates remained firm throughout the year; with occasional seasonal…

Underperformance continues as markets look past near-term earnings • The surge in the seaborne crude trade – a result of continued supply glut and low crude prices boosted the fortunes of tanker shipping companies in 2015; tanker operators reported a sharp growth in topline and registered multi-fold increase in earnings and profitability. The year gone by was one of the best for the industry since the GFC in 2008-09 as freight rates remained firm throughout the year; with occasional seasonal…

The rebound in crude oil and gas prices brought some solace to shareholders of gas shipping companies as stocks of LNG and LPG operators started trending up. Nonetheless, investors have been discreet while backing a company. Since the start of the year, Gaslog in the LNG shipping and StealthGas among the LPG ship operators have yielded handsome returns. We believe attractive valuation was one of the driving factor, which led investors to bottom fishing.<ul><li>LPG shipping – US ethylene plants to aid handysize vessels</li><li>LPG shipping – downside capped in coaster segment</li><li>LNG shipping remains subdued, but will improve from 2018</li><li>Chinese effect – gaining prominence in gas shipping, </li><li>China natural gas demand to show steady rise</li><li>China needs additional LNG to meet its growing natural gas demand</li><li>Chinese effect – New shipping capacity required for growing imports</li><li>Chinese LPG consumption is also expected to increase</li></ul>

The rebound in crude oil and gas prices brought some solace to shareholders of gas shipping companies as stocks of LNG and LPG operators started trending up. Nonetheless, investors have been discreet while backing a company. Since the start of the year, Gaslog in the LNG shipping and StealthGas among the LPG ship operators have yielded handsome returns. We believe attractive valuation was one of the driving factor, which led investors to bottom fishing.LPG shipping – US ethylene plants to aid handysize vesselsLPG shipping – downside capped in coaster segmentLNG shipping remains subdued, but will improve from 2018Chinese effect – gaining prominence in gas shipping, China natural gas demand to show steady riseChina needs additional LNG to meet its growing natural gas demandChinese effect – New shipping capacity required for growing importsChinese LPG consumption is also expected to increase

Gas Shipping - Gaining Traction Amid Recovery in Oil Prices

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

We all intuitively understand the concept of economic growth and keeping current with debt. But where so many commentators continue to proclaim China’s growth as being relatively strong, we feel compelled to disagree. It is not relatively strong compared with debt. The mirror image of the boon in credit for banks in China over the past several years is a high level of liabilities at the corporate level. If these same companies are not seeing higher growth, there is no way to keep pace with…

We all intuitively understand the concept of economic growth and keeping current with debt. But where so many commentators continue to proclaim China’s growth as being relatively strong, we feel compelled to disagree. It is not relatively strong compared with debt. The mirror image of the boon in credit for banks in China over the past several years is a high level of liabilities at the corporate level. If these same companies are not seeing higher growth, there is no way to keep pace with…

China - Growth Must Be Fantastic to Support Loan Payments

China

China Oilfield Services is a leading integrated oilfield services provider, offering geophysical, drilling, well, and marine and transportation services. These services cover the exploration, development, and production phases of the oil and gas industry, including seismic data acquisition, drilling rig operations, and well completion. The company is headquartered in Sanhe, Hebei Province, China, and was founded in 2001.

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China Oilfield Services (2883 HK)

Oil Price - OPEC Deal or No Deal?

Brent Oil prices have rallied by more than 18% since end-July'16 close, after new Saudi oil minister tipped for an 'OPEC deal' on oil production...

HL Tan

US, EU Business Confidence Falls in China

Two recent reports on business confidence from the European Union and the American Chambers of Commerce in China show a marked fall in business...

Bixmoor

Tanker Shipping - Stocks Going Nowhere?

Underperformance continues as markets look past near-term earnings • The surge in the seaborne crude trade – a result of continued supply glut and...

Drewry Maritime Financial Research

Gas Shipping - Gaining Traction Amid Recovery in Oil Prices

The rebound in crude oil and gas prices brought some solace to shareholders of gas shipping companies as stocks of LNG and LPG operators started...

Drewry Maritime Financial Research

China - Growth Must Be Fantastic to Support Loan Payments

We all intuitively understand the concept of economic growth and keeping current with debt. But where so many commentators continue to proclaim...

Daniel Tabbush

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