Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Thematic (Sector/Industry)

<h2>Overview</h2>Chinese travel and tourism activity has grown strongly in recent years on the back of rising private consumption. But it appears that last year's surge in Chinese outbound travel has slowed significantly, and that domestic travel demand has suddenly accelerated in early 2017. Furthermore, some popular Chinese destinations in the region are suddenly seeing fewer Chinese tourists, while other have seen a marked improvement in Chinese visitors year-to-date. In this brief note we outline…

OverviewChinese travel and tourism activity has grown strongly in recent years on the back of rising private consumption. But it appears that last year's surge in Chinese outbound travel has slowed significantly, and that domestic travel demand has suddenly accelerated in early 2017. Furthermore, some popular Chinese destinations in the region are suddenly seeing fewer Chinese tourists, while other have seen a marked improvement in Chinese visitors year-to-date. In this brief note we outline…

Dramatic Changes in Chinese Travel & Tourism Flows YTD 2017; What Are the Causes, Implications?

Equity Bottom-Up

Late last week all three of China's state-owned airlines reported summary Q1 earnings results, and all three reported lower profits, likely due to a sharp Y/Y increase in jet fuel expenses (the companies do not break out fuel expenses in their quarterly reports). We believe the airlines' fuel expense increases were well-anticipated by investors, and thus not a surprise. But looking beyond the direct impact of higher fuel expenses, we believe <a href="https://www.smartkarma.com/entities/8239" target="_blank" data-smartkarma-citation="entities:8239:1">Air China Ltd (H) (753 HK)</a> posted the most impressive…

Late last week all three of China's state-owned airlines reported summary Q1 earnings results, and all three reported lower profits, likely due to a sharp Y/Y increase in jet fuel expenses (the companies do not break out fuel expenses in their quarterly reports). We believe the airlines' fuel expense increases were well-anticipated by investors, and thus not a surprise. But looking beyond the direct impact of higher fuel expenses, we believe Air China Ltd (H) (753 HK) posted the most impressive…

Q1 Results from China's 'Big 3' Airlines: Air China Wins the Quarter on Yields, Cost Control

Late Wednesday morning in New York <a href="https://www.smartkarma.com/entities/180" target="_blank" data-smartkarma-citation="entities:180:1">Ctrip.com International (ADR) (CTRP US)</a> was hit by news stories suggesting that certain of its sales practices were being investigated by authorities in China. Specifically, some Chinese consumers have complained that they inadvertently purchased ancillary items (travel insurance, restaurant vouchers, etc) due to a needlessly confusing opt-in / opt-out process on CTRP's website. If the reports turn out to be true, it may help to explain the dramatic Y/Y…

Late Wednesday morning in New York Ctrip.com International (ADR) (CTRP US) was hit by news stories suggesting that certain of its sales practices were being investigated by authorities in China. Specifically, some Chinese consumers have complained that they inadvertently purchased ancillary items (travel insurance, restaurant vouchers, etc) due to a needlessly confusing opt-in / opt-out process on CTRP's website. If the reports turn out to be true, it may help to explain the dramatic Y/Y…

10 Things We Hate About Ctrip.com (As an Investment)

Late Thursday evening in Hong Kong <a href="https://www.smartkarma.com/entities/8239" target="_blank" data-smartkarma-citation="entities:8239:1">Air China Ltd (H) (753 HK)</a> and the other two large state-owned airlines all released full year 2016 financial results. It appears Air China and its two rivals managed to beat consensus Revenue and Operating Profit estimates through a combination of better-than-expected yields combined with lower fuel and other operating costs. In particular, all three major Chinese airlines reported sharply lower selling and marketing expenses, both in absolute terms and as a…

Late Thursday evening in Hong Kong Air China Ltd (H) (753 HK) and the other two large state-owned airlines all released full year 2016 financial results. It appears Air China and its two rivals managed to beat consensus Revenue and Operating Profit estimates through a combination of better-than-expected yields combined with lower fuel and other operating costs. In particular, all three major Chinese airlines reported sharply lower selling and marketing expenses, both in absolute terms and as a…

Air China: Strong 2016 Operating Result on Lower Fuel & Selling Costs; 'Going Direct' Hurts Ctrip

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.

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

China

China Southern Airlines Company Limited provides commercial airline services throughout China, Southeast Asia and other parts of the world.  The Company also provides other airline related services including aircraft maintenance and air catering.

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China Southern Airlines (1055 HK)

Dramatic Changes in Chinese Travel & Tourism Flows YTD 2017; What Are the Causes, Implications?

OverviewChinese travel and tourism activity has grown strongly in recent years on the back of rising private consumption. But it appears that last...

Daniel Hellberg

Q1 Results from China's 'Big 3' Airlines: Air China Wins the Quarter on Yields, Cost Control

Late last week all three of China's state-owned airlines reported summary Q1 earnings results, and all three reported lower profits, likely due to...

Daniel Hellberg

10 Things We Hate About Ctrip.com (As an Investment)

Late Wednesday morning in New York Ctrip.com International (ADR) (CTRP US) was hit by news stories suggesting that certain of its sales practices...

Daniel Hellberg

Air China: Strong 2016 Operating Result on Lower Fuel & Selling Costs; 'Going Direct' Hurts Ctrip

Late Thursday evening in Hong Kong Air China Ltd (H) (753 HK) and the other two large state-owned airlines all released full year 2016 financial...

Daniel Hellberg

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the...

Drewry Maritime Financial Research

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