Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Despite <a href="https://www.smartkarma.com/entities/mitsubishi-pencil-co-ltd" target="_blank" data-smartkarma-citation="entities:3719:1" rel="noopener">Mitsubishi Pencil (7976 JP)</a>'s shoicking governance, unless you are willing to fight it in court (and probably lose), the right thing to do here is buy on weakness.</li>
<li>Assuming <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a>'s A-share listing of its renewable energy unit unfolds,  there remains material upside here. </li>
<li>Perhaps <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison (1 HK)</a> now views the (required) high forward spending on VodafoneThree to secure this "golden ticket" no longer makes commercial sense</li>
</ul>


Despite Mitsubishi Pencil (7976 JP)'s shoicking governance, unless you are willing to fight it in court (and probably lose), the right thing to do here is buy on weakness.
Assuming China Resources Power (836 HK)'s A-share listing of its renewable energy unit unfolds,  there remains material upside here. 
Perhaps CK Hutchison (1 HK) now views the (required) high forward spending on VodafoneThree to secure this "golden ticket" no longer makes commercial sense


Last Week In Event SPACE: Mitsubishi Pencil, China Resources Power, CK Hutchison, Guoco

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

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

<ul>
<li>Q1 volume growth (+9.3%) beat market, and rising oil has not impacted results -- yet</li>
<li>Still, EBITDA in Ocean (container shipping) segment plunged 53% Y/Y on lower rates</li>
<li>Guidance from February unchanged, but medium-term outlook is downbeat; AVOID</li>
</ul>


Q1 volume growth (+9.3%) beat market, and rising oil has not impacted results -- yet
Still, EBITDA in Ocean (container shipping) segment plunged 53% Y/Y on lower rates
Guidance from February unchanged, but medium-term outlook is downbeat; AVOID


Maersk Q126 Results: Strong Volume Growth, Delayed Fuel Impact, But Profitability Still Plunged

<ul>
<li>
<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso (6902 JP)</a> is a "value trade". <a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a>'s also great value, but doesn't have disappointing Mar27e guidance. It also has a buyback to come after the tender-offer buyback.</li>
<li>IFM has abandoned its creep approach and launched an off-market Offer for <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>.
</li>
<li>Irrespective of the recent H-share placement, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> (CATL) continues to boast a high concentration of shareholders post-placement.</li>
</ul>



Denso (6902 JP) is a "value trade". Aisin (7259 JP)'s also great value, but doesn't have disappointing Mar27e guidance. It also has a buyback to come after the tender-offer buyback.
IFM has abandoned its creep approach and launched an off-market Offer for Atlas Arteria (ALX AU).

Irrespective of the recent H-share placement, Contemporary Amperex Technology (CATL) (3750 HK) (CATL) continues to boast a high concentration of shareholders post-placement.


Last Week In Event SPACE: Denso / Aisin, CATL, CK Hutchison

Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a>'s  Waymo could be worth $70bn and Google should IPO Waymo. No doubt there are caveats in the contention.  ... And, well, of course it should IPO Waymo if it gets a pile of money. And Morgan Stanley should get an anchor underwriter spot too! …. <a href="http://www.investors.com/news/technology/google-should-spin-out-waymo-to-beat-tesla-ford-morgan-stanley/" target="_blank">Media reports</a> put this story without batting an eyelash. <a href="http://www.cnbc.com/2017/05/23/alphabets-self-driving-waymo-unit-could-be-worth-70-billion-more-than-gm-morgan-stanley-says.html" target="_blank">This version</a> was even more…

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that Alphabet Inc Cl C (GOOG US)'s  Waymo could be worth $70bn and Google should IPO Waymo. No doubt there are caveats in the contention.  ... And, well, of course it should IPO Waymo if it gets a pile of money. And Morgan Stanley should get an anchor underwriter spot too! …. Media reports put this story without batting an eyelash. This version was even more…

Valuations Without Frontiers: Waymo and Echoes of 2000 (Lessons from KS Li)

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

Hong Kong

CK Hutchison is a multinational conglomerate with core businesses in ports and related services, retail, infrastructure, and telecommunications, operating across over 50 countries. The company's diverse portfolio includes global port operations, health and beauty retail through AS Watson, and investments in energy, transportation, and mobile telecommunications. It was formed in March 2015 and is headquartered in Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CK Hutchison (1 HK)

Last Week In Event SPACE: Mitsubishi Pencil, China Resources Power, CK Hutchison, Guoco

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Maersk Q126 Results: Strong Volume Growth, Delayed Fuel Impact, But Profitability Still Plunged

In Copenhagen on May 7, Danish container giant AP Moller Maersk reported Q126 results that showed a sharp Y/Y decline in core profitability -- this...

Tracking Traffic

Last Week In Event SPACE: Denso / Aisin, CATL, CK Hutchison

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Valuations Without Frontiers: Waymo and Echoes of 2000 (Lessons from KS Li)

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that Alphabet...

Charles De Trenck

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)