Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

<h2>JUNE CONTINUED TREND OF NEAR-ZERO THROUGHPUT GROWTH</h2><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> recently reported June container throughput figures. The company's Chinese terminals open for at least one year reported throughput growth of just 1.3% YoY last month. Even compared to lackluster Chinese GDP Q2 growth of 6.7%, it's a poor result, but H1 2016 performance was actually worse, with throughput down -1% YoY. In this note we examine the secular trend of slowing growth of Chinese…

JUNE CONTINUED TREND OF NEAR-ZERO THROUGHPUT GROWTHChina Merchants Port Holdings Company Ltd. (144 HK) recently reported June container throughput figures. The company's Chinese terminals open for at least one year reported throughput growth of just 1.3% YoY last month. Even compared to lackluster Chinese GDP Q2 growth of 6.7%, it's a poor result, but H1 2016 performance was actually worse, with throughput down -1% YoY. In this note we examine the secular trend of slowing growth of Chinese…

Is China's Container Traffic Going Ex-Growth? Update on China Merchants Port Holdings 144:HK

CMHI (144:HK) has released May throughput figures for its network of container terminals, and traffic remains weak. We remain negative on CMHI's fundamentals and retain our HK$18.50 target price.Overall traffic at all CMHI terminals in May grew by an impressive 12.3%, and traffic at Chinese terminals increased by 15%. However, a closer look shows that throughput at terminals open / controlled by CMHI at least a year actually shrank: overall organic throughput fell by -1.1% YoY in May, and at…

CMHI (144:HK) has released May throughput figures for its network of container terminals, and traffic remains weak. We remain negative on CMHI's fundamentals and retain our HK$18.50 target price.Overall traffic at all CMHI terminals in May grew by an impressive 12.3%, and traffic at Chinese terminals increased by 15%. However, a closer look shows that throughput at terminals open / controlled by CMHI at least a year actually shrank: overall organic throughput fell by -1.1% YoY in May, and at…

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Cosco Pacific, has became a pure port operator following a successful restructure, by swapping the challenging container-leasing business with relative resilient port assets.It is now the world's second-largest container terminal operator and investor, dominating 12% market share, with overall throughput of 79 million 20-foot equivalent units.Analyst: Jennifer Song

Cosco Pacific, has became a pure port operator following a successful restructure, by swapping the challenging container-leasing business with relative resilient port assets.It is now the world's second-largest container terminal operator and investor, dominating 12% market share, with overall throughput of 79 million 20-foot equivalent units.Analyst: Jennifer Song

High-Quality and Well-Located Assets Support Higher Growth, While Massive Investment Weighs on ROIC.

Transport Sector, China and Asia-focused Research

Charles De Trenck

COSCO SHIPPING Development / Equity Bottom-Up

Most of the feedback that came in was in reaction to the downside in China Shipping Container Lines (2866 HK). Some people are pissed. &nbsp;We saw the complaints feed through yesterday as COSCO (1919 HK) and CSCL tanked. What follows are a couple of accounts and complaints on the redesign of the listed vehicles.

Most of the feedback that came in was in reaction to the downside in China Shipping Container Lines (2866 HK). Some people are pissed. &nbsp;We saw the complaints feed through yesterday as COSCO (1919 HK) and CSCL tanked. What follows are a couple of accounts and complaints on the redesign of the listed vehicles.

China Shipping Container Lines ... RIP; and Other Reports on the COSCO Mess

A first look at COSCO and China Shipping restructuring, with a focus on containers reveals reorganization is generally along the lines expected from the COSCO side. Nonetheless, the actual details are at once complicated given how many companies we are dealing with, and, at the same time, somewhat light on disclosure of certain financial data I would prefer to have disclosed.I walked through COSCO Pacific in greater detail and COSCO overall to arrive at my initial thoughts on the COSCO-China Shipping reorganization. As I had mentioned, the bulk side of the business should be a straightforward valuation exercise &ndash; would only shareholders be given proper summary information.Below are some first conclusions on COSCO Group. The drop dead date appears to be end 2016 for these transactions to occur. The earlier completion would come 30 days after conditions precedent being met.

A first look at COSCO and China Shipping restructuring, with a focus on containers reveals reorganization is generally along the lines expected from the COSCO side. Nonetheless, the actual details are at once complicated given how many companies we are dealing with, and, at the same time, somewhat light on disclosure of certain financial data I would prefer to have disclosed.I walked through COSCO Pacific in greater detail and COSCO overall to arrive at my initial thoughts on the COSCO-China Shipping reorganization. As I had mentioned, the bulk side of the business should be a straightforward valuation exercise &ndash; would only shareholders be given proper summary information.Below are some first conclusions on COSCO Group. The drop dead date appears to be end 2016 for these transactions to occur. The earlier completion would come 30 days after conditions precedent being met.

COSCO Emerges with a Plan and Purer Container Plays (Yet More Disclosures Needed)

Hong Kong

COSCO SHIPPING Ports is a leading global port logistics service provider and investor in ports. The company primarily engages in container terminal operations, container manufacturing and leasing, shipping agency, and freight forwarding, operating and managing terminals worldwide. It was founded in 1994 and is headquartered in Hong Kong.

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COSCO SHIPPING Ports (1199 HK)

Is China's Container Traffic Going Ex-Growth? Update on China Merchants Port Holdings 144:HK

JUNE CONTINUED TREND OF NEAR-ZERO THROUGHPUT GROWTHChina Merchants Port Holdings Company Ltd. (144 HK) recently reported June container throughput...

Daniel Hellberg

May Throughput at CMHI Remains Weak

CMHI (144:HK) has released May throughput figures for its network of container terminals, and traffic remains weak. We remain negative on CMHI's...

Daniel Hellberg

High-Quality and Well-Located Assets Support Higher Growth, While Massive Investment Weighs on ROIC.

Cosco Pacific, has became a pure port operator following a successful restructure, by swapping the challenging container-leasing business with...

Morningstar, Inc.

China Shipping Container Lines ... RIP; and Other Reports on the COSCO Mess

Most of the feedback that came in was in reaction to the downside in China Shipping Container Lines (2866 HK). Some people are pissed. We saw the...

Charles De Trenck

COSCO Emerges with a Plan and Purer Container Plays (Yet More Disclosures Needed)

A first look at COSCO and China Shipping restructuring, with a focus on containers reveals reorganization is generally along the lines expected...

Charles De Trenck

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