Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Equity Bottom-Up

<p>Over the last 2 week we saw a dip in the number of Analyst Upgrade/Downgrades, most likely due to the fact Earnings is right around the corner. Only 38 companies were upgraded and only 28 names were downgraded in the last 2 weeks.</p><h2>Highest % of Upgrades in last 2 weeks - Sector Level</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/023/712/original/6.png?1491417986" class="editor-image img-responsive" data-smartkarma-image-id="23712"></figure><div class="content-caption"><strong>Source: Custom Products</strong></div><p>Health Services, Non-Energy Minerals and Utilities had the most upgrades relative to total recommendations over the last 2 weeks. Health Services and Utilities are two of the more hated sectors…</p>

Over the last 2 week we saw a dip in the number of Analyst Upgrade/Downgrades, most likely due to the fact Earnings is right around the corner. Only 38 companies were upgraded and only 28 names were downgraded in the last 2 weeks.Highest % of Upgrades in last 2 weeks - Sector LevelSource: Custom ProductsHealth Services, Non-Energy Minerals and Utilities had the most upgrades relative to total recommendations over the last 2 weeks. Health Services and Utilities are two of the more hated sectors…

Most / Least Popular Sectors in Japan over Last 2 Weeks....

Value investor- India mid & small caps

Bhaskar Chakraborty

<ul><li>India’s second largest air conditioning (AC) player in a barely penetrated market offering a very long runway for growth.</li><li>Beneficiary of the high growth consumer AC industry. Company’s growth rate has far outstripped industry growth rate despite competition demonstrating the power of its brand.</li><li>Company has limited presence in North India that accounts for 40% of the market. Large room to improve distribution in north India and a wide portfolio of inverter ACs provides better growth outlook.</li><li>Business requires little capex to grow earnings. Impressive cash generation with 100% of EBITDA getting converted to operating cashflow (OCF) and 75% of OCF converting into free cashflow.</li><li>Low debt balance sheet, attractive dividend policy and healthy return ratios are additional sweeteners.</li><li>Consensus expects 37% EPS Cagr over FY16-19. At 10% discount to its comparable universe, Blue Star’s fair value is Rs780/share.</li></ul>

India’s second largest air conditioning (AC) player in a barely penetrated market offering a very long runway for growth.Beneficiary of the high growth consumer AC industry. Company’s growth rate has far outstripped industry growth rate despite competition demonstrating the power of its brand.Company has limited presence in North India that accounts for 40% of the market. Large room to improve distribution in north India and a wide portfolio of inverter ACs provides better growth outlook.Business requires little capex to grow earnings. Impressive cash generation with 100% of EBITDA getting converted to operating cashflow (OCF) and 75% of OCF converting into free cashflow.Low debt balance sheet, attractive dividend policy and healthy return ratios are additional sweeteners.Consensus expects 37% EPS Cagr over FY16-19. At 10% discount to its comparable universe, Blue Star’s fair value is Rs780/share.

India Consumer Discretionary: Blue Star- Multi Year Opportunity

Thematic (Sector/Industry)

<p>We have decided to split our coverage of Analyst Upgrades and Downgrades into Japan only and Asia -ex Japan. We track changes in recommendations for the overall market to identify which sectors and companies are currently trending up in popularity and which are trending down.</p><h2>Positive Side</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/023/022/original/2.png?1490213989" class="editor-image img-responsive" data-smartkarma-image-id="23022"></figure><div class="content-caption">Source: Custom Products</div><p>As you can see from the chart above the Energy Minerals (Only 7 names in sector), Finance and Consumer Durables Sectors had the highest % of upgrades relative to total recommendations over…</p>

We have decided to split our coverage of Analyst Upgrades and Downgrades into Japan only and Asia -ex Japan. We track changes in recommendations for the overall market to identify which sectors and companies are currently trending up in popularity and which are trending down.Positive SideSource: Custom ProductsAs you can see from the chart above the Energy Minerals (Only 7 names in sector), Finance and Consumer Durables Sectors had the highest % of upgrades relative to total recommendations over…

Most Popular and Unpopular Japanese Sectors over Last 2 Weeks....

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.

<p><strong>Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers</strong></p><p><em><strong>Background -</strong> 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</em>…</p>

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

<p><strong>Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a Breather</strong></p><p><strong><em>We have been positive on the dry bulk sector since mid-2016 but the near term valuations seem undemanding to us and are at risk of running ahead of fundamentals. The bottoming out process in 2016 and subsequent run up in 2017 has been on the back of reversal in asset values, narrowing supply-demand imbalance and expectations of supportive commodity demand. We have earlier talked about the sector under ownership and</em></strong>…</p>

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near term valuations seem undemanding to us and are at risk of running ahead of fundamentals. The bottoming out process in 2016 and subsequent run up in 2017 has been on the back of reversal in asset values, narrowing supply-demand imbalance and expectations of supportive commodity demand. We have earlier talked about the sector under ownership and…

Dry Bulk Shipping - Why It's Time for Dry Bulk Stocks to Take a Breather

Japan

DAIKIN INDUSTRIES, LTD. manufactures air conditioning equipment for household and commercial use.  The Company also produces fluorine chemical products such as fluorinated hydrocarbon gas and shells and warheads for defense industry.

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Daikin Industries (6367 JP)

Most / Least Popular Sectors in Japan over Last 2 Weeks....

Over the last 2 week we saw a dip in the number of Analyst Upgrade/Downgrades, most likely due to the fact Earnings is right around the corner....

Custom Products Group

India Consumer Discretionary: Blue Star- Multi Year Opportunity

India’s second largest air conditioning (AC) player in a barely penetrated market offering a very long runway for growth. Beneficiary of the high...

Bhaskar Chakraborty

Most Popular and Unpopular Japanese Sectors over Last 2 Weeks....

We have decided to split our coverage of Analyst Upgrades and Downgrades into Japan only and Asia -ex Japan. We track changes in recommendations...

Custom Products Group

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

Dry Bulk Shipping - Why It's Time for Dry Bulk Stocks to Take a Breather

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near...

Drewry Maritime Financial Research

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