Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

Note: wins and losses are listed at the end of the piece.Transport has been on a roll. A month ago we saw crazy buying any which way with weak names rising more than better names. US Rail has done ok though not stellar. US Airlines have done better. Especially after Warren Buffett portfolio managers did the unthinkable and bought <a href="https://www.smartkarma.com/entities/3663" target="_blank" data-smartkarma-citation="entities:3663:1">American Airlines Group Inc (AAL US)</a>, DAL US and UAL US (announced mid Nov). But US airlines is a whole other turnaround story. Not your run of the mill core transport…

Note: wins and losses are listed at the end of the piece.Transport has been on a roll. A month ago we saw crazy buying any which way with weak names rising more than better names. US Rail has done ok though not stellar. US Airlines have done better. Especially after Warren Buffett portfolio managers did the unthinkable and bought American Airlines Group Inc (AAL US), DAL US and UAL US (announced mid Nov). But US airlines is a whole other turnaround story. Not your run of the mill core transport…

The Rally in Transport Continues in Twists and Turns

Wharton School of the University of Pennsylvania

Assistant Professor at The Wharton School, Wharton School of the University of Pennsylvania

Dr Arthur van Benthem

Assistant Professor at The Wharton School

The 2016 presidential election was a vote on many issues. First and foremost, voters have told Washington that they want jobs with a future and a fair share of our nation’s growing wealth. The elections should not be mistaken for a vote on the country’s environmental agenda. It’s quite the opposite, in fact. Mr. Trump has won the votes of so many millions of Americans despite strong public support for green energy and clean air.

The 2016 presidential election was a vote on many issues. First and foremost, voters have told Washington that they want jobs with a future and a fair share of our nation’s growing wealth. The elections should not be mistaken for a vote on the country’s environmental agenda. It’s quite the opposite, in fact. Mr. Trump has won the votes of so many millions of Americans despite strong public support for green energy and clean air.

Why Trump Should Embrace – Not Ditch – Green Energy

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.

Results of listed terminal operators reveal a weakness in organic earnings as gearing increases. Stricter cost rationalisation and financial risk reduction will retain investment interest. Companies with growth plans command a significant market premium as profitability diminishes.

Results of listed terminal operators reveal a weakness in organic earnings as gearing increases. Stricter cost rationalisation and financial risk reduction will retain investment interest. Companies with growth plans command a significant market premium as profitability diminishes.

Global Port Operators - 3Q16 Profitability Trends Lower on Slackening Growth

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>Overweighting EM versus DM and global resources/deep cyclicals looked like a compelling contrarian bet coming into Q1 as consensus bearishness reached an extreme.</li>
<li><div>If the reflationary theme persists through 2017, EM equities will outperform bonds - the structural decline in ROE which led to very low P/B ratios now looks over.</div></li>
<li><div>The broad improvement in EM relative macro momentum is reflected in net earnings revision momentum (strongest in MSCI AXJ, with India the exception) and factory PMIs, if not…</div></li>
</ul>


Overweighting EM versus DM and global resources/deep cyclicals looked like a compelling contrarian bet coming into Q1 as consensus bearishness reached an extreme.
If the reflationary theme persists through 2017, EM equities will outperform bonds - the structural decline in ROE which led to very low P/B ratios now looks over.
The broad improvement in EM relative macro momentum is reflected in net earnings revision momentum (strongest in MSCI AXJ, with India the exception) and factory PMIs, if not…


2017 Asset Allocation Outlook: Part 1 – Emerging Markets and Commodities

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Medicine is changing. For hundreds of years, the key drivers of progress were biology and chemistry. Now they are data science and software.Big Medicine and Big Pharma are being gradually undermined by swelling networks of connected biosensors, ubiquitous mobile devices and cloud-based healthcare apps. Collectively, we group these phenomena under the umbrella term, “The Internet of Medical Things”.Five broad technology categories are set to transform the $8 trillion global healthcare industry over the next two years: genomics, mobile health, health IT systems, robotics and virtual reality.These five technologies will dramatically change the balance of power in the “Healthcare” value chain, but it may take a few years to get there.In this report, we look at the main technology categories where disruption of the healthcare sector will be at its greatest over the next two years and identify which parts of the value chain investors should focus on. The five key technology categories are genomics (a branch of biotech), mobile health, health IT systems, robotics and virtual reality.

Medicine is changing. For hundreds of years, the key drivers of progress were biology and chemistry. Now they are data science and software.Big Medicine and Big Pharma are being gradually undermined by swelling networks of connected biosensors, ubiquitous mobile devices and cloud-based healthcare apps. Collectively, we group these phenomena under the umbrella term, “The Internet of Medical Things”.Five broad technology categories are set to transform the $8 trillion global healthcare industry over the next two years: genomics, mobile health, health IT systems, robotics and virtual reality.These five technologies will dramatically change the balance of power in the “Healthcare” value chain, but it may take a few years to get there.In this report, we look at the main technology categories where disruption of the healthcare sector will be at its greatest over the next two years and identify which parts of the value chain investors should focus on. The five key technology categories are genomics (a branch of biotech), mobile health, health IT systems, robotics and virtual reality.

United States

Danaher Corporation designs, manufactures, and markets professional, medical, industrial and commercial products, and services in the sectors of test and measurement, environmental, life sciences, dental, and industrial technologies.

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Danaher (DHR UN)

The Rally in Transport Continues in Twists and Turns

Note: wins and losses are listed at the end of the piece.Transport has been on a roll. A month ago we saw crazy buying any which way with weak...

Charles De Trenck

Why Trump Should Embrace – Not Ditch – Green Energy

The 2016 presidential election was a vote on many issues. First and foremost, voters have told Washington that they want jobs with a future and a...

Dr Arthur van Benthem

Global Port Operators - 3Q16 Profitability Trends Lower on Slackening Growth

Results of listed terminal operators reveal a weakness in organic earnings as gearing increases. Stricter cost rationalisation and financial risk...

Drewry Maritime Financial Research

2017 Asset Allocation Outlook: Part 1 – Emerging Markets and Commodities

Overweighting EM versus DM and global resources/deep cyclicals looked like a compelling contrarian bet coming into Q1 as consensus bearishness...

Sean Maher

MedTech as an Investment Theme

Medicine is changing. For hundreds of years, the key drivers of progress were biology and chemistry. Now they are data science and software.Big...

CM Research

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