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.

Thematic (Sector/Industry)

• Credit markets: Global yields drifted lower in recent months, thanks to the low interest rate environment, ongoing stimulus imposed by the ECB as well as launch of quantitative easing by the Bank of England following Britain’s vote to exit the EU. Excessive demand for sovereign debt sent yields to negative territory and Germany’s 10-year sovereign paper to -0.2% in July. Meanwhile, corporate shipping and energy issuers offer higher yields at greater risk because of the low oil price and weak…

• Credit markets: Global yields drifted lower in recent months, thanks to the low interest rate environment, ongoing stimulus imposed by the ECB as well as launch of quantitative easing by the Bank of England following Britain’s vote to exit the EU. Excessive demand for sovereign debt sent yields to negative territory and Germany’s 10-year sovereign paper to -0.2% in July. Meanwhile, corporate shipping and energy issuers offer higher yields at greater risk because of the low oil price and weak…

DMER - Maritime Financial Insights - September 2016

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

<a href="https://www.smartkarma.com/profiles/710" target="_blank" data-smartkarma-citation="accounts:710">Pelham Smithers</a> came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan into Q4 as discussed in my ongoing "Japan Flow" series about BOJ ETF buying (<a href="https://www.smartkarma.com/insights/japan-flow-i-the-boj-s-new-etf-buying" target="_blank">I</a>, <a href="https://www.smartkarma.com/insights/japan-flow-ii-just-what-etfs-does-the-boj-buy-could-we-see-an-april2000-style-nikkei-225-rebal" target="_blank">II</a>, and <a href="https://www.smartkarma.com/insights/japan-flow-iii-the-mechanics-of-boj-buying" target="_blank">III</a>) and activity by foreigners on the TSE over time (<a href="https://www.smartkarma.com/insights/japan-flow-iv-foreign-flows-matter-they-have-clear-cycles" target="_blank">Japan Flow IV</a>). All that series should tell you that "flows matter" and it should give you some idea of when flows may come and their impact. In this case though, I thought the seasonality data was worth…

Pelham Smithers came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan into Q4 as discussed in my ongoing "Japan Flow" series about BOJ ETF buying (I, II, and III) and activity by foreigners on the TSE over time (Japan Flow IV). All that series should tell you that "flows matter" and it should give you some idea of when flows may come and their impact. In this case though, I thought the seasonality data was worth…

Japan Stock Market Seasonality - Late Q4 Is Indeed Good

Transport Sector, China and Asia-focused Research

Charles De Trenck

I received a number of great responses following up on my 4 August personal take on building a long-term portfolio . Two detailed pieces coming from senior PMs at large funds which I think add value, and which I therefore reproduce below. The two commentaries are tremendous, and I am grateful for their in-depth contributions. … “CDT View” added briefly to clarify my view if needed.*** Response #1 ***Thanks for the piece…  A few responses:-- Know yourself.  Know your style, know your risk…

I received a number of great responses following up on my 4 August personal take on building a long-term portfolio . Two detailed pieces coming from senior PMs at large funds which I think add value, and which I therefore reproduce below. The two commentaries are tremendous, and I am grateful for their in-depth contributions. … “CDT View” added briefly to clarify my view if needed.*** Response #1 ***Thanks for the piece…  A few responses:-- Know yourself.  Know your style, know your risk…

PM Views & Responses on Portfolio Construction

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" ( <a href="https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926" target="_blank">https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926</a> ) and a piece by Breakingviews' Quentin Webb "Building Consensus" ( <a href="http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/" target="_blank">http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/</a> ) document the rise and the need for short sell research in the Japanese stock market. However, like much about the Japanese stock market, we would argue that the situation is nothing…

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" ( https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926 ) and a piece by Breakingviews' Quentin Webb "Building Consensus" ( http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/ ) document the rise and the need for short sell research in the Japanese stock market. However, like much about the Japanese stock market, we would argue that the situation is nothing…

Short Sell Research Vs The Japan Stock Market Blob

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

We are initiating coverage of East Japan Railway Company, or JRE, with a fair value estimate of JPY 10,600. We assign JRE a narrow moat rating, owing to its positive returns that exceed its cost of capital and a high certainty of these stable returns as a result of the service territory monopoly.JRE benefits from an extensive rail network that continues to attract a large volume of passengers, with additional appeals emerging from new office property and retail facilities. Shares are trading at about a 12% discount to our fair value estimate, as the market is undervaluing an existing land revaluation gain of JPY 1.3 trillion below its book value.Analyst: Mari Kumaga

We are initiating coverage of East Japan Railway Company, or JRE, with a fair value estimate of JPY 10,600. We assign JRE a narrow moat rating, owing to its positive returns that exceed its cost of capital and a high certainty of these stable returns as a result of the service territory monopoly.JRE benefits from an extensive rail network that continues to attract a large volume of passengers, with additional appeals emerging from new office property and retail facilities. Shares are trading at about a 12% discount to our fair value estimate, as the market is undervaluing an existing land revaluation gain of JPY 1.3 trillion below its book value.Analyst: Mari Kumaga

Japan

East Japan Railway Company provides rail transportation services in the Kanto and Tohoku regions, including Tokyo.  The Company's services include the shinkansen (bullet train) network and the Tokyo metropolitan network.  East Japan Railway also leases real estate and operates hotel, travel, and restaurant businesses.

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East Japan Railway Co (9020 JP)

DMER - Maritime Financial Insights - September 2016

• Credit markets: Global yields drifted lower in recent months, thanks to the low interest rate environment, ongoing stimulus imposed by the ECB as...

Drewry Maritime Financial Research

Japan Stock Market Seasonality - Late Q4 Is Indeed Good

Pelham Smithers came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan...

Travis Lundy

PM Views & Responses on Portfolio Construction

I received a number of great responses following up on my 4 August personal take on building a long-term portfolio . Two detailed pieces coming...

Charles De Trenck

Short Sell Research Vs The Japan Stock Market Blob

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" (...

Pelham Smithers Associates

Trading at Larger Discount

We are initiating coverage of East Japan Railway Company, or JRE, with a fair value estimate of JPY 10,600. We assign JRE a narrow moat rating,...

Morningstar, Inc.

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