Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

I've been doing my mid-year round up with strategists, investors and ship-owners, and while i have remained generally positive on the commodities and gold etc rebounds from whence  they came 6 months ago, I cut my equities and trade exposures by about half in the last few weeks. I moved before any blame could link to a Brexit or a terror attack because ultimately the money made trading from the lows of 1Q16 could find zero support in [real] data or logic. Below i also review HK strategy, Noble…

I've been doing my mid-year round up with strategists, investors and ship-owners, and while i have remained generally positive on the commodities and gold etc rebounds from whence  they came 6 months ago, I cut my equities and trade exposures by about half in the last few weeks. I moved before any blame could link to a Brexit or a terror attack because ultimately the money made trading from the lows of 1Q16 could find zero support in [real] data or logic. Below i also review HK strategy, Noble…

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.

Underperformance continues as markets look past near-term earnings<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/135/original/t1.JPG?1465610335" class="editor-image img-responsive" data-smartkarma-image-id="9135"></figure> • The surge in the seaborne crude trade – a result of continued supply glut and low crude prices boosted the fortunes of tanker shipping companies in 2015; tanker operators reported a sharp growth in topline and registered multi-fold increase in earnings and profitability. The year gone by was one of the best for the industry since the GFC in 2008-09 as freight rates remained firm throughout the year; with occasional seasonal…

Underperformance continues as markets look past near-term earnings • The surge in the seaborne crude trade – a result of continued supply glut and low crude prices boosted the fortunes of tanker shipping companies in 2015; tanker operators reported a sharp growth in topline and registered multi-fold increase in earnings and profitability. The year gone by was one of the best for the industry since the GFC in 2008-09 as freight rates remained firm throughout the year; with occasional seasonal…

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%.

Forget everything you learned about Millennials....Millennials were ‘digital’ as defined by the discrete electronic tasks they performed on laptops, iPods or mobile handsets. Generation Hashtag, by contrast, is ‘born digital’.Generation Hashtag has never seen a world without the Internet. They were born into smartphones, social media and the sharing economy. They are technology reliant, hyper-aware and extremely demanding. They are the first generation not to have to read or typed using a computer. For them, it is a world of touch screens filled with constellations of online apps.... and focus on Generation HashtagAged 10 to 24 and numbering about 1.2 billion people worldwide, Generation Hashtag comprises the younger Millennials and the older cohorts of Generation Z. Every year for the next decade, at least one hundred million of them will enter the world of work. They do things differently to previous generations. They will soon become the primary agenda setters for the corporate world, quite literally forcing corporations to re-compile the world using a ‘native digital first’ mindset.

Forget everything you learned about Millennials....Millennials were ‘digital’ as defined by the discrete electronic tasks they performed on laptops, iPods or mobile handsets. Generation Hashtag, by contrast, is ‘born digital’.Generation Hashtag has never seen a world without the Internet. They were born into smartphones, social media and the sharing economy. They are technology reliant, hyper-aware and extremely demanding. They are the first generation not to have to read or typed using a computer. For them, it is a world of touch screens filled with constellations of online apps.... and focus on Generation HashtagAged 10 to 24 and numbering about 1.2 billion people worldwide, Generation Hashtag comprises the younger Millennials and the older cohorts of Generation Z. Every year for the next decade, at least one hundred million of them will enter the world of work. They do things differently to previous generations. They will soon become the primary agenda setters for the corporate world, quite literally forcing corporations to re-compile the world using a ‘native digital first’ mindset.

Generation Hashtag as an Investment Theme

The rebound in crude oil and gas prices brought some solace to shareholders of gas shipping companies as stocks of LNG and LPG operators started trending up. Nonetheless, investors have been discreet while backing a company. Since the start of the year, Gaslog in the LNG shipping and StealthGas among the LPG ship operators have yielded handsome returns. We believe attractive valuation was one of the driving factor, which led investors to bottom fishing.<ul><li>LPG shipping – US ethylene plants to aid handysize vessels</li><li>LPG shipping – downside capped in coaster segment</li><li>LNG shipping remains subdued, but will improve from 2018</li><li>Chinese effect – gaining prominence in gas shipping, </li><li>China natural gas demand to show steady rise</li><li>China needs additional LNG to meet its growing natural gas demand</li><li>Chinese effect – New shipping capacity required for growing imports</li><li>Chinese LPG consumption is also expected to increase</li></ul>

The rebound in crude oil and gas prices brought some solace to shareholders of gas shipping companies as stocks of LNG and LPG operators started trending up. Nonetheless, investors have been discreet while backing a company. Since the start of the year, Gaslog in the LNG shipping and StealthGas among the LPG ship operators have yielded handsome returns. We believe attractive valuation was one of the driving factor, which led investors to bottom fishing.LPG shipping – US ethylene plants to aid handysize vesselsLPG shipping – downside capped in coaster segmentLNG shipping remains subdued, but will improve from 2018Chinese effect – gaining prominence in gas shipping, China natural gas demand to show steady riseChina needs additional LNG to meet its growing natural gas demandChinese effect – New shipping capacity required for growing importsChinese LPG consumption is also expected to increase

Gas Shipping - Gaining Traction Amid Recovery in Oil Prices

Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Probably the next most important thing is actually not the Brexit, but the next few Fed hikes<ul><li>Whilst Jun is live, I think Jul or Sep are more likely with the second hike in Dec, those Fed minutes from last week left very little to the imagination. They were hawkish</li><li>Fed implied probability of two rate hikes by year end is too low at 25%, should be closer to 50. The street is behind the curve on this and/or does not believe it (ripples with 2015)</li><li>Where does the DXY go, given we got to 100.17 (Nov 30) going into just one rate hike in Dec last year? Where do US 10yrs go, given we are at 1.83% &amp; we were c. 2.30% in Dec last year?</li><li>Flash PMI themed week ahead, including key GDP readings out of Europe. UK will get 2nd GDP reading with mkt expecting +2.1% YoY</li></ul>

Probably the next most important thing is actually not the Brexit, but the next few Fed hikesWhilst Jun is live, I think Jul or Sep are more likely with the second hike in Dec, those Fed minutes from last week left very little to the imagination. They were hawkishFed implied probability of two rate hikes by year end is too low at 25%, should be closer to 50. The street is behind the curve on this and/or does not believe it (ripples with 2015)Where does the DXY go, given we got to 100.17 (Nov 30) going into just one rate hike in Dec last year? Where do US 10yrs go, given we are at 1.83% &amp; we were c. 2.30% in Dec last year?Flash PMI themed week ahead, including key GDP readings out of Europe. UK will get 2nd GDP reading with mkt expecting +2.1% YoY

Global Macro Take: WK 21 – The Fed To Hike Over The Next 3 Meetings [Jun 15, Jul 27, Sep 21]

United States

Enterprise Products Partners, L.P. provides processing and transportation services to producers and consumers of natural gas liquids. The Company generally processes products that are ultimately used as feedstocks in petrochemical manufacturing in the production of motor gasoline, and as fuel for residential and commercial heating.

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Enterprise Products Partners (EPD US)

Too Much Going On To Be Bullish

I've been doing my mid-year round up with strategists, investors and ship-owners, and while i have remained generally positive on the commodities...

Charles De Trenck

Tanker Shipping - Stocks Going Nowhere?

Underperformance continues as markets look past near-term earnings • The surge in the seaborne crude trade – a result of continued supply glut and...

Drewry Maritime Financial Research

Generation Hashtag as an Investment Theme

Forget everything you learned about Millennials....Millennials were ‘digital’ as defined by the discrete electronic tasks they performed on...

CM Research

Gas Shipping - Gaining Traction Amid Recovery in Oil Prices

The rebound in crude oil and gas prices brought some solace to shareholders of gas shipping companies as stocks of LNG and LPG operators started...

Drewry Maritime Financial Research

Global Macro Take: WK 21 – The Fed To Hike Over The Next 3 Meetings [Jun 15, Jul 27, Sep 21]

Probably the next most important thing is actually not the Brexit, but the next few Fed hikes Whilst Jun is live, I think Jul or Sep are more...

Kay Van-Petersen

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52-week Range

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