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

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

Independent, global risk consultancy, Control Risks

Aparajita Verma

Independent, global risk consultancy

Control Risks

Control Risks is an independent, global risk consultancy specialising in helping organisations manage political, integrity and security risks in complex and hostile environments. We support clients by providing strategic consultancy, expert analysis and in-depth investigations, handling sensitive political issues and providing practical on-the-ground protection and support.

Our unique combination of services, geographical reach and the trust our clients place in us ensure we can help them to effectively solve their problems and realise new opportunities across the world.

Donald Trump has been elected as the next US president. However, unlike Clinton, Trump did not comprehensively outline his domestic and foreign policies. As a result, there is considerable uncertainty about which policies he will pursue in office, and how aggressively he will do so. Based on the campaign, and the key issues in the global landscape, this note outlines six things companies need to know in the wake of the historic 2016 US presidential election.

Donald Trump has been elected as the next US president. However, unlike Clinton, Trump did not comprehensively outline his domestic and foreign policies. As a result, there is considerable uncertainty about which policies he will pursue in office, and how aggressively he will do so. Based on the campaign, and the key issues in the global landscape, this note outlines six things companies need to know in the wake of the historic 2016 US presidential election.

US Election Global Implications: Top Six Issues

On Asia, as with many other topics, US president-elect Donald Trump’s campaign rhetoric tackled taboo subjects and hinted at major departures from fundamental policies and principles. The region now waits nervously to find out where and to what degree that rhetoric becomes policy.

On Asia, as with many other topics, US president-elect Donald Trump’s campaign rhetoric tackled taboo subjects and hinted at major departures from fundamental policies and principles. The region now waits nervously to find out where and to what degree that rhetoric becomes policy.

The Trump Presidency: Implications for Asia

We publish an update on our Maritime Model Portfolio. Our earlier model portfolio updates can be found at <a href="https://www.smartkarma.com/insights/maritime-model-portfolio-adding-risk-with-upgrade-on-dry-bulk-and-downgrade-on-tanker-shipping" target="_blank">https://www.smartkarma.com/insights/maritime-model-portfolio-adding-risk-with-upgrade-on-dry-bulk-and-downgrade-on-tanker-shipping</a> &amp; <a href="https://www.smartkarma.com/insights/dmer-launches-model-stock-portfolio-for-the-maritime-sector" target="_blank">https://www.smartkarma.com/insights/dmer-launches-model-stock-portfolio-for-the-maritime-sector</a>The Timeline<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/015/357/original/mmp1.JPG?1477455972" class="editor-image img-responsive" data-smartkarma-image-id="15357"></figure>Model portfolio – revisiting our tactical idea, How has it panned out so far?<ul><li>
Our selected stocks from the Dry Bulk sector generated a return of 8.7% (28%…</li></ul>

We publish an update on our Maritime Model Portfolio. Our earlier model portfolio updates can be found at https://www.smartkarma.com/insights/maritime-model-portfolio-adding-risk-with-upgrade-on-dry-bulk-and-downgrade-on-tanker-shipping &amp; https://www.smartkarma.com/insights/dmer-launches-model-stock-portfolio-for-the-maritime-sectorThe TimelineModel portfolio – revisiting our tactical idea, How has it panned out so far?
Our selected stocks from the Dry Bulk sector generated a return of 8.7% (28%…

Maritime Model Portfolio - Early Call on Dry Bulk Stocks Offsets Initial Losses

Spain

Ferrovial SE is a global operator of sustainable infrastructure. The Company specializes in construction, promotion, investment, and operation of toll roads, airports, electrical transmission networks, water treatment plants, and other infrastructures. Ferrovial serves customers worldwide.

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Ferrovial (FER SM)

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

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

US Election Global Implications: Top Six Issues

Donald Trump has been elected as the next US president. However, unlike Clinton, Trump did not comprehensively outline his domestic and foreign...

Control Risks

The Trump Presidency: Implications for Asia

On Asia, as with many other topics, US president-elect Donald Trump’s campaign rhetoric tackled taboo subjects and hinted at major departures from...

Control Risks

Maritime Model Portfolio - Early Call on Dry Bulk Stocks Offsets Initial Losses

We publish an update on our Maritime Model Portfolio. Our earlier model portfolio updates can be found...

Drewry Maritime Financial Research

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