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)

<blockquote>
“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
</blockquote>This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…


“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, I provide an update of Satrec Initiative (099320 KS) which was the 5th company in my Korea Small Cap Gem series.</li>
<li>Satrec's improving financials along with the global theme of space exploration/satellite/SpaceX IPO as well as potential inclusion in KOSDAQ150 could drive Satrec Initiative's share price higher in the short term. </li>
<li>However, the valuations of the company have reached very high levels. Therefore, over a longer period (12 months), it appears that the company is fairly valued.</li>
</ul>


In this insight, I provide an update of Satrec Initiative (099320 KS) which was the 5th company in my Korea Small Cap Gem series.
Satrec's improving financials along with the global theme of space exploration/satellite/SpaceX IPO as well as potential inclusion in KOSDAQ150 could drive Satrec Initiative's share price higher in the short term. 
However, the valuations of the company have reached very high levels. Therefore, over a longer period (12 months), it appears that the company is fairly valued.


Satrec Initiative: Additional Selling Likely Post SpaceX IPO and Inclusion of KOSDAQ150

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Contemporary Amperex Technology / Equity Bottom-Up

Contemporary Amperex Technology (3750 HK)

<ul>
<li>Since inception on 15th May 2025, our Asia-ex-Japan Model Portfolio is up 33.6%, against MXASJ's 30.9% appreciation. Topmost return generators are from Korean and Taiwanese tech, Korean defense and industrials.</li>
<li>The US-Iran negotiations failed, likely supporting the surge in energy prices. Green energy and EVs seem strongly supported. AI losers and companies vulnerable to disorderly competition could continue to underperform.</li>
<li>We exclude Tencent Music and Xiaomi, include CNOOC, CATL, Anta Sports. We are overweight HK/China, Korea and Singapore. We are neutral India and underweight Taiwan, through significantly overweight Taiwan tech.</li>
</ul>


Since inception on 15th May 2025, our Asia-ex-Japan Model Portfolio is up 33.6%, against MXASJ's 30.9% appreciation. Topmost return generators are from Korean and Taiwanese tech, Korean defense and industrials.
The US-Iran negotiations failed, likely supporting the surge in energy prices. Green energy and EVs seem strongly supported. AI losers and companies vulnerable to disorderly competition could continue to underperform.
We exclude Tencent Music and Xiaomi, include CNOOC, CATL, Anta Sports. We are overweight HK/China, Korea and Singapore. We are neutral India and underweight Taiwan, through significantly overweight Taiwan tech.


Asia Equities: Model Portfolio Changes - More to Chinese EV Supply Chain, Less to AI Losers

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when <a href="https://www.smartkarma.com/entities/8656" target="_blank" data-smartkarma-citation="entities:8656:1">Hanwha Chemical Corp (009830 KS)</a> became the first company to proactively file its application. The One-Shot Act was passed into law in February 2016. The One-Shot Act will help companies to accelerate spin-offs and mergers through simplified structures as well as provide tax benefits and subsidies for R&amp;D. The companies that want to benefit from the One-Shot Act need to…

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when Hanwha Chemical Corp (009830 KS) became the first company to proactively file its application. The One-Shot Act was passed into law in February 2016. The One-Shot Act will help companies to accelerate spin-offs and mergers through simplified structures as well as provide tax benefits and subsidies for R&amp;D. The companies that want to benefit from the One-Shot Act need to…

Start of One-Shot Act - The Good, Bad, and the Ugly

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 10th. The aggregated holding was USD1,239.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD4,094mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 10th. The aggregated holding was USD1,239.1bn.
We estimate that foreign flows to be inflows of USD4,094mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech, Doosan Enerbility.


KRX Foreign Holding Weekly (Apr 10th): Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech

South Korea

Hanwha Aerospace Co., Ltd. operates as an aircraft parts manufacturing company. The Company produces and sells aircraft gas turbine engine products, aircraft compressors, low pressure turbines, and other products. Hanwha Aerospace markets its products worldwide.

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Hanwha Aerospace (012450 KS)

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a...

Drewry Maritime Financial Research

Satrec Initiative: Additional Selling Likely Post SpaceX IPO and Inclusion of KOSDAQ150

In this insight, I provide an update of Satrec Initiative (099320 KS) which was the 5th company in my Korea Small Cap Gem series.

Douglas Kim

Asia Equities: Model Portfolio Changes - More to Chinese EV Supply Chain, Less to AI Losers

Our AxJ Model Portfolio outperformed MXASJ, driven by KR & TW tech, KR defense, industrials. We now exclude Tencent Music, Xiaomi, add CNOOC,...

Manishi Raychaudhuri

Start of One-Shot Act - The Good, Bad, and the Ugly

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when Hanwha Chemical...

Douglas Kim

KRX Foreign Holding Weekly (Apr 10th): Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, KorZinc,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a...

Drewry Maritime Financial Research

Satrec Initiative: Additional Selling Likely Post SpaceX IPO and Inclusion of KOSDAQ150

In this insight, I provide an update of Satrec Initiative (099320 KS) which was the 5th company in my Korea Small Cap Gem series.

Douglas Kim

Asia Equities: Model Portfolio Changes - More to Chinese EV Supply Chain, Less to AI Losers

​Our AxJ Model Portfolio outperformed MXASJ, driven by KR & TW tech, KR defense, industrials. We now exclude Tencent Music, Xiaomi, add CNOOC,...

Manishi Raychaudhuri

Start of One-Shot Act - The Good, Bad, and the Ugly

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when Hanwha Chemical...

Douglas Kim

KRX Foreign Holding Weekly (Apr 10th): Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, KorZinc,...

Ke Yan, CFA, FRM

Our AxJ Model Portfolio outperformed MXASJ, driven by KR & TW tech, KR defense, industrials. We now exclude Tencent Music, Xiaomi, add CNOOC,...