APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<h2>Mean Reversion Complete for Cosco Capital </h2>Ever since we wrote on how <a href="https://www.smartkarma.com/insights/cosco-capital-is-cheaper-than-ever" target="_blank">Cosco Is Cheaper Than Ever</a>, it has reverted back to its mean. We think that this is a great time to close out the trade given Puregold's decline today.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/011/563/original/SK%20HoldCos%20-%20Cosco%20Capital%20Inc%20%28COSCO%20PM%29%20%282016-08-11%29.png?1470897054" class="editor-image img-responsive" data-smartkarma-image-id="11563"></figure><div class="content-remarks">Source: <a href="https://www.smartkarma.com/tools/holdcos/PSE:COSCO" target="_blank">Smartkarma Holding Company Analyzer</a></div>The reversion was mainly driven by a 16% surge in <a href="https://www.smartkarma.com/entities/10665" target="_blank" data-smartkarma-citation="entities:10665:1">Cosco Capital Inc (COSCO PM)</a>'s share price over the past 3 trading days while <a href="https://www.smartkarma.com/entities/13890" target="_blank" data-smartkarma-citation="entities:13890:1">Puregold Price Club Inc (PGOLD PM)</a> remained relatively stable (until today).  Puregold Declines; Directional…

Mean Reversion Complete for Cosco Capital Ever since we wrote on how Cosco Is Cheaper Than Ever, it has reverted back to its mean. We think that this is a great time to close out the trade given Puregold's decline today.Source: Smartkarma Holding Company AnalyzerThe reversion was mainly driven by a 16% surge in Cosco Capital Inc (COSCO PM)'s share price over the past 3 trading days while Puregold Price Club Inc (PGOLD PM) remained relatively stable (until today).  Puregold Declines; Directional…

Holdco Updates: Close Cosco, Hold onto Hochtief

Over the past 3 months, <a href="https://www.smartkarma.com/entities/20030" target="_blank" data-smartkarma-citation="entities:20030:1">Cimic Group Ltd (CIM AU)</a> is down 32% while <a href="https://www.smartkarma.com/entities/21652" target="_blank" data-smartkarma-citation="entities:21652:1">Hochtief AG (HOT GR)</a> is flat. This is a significant dislocation. HOT's current 40% premium to NAV is unsustainable.In this insight, we analyze the holdco primarily on these five factors:<div class="sk-insight-content__block"><ol><li>What's on Offer</li><li>Reasons behind Dislocation</li><li>Statistics and Set-Up</li><li>Catalysts</li><li>Potential Risks</li></ol></div>

Over the past 3 months, Cimic Group Ltd (CIM AU) is down 32% while Hochtief AG (HOT GR) is flat. This is a significant dislocation. HOT's current 40% premium to NAV is unsustainable.In this insight, we analyze the holdco primarily on these five factors:What's on OfferReasons behind DislocationStatistics and Set-UpCatalystsPotential Risks

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)

DMER Shorts - Hapag Lloyd negative warning not a surprise, stay sellers of container shipping <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/010/438/original/HLAPMM1.jpg?1468828073" class="editor-image img-responsive" data-smartkarma-image-id="10438"></figure> Hapag Lloyd negative warning not a surprise<ul><li><ul>
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This morning Hapag Lloyd issued a negative outlook adjustment , “The revised expectation of the Executive Board is a clearly decreasing EBITDA and a clearly decreasing EBIT compared with previous year.” 
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Key reasons for the revised outlook were as below, <ul>
<li>Development of freight rates is significantly weaker than expected.</li>
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Recovery at beginning of July doesn’t…</li>
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DMER Shorts - Hapag Lloyd negative warning not a surprise, stay sellers of container shipping  Hapag Lloyd negative warning not a surprise

This morning Hapag Lloyd issued a negative outlook adjustment , “The revised expectation of the Executive Board is a clearly decreasing EBITDA and a clearly decreasing EBIT compared with previous year.” 


Key reasons for the revised outlook were as below, 
Development of freight rates is significantly weaker than expected.

Recovery at beginning of July doesn’t…




DMER Shorts - Hapag Lloyd Negative Warning Not a Surprise, Stay Sellers of Container Shipping

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and working day adjusted (swda) basis, production grew by 2% y-o-y in April 2016 compared to a rise of 0.1% y-o-y in March 2016. It grew 1.1% y-o-y on a 3-month moving average (3mma) basis in April 2016 compared to 1.6% y-o-y in March 2016.In terms of industry segments, electricity &amp; utilities increased 1.8% y-o-y in April 2016 after having recorded negative…

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and working day adjusted (swda) basis, production grew by 2% y-o-y in April 2016 compared to a rise of 0.1% y-o-y in March 2016. It grew 1.1% y-o-y on a 3-month moving average (3mma) basis in April 2016 compared to 1.6% y-o-y in March 2016.In terms of industry segments, electricity &amp; utilities increased 1.8% y-o-y in April 2016 after having recorded negative…

Eurozone: Industrial Production Revives Across Most Sectors and Countries in April

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a  seasonally and working day adjusted basis, production slowed to 0.2% y-o-y in March 2016 compared to a 1.1% y-o-y increase in February 2016. It grew 1.6% y-o-y on a 3-month moving average basis in March compared to 1.7% y-o-y in February.In terms of industry segments, chemicals &amp; basic pharmaceutical production saw a decline of around 5.5% y-o-y in March compared to an increase of 0.4% y-o-y in…

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a  seasonally and working day adjusted basis, production slowed to 0.2% y-o-y in March 2016 compared to a 1.1% y-o-y increase in February 2016. It grew 1.6% y-o-y on a 3-month moving average basis in March compared to 1.7% y-o-y in February.In terms of industry segments, chemicals &amp; basic pharmaceutical production saw a decline of around 5.5% y-o-y in March compared to an increase of 0.4% y-o-y in…

Eurozone: March Industrial Production Lower than Expected

Germany

Hochtief AG provides construction and construction related services worldwide. The Company finances, designs, builds, constructs and operates a wide variety of facilities through its five divisions; Airport, Development, Construction Services Americas, Construction Services Asia Pacific, and Construction Services Europe.

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Hochtief AG (HOT GR)

Holdco Updates: Close Cosco, Hold onto Hochtief

Mean Reversion Complete for Cosco Capital Ever since we wrote on how Cosco Is Cheaper Than Ever, it has reverted back to its mean. We think that...

Zhen Zhou, Toh

Hochtief - Stub Value All-Time High

Over the past 3 months, Cimic Group Ltd (CIM AU) is down 32% while Hochtief AG (HOT GR) is flat. This is a significant dislocation. HOT's current...

Zhen Zhou, Toh

DMER Shorts - Hapag Lloyd Negative Warning Not a Surprise, Stay Sellers of Container Shipping

DMER Shorts - Hapag Lloyd negative warning not a surprise, stay sellers of container shipping Hapag Lloyd negative warning not a surprise This...

Drewry Maritime Financial Research

Eurozone: Industrial Production Revives Across Most Sectors and Countries in April

Industrial Production (IPI) in the Eurozone revived in April 2016 after having recorded negligible growth in March 2016. On a seasonally and...

Rajan Govil

Eurozone: March Industrial Production Lower than Expected

Industrial Production growth in the Eurozone came in lower than expected in March 2016. On a seasonally and working day adjusted basis, production...

Rajan Govil

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