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.

Equity Bottom-Up

Hutchison Port Holdings Trust / Equity Bottom-Up

<ul><li>
Light at the end of the tunnel, but the walk is long: Hutchison Port Trust (HPHT) reported its 2Q17 results, which revealed more valuation-negatives than we had expected. EBIT for the quarter strengthened 2.0% y/y, from HKD 936.6m to HKD 954.9m, on the back of a 1.5%y/y decrease in revenue to HKD 2,894.3m. At the consolidated level, the Trust handled lower volumes, which then lowers the operating cost. The operating margin climbed from 31.9% to 33.0% on better cost management. While EBITDA…</li></ul>


Light at the end of the tunnel, but the walk is long: Hutchison Port Trust (HPHT) reported its 2Q17 results, which revealed more valuation-negatives than we had expected. EBIT for the quarter strengthened 2.0% y/y, from HKD 936.6m to HKD 954.9m, on the back of a 1.5%y/y decrease in revenue to HKD 2,894.3m. At the consolidated level, the Trust handled lower volumes, which then lowers the operating cost. The operating margin climbed from 31.9% to 33.0% on better cost management. While EBITDA…

Drewry Maritime Research has raised the 2017 global throughput forecast. In particular, US and Europe containerised volumes are expected to accelerate 3.0% and 3.9% this year; a marked improvement from last year’s forward projection of 2.0% and 1.6% respectively. As HPHT has significant trade exposure to the US and Europe, we believe the market is pricing in a strong 2Q17 report card which will be revealed on 19 July 2017.<ul><li>
Volume-driven play.While buoyant macro data in the US and Eurozone lifted…</li></ul>

Drewry Maritime Research has raised the 2017 global throughput forecast. In particular, US and Europe containerised volumes are expected to accelerate 3.0% and 3.9% this year; a marked improvement from last year’s forward projection of 2.0% and 1.6% respectively. As HPHT has significant trade exposure to the US and Europe, we believe the market is pricing in a strong 2Q17 report card which will be revealed on 19 July 2017.
Volume-driven play.While buoyant macro data in the US and Eurozone lifted…

HPHT Clambers Higher on Upbeat Expectations

Transport Sector, China and Asia-focused Research

Charles De Trenck

Event last week: US listed Greek company <a href="https://www.smartkarma.com/entities/12758" target="_blank" data-smartkarma-citation="entities:12758:1">Navios Maritime Holdings Inc. (NM US)</a> to take control of <a href="https://www.smartkarma.com/entities/20080" target="_blank" data-smartkarma-citation="entities:20080:1">Rickmers Maritime (RMT SP)</a> ships for $113m AND <a href="https://www.smartkarma.com/entities/11676" target="_blank" data-smartkarma-citation="entities:11676:1">First Ship Lease Trust (FSLT SP)</a> (FSLT), using equity and debt to equity (term sheet attached). There are large assists from HSH Nordbank, itself backstopped by the European Commission under condition of HSH privatization/breakup/dissolution.<a href="http://www.straitstimes.com/business/companies-markets/rickmers-selling-fleet-to-repay-creditors" target="_blank">http://www.straitstimes.com/business/companies-markets/rickmers-selling-fleet-to-repay-creditors</a><a href="http://www.seatrade-maritime.com/news/asia/navios-maritime-to-takeover-fsl-trust.html" target="_blank">http://www.seatra</a>…

Event last week: US listed Greek company Navios Maritime Holdings Inc. (NM US) to take control of Rickmers Maritime (RMT SP) ships for $113m AND First Ship Lease Trust (FSLT SP) (FSLT), using equity and debt to equity (term sheet attached). There are large assists from HSH Nordbank, itself backstopped by the European Commission under condition of HSH privatization/breakup/dissolution.http://www.straitstimes.com/business/companies-markets/rickmers-selling-fleet-to-repay-creditorshttp://www.seatra…

Singapore Ship Trusts Gobbled Up by German Backed Greeks

Thematic (Sector/Industry)

Chinese Port Operators - Core Earnings Remain WeakChinese ports have had a respectable stock price appreciation since releasing their financial results, outpacing both our proprietary Drewry Port Index and MSCI China Transportation and Infrastructure benchmarks. Out of the five Chinese port operators that we track, four reported in the past two weeks which saw their share prices strengthening 3.6% on average. The market valuations of Chinese operators seem stretched to us, not fully reflecting…

Chinese Port Operators - Core Earnings Remain WeakChinese ports have had a respectable stock price appreciation since releasing their financial results, outpacing both our proprietary Drewry Port Index and MSCI China Transportation and Infrastructure benchmarks. Out of the five Chinese port operators that we track, four reported in the past two weeks which saw their share prices strengthening 3.6% on average. The market valuations of Chinese operators seem stretched to us, not fully reflecting…

Chinese Port Operators - Core Earnings Remain Weak

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

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

Research Reinvented

In this week's ASEAN weekly offering I include a "Bonus Insight" with <a href="https://www.smartkarma.com/entities/440" target="_blank" data-smartkarma-citation="entities:440:1">Bank Central Asia Tbk Pt (BBCA IJ)</a> from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Sarana Menara Nusantara Pt (TOWR IJ)</a> (Protelindo) from <a href="https://www.smartkarma.com/profiles/286" target="_blank" data-smartkarma-citation="accounts:286">New Street Research</a>, an inaugural note from <a href="https://www.smartkarma.com/profiles/1218" target="_blank" data-smartkarma-citation="accounts:1218">Surabhi Chopra</a> on <a href="https://www.smartkarma.com/entities/1051" target="_blank" data-smartkarma-citation="entities:1051:1">Telekomunikasi Indonesia (TLKM IJ)</a>…

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on Sarana Menara Nusantara Pt (TOWR IJ) (Protelindo) from New Street Research, an inaugural note from Surabhi Chopra on Telekomunikasi Indonesia (TLKM IJ)…

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

Singapore

Hutchison Port Holdings Trust is a port investor, developer and operator. The Company is also involved in transportation related services and logistics operations, including container storage and repair, container tracking, general and bulk cargo tranfer, warehousing, marine shuttle services and other related services.

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Hutchison Port Holdings Trust (HPHT SP)

HPHT 2Q17 – Downgrade to Unattractive

Light at the end of the tunnel, but the walk is long: Hutchison Port Trust (HPHT) reported its 2Q17 results, which revealed more...

Drewry Maritime Financial Research

HPHT Clambers Higher on Upbeat Expectations

Drewry Maritime Research has raised the 2017 global throughput forecast. In particular, US and Europe containerised volumes are expected to...

Drewry Maritime Financial Research

Singapore Ship Trusts Gobbled Up by German Backed Greeks

Event last week: US listed Greek company Navios Maritime Holdings Inc. (NM US) to take control of Rickmers Maritime (RMT SP) ships for $113m AND...

Charles De Trenck

Chinese Port Operators - Core Earnings Remain Weak

Chinese Port Operators - Core Earnings Remain WeakChinese ports have had a respectable stock price appreciation since releasing their financial...

Drewry Maritime Financial Research

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please...

Angus Mackintosh

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