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

ICTSI revenue jumped 6% in FY18 compared with FY17, the revenue/teu improved from USD136 to USD 142 during the same period due to contributions from new terminal assets in Papua New Guinea and Melbourne, Australia. We do not envisage any significant greenfield investment in 2019. The company has recently signed the concession agreement to operate and manage the South Port Container Terminal in Sudan. The stock is currently trading at an attractive forward EV/EBITDA multiple of 7.3x (2019e) when compared with its five-year average of 10.4x.

ICTSI revenue jumped 6% in FY18 compared with FY17, the revenue/teu improved from USD136 to USD 142 during the same period due to contributions from new terminal assets in Papua New Guinea and Melbourne, Australia. We do not envisage any significant greenfield investment in 2019. The company has recently signed the concession agreement to operate and manage the South Port Container Terminal in Sudan. The stock is currently trading at an attractive forward EV/EBITDA multiple of 7.3x (2019e) when compared with its five-year average of 10.4x.

ICTSI: Organic Volume Growth Drive Surprise Earnings Increase

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our coverage.  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

   In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions and financing conditions. We also broadly comment on the FY 2018 results for developers under our coverage.     The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - China Property Update - Lucror Analytics

The Asia HY Trade Recommendations report for March includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for March includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

Credit Analyst, Lucror Analytics

Chuanyi Zhou

Credit Analyst

International Container’s FY 2018 operating results were sound, with decent top-line growth and stable margins. That said, the company’s aggressive and mainly debt-funded expansion continues. It has been relying heavily on perpetual securities (adjusted to debt), which accounted for c. 40% of borrowings (including the USD 400 mn issued in January 2018). Our fundamental Credit Bias on the company is “Negative”. The stability of its operations is offset by the heavy projected expansion capex over the near to medium term. The company has been making extensive use of perpetual securities to fund growth, which has put pressure on its credit profile.

   International Container’s FY 2018 operating results were sound, with decent top-line growth and stable margins. That said, the company’s aggressive and mainly debt-funded expansion continues. It has been relying heavily on perpetual securities (adjusted to debt), which accounted for c. 40% of borrowings (including the USD 400 mn issued in January 2018).    Our fundamental Credit Bias on the company is “Negative”. The stability of its operations is offset by the heavy projected expansion capex over the near to medium term. The company has been making extensive use of perpetual securities to fund growth, which has put pressure on its credit profile. 

International Container - Earnings Flash - FY 2018 Results - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar. 

Lucror Analytics - Morning Views Asia - 08 Mar 2019

Philippines

International Container Terminal Services, Inc. provides containerized cargo handling services. The Company also manages and operates the Manila International Container Terminal and port.

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ICTSI (ICT PM)

ICTSI: Organic Volume Growth Drive Surprise Earnings Increase

ICTSI revenue jumped 6% in FY18 compared with FY17, the revenue/teu improved from USD136 to USD 142 during the same period due to contributions...

Drewry Maritime Financial Research

Asia HY Monthly - China Property Update - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Chinese property sector, including contracted sales trends, regulatory actions...

Lucror Analytics

Asia HY Trade Recommendations - March 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for March includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

International Container - Earnings Flash - FY 2018 Results - Lucror Analytics

International Container’s FY 2018 operating results were sound, with decent top-line growth and stable margins. That said, the company’s...

Lucror Analytics

Lucror Analytics - Morning Views Asia - 08 Mar 2019

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

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