Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

ZIM Integrated Shipping Services / Equity Capital Markets

ZIM Integrated Shipping Services (ZIM US)

<ul>
<li>What's new: a proposed acquisition led by CEO Glickman was formally rejected by ZIM's board</li>
<li>Shares have soared on deal speculation, up almost 70% vs October low of US$12.44 per ADS</li>
<li>But big obstacles remain: Israel's "golden share", the cycle, US and EU anti-trust regulators</li>
</ul>


What's new: a proposed acquisition led by CEO Glickman was formally rejected by ZIM's board
Shares have soared on deal speculation, up almost 70% vs October low of US$12.44 per ADS
But big obstacles remain: Israel's "golden share", the cycle, US and EU anti-trust regulators


Update on Potential Transaction For Israeli Container Carrier ZIM | Still Unlikely, in Our View

Equity Bottom-Up

AP Moeller - Maersk A/S / Equity Bottom-Up

<ul>
<li>Core "Ocean" EBITDA fell by 55% Y/Y in Q325 due to lower average freight rates</li>
<li>Maersk lifted lower end of guidance range, but offered downbeat tone on Q4, 2026</li>
<li>Shares fell by 5% in response to Thursday's report; we remain negative on sector</li>
</ul>


Core "Ocean" EBITDA fell by 55% Y/Y in Q325 due to lower average freight rates
Maersk lifted lower end of guidance range, but offered downbeat tone on Q4, 2026
Shares fell by 5% in response to Thursday's report; we remain negative on sector


Maersk Q325 Results: Core Ocean Down 55% Y/Y | Downbeat Guidance from Management | Q425 Losses?

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 margin trading positions of JPX stocks as of Oct 3rd. The aggregated net margin trading position is USD17,873m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in IHI, Nippon Steel, Nitori, Ai Robotics, Pan Pacific International, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Disco, Kintetsu, Yamada, Ihi.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 3rd. The aggregated net margin trading position is USD17,873m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in IHI, Nippon Steel, Nitori, Ai Robotics, Pan Pacific International, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Disco, Kintetsu, Yamada, Ihi.


JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 26th. The aggregated net margin trading position is USD13,494m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho, Mitsui O.S.K. Lines, Mitsubishi Heavy Industries, Tokyo Electron, Nagoya Railroad, Sanrio, Advantest, Softbank, Ihi.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 26th. The aggregated net margin trading position is USD13,494m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho, Mitsui O.S.K. Lines, Mitsubishi Heavy Industries, Tokyo Electron, Nagoya Railroad, Sanrio, Advantest, Softbank, Ihi.


JPX Margin Trading Weekly (Sep 26th): Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho

ZIM Integrated Shipping Services / Equity Bottom-Up

<ul>
<li>Concerted rate increase on Sept 1 failed, deep sea rates are still falling</li>
<li>Carrier revenues in July-August down ~40% Y/Y, W Coast volumes weak</li>
<li>We retain our -ive view on container shipping, seek opportunities to Short</li>
</ul>


Concerted rate increase on Sept 1 failed, deep sea rates are still falling
Carrier revenues in July-August down ~40% Y/Y, W Coast volumes weak
We retain our -ive view on container shipping, seek opportunities to Short


Monthly Container Shipping Tracker | Sept 1 Rate Increase Failed, Rates Still Down | September 2025

Japan

Mitsui O.S.K. Lines, Ltd. provides marine transportation, warehousing, and cargo handling services.  The Company operates container ship, specialized carrier, oil tankers, and ferry.  Items transported include coal, iron ore, grain, logs, aluminum, cement, industrial salt, copper ore, wood chips, paper products, chemical products, gasoline and other petroleum products, LPG, and other cargoes.

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Mitsui O.S.K. Lines (9104 JP)

Update on Potential Transaction For Israeli Container Carrier ZIM | Still Unlikely, in Our View

ZIM's shares have surged over the past few months on speculation of a major deal, but we still see big obstacles that make a transaction unlikely...

Tracking Traffic

Maersk Q325 Results: Core Ocean Down 55% Y/Y | Downbeat Guidance from Management | Q425 Losses?

Maersk reported decent Q3 numbers last week, but management's downbeat tone & new guidance that suggests EBIT loss in Q4 should raise alarm bells...

Tracking Traffic

JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Nippon Steel (5401 JP), Nitori (9843 JP), Ai...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Sep 26th): Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho

We analyzed JPX margin trading positions report for the past week and highlighted Sanrio (8136 JP), Advantest (6857 JP), SoftBank (9984 JP), IHI...

Ke Yan, CFA, FRM

Monthly Container Shipping Tracker | Sept 1 Rate Increase Failed, Rates Still Down | September 2025

August and September data show clearly that deep-sea ocean freight rates remain under downward pressure. We believe Q325 carrier earnings may...

Tracking Traffic

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52-week Range

Market Cap (USDm)

P/E

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