Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

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

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.</li>
<li>In this cut, we assess whether Indonesian equities have bottomed, the ongoing capital-hungry data center build-out, and the blend of activism and geopolitics making waves in shipping.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.
In this cut, we assess whether Indonesian equities have bottomed, the ongoing capital-hungry data center build-out, and the blend of activism and geopolitics making waves in shipping.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Indonesia Stabilizing, Compute Capital & Shipping Surges

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Not long ago, Reuters came out with a headline saying Elliott had taken a "significant stake" in <a href="https://www.smartkarma.com/entities/mitsui-o-s-k-lines-ltd" target="_blank" data-smartkarma-citation="entities:20717:1" rel="noopener">Mitsui O.S.K. Lines (9104 JP)</a> ("MOL"). Minutes later, Elliott issued a <a href="https://www.prnewswire.com/news-releases/elliott-management-statement-on-mitsui-osk-lines-ltd-302716722.html" target="_blank" rel="noopener">press release</a>. </li>
<li>Shares had been trading at 0.77x book (0.85x TBV) after rising significantly these past few months. They popped 10+% in short order. </li>
<li>Elliott sees Mitsui OSK as undervalued, wants to "work constructively" with MOL to ensure its "upcoming MTMP" is "appropriately ambitious." They are pushing with a tailwind.</li>
</ul>


Not long ago, Reuters came out with a headline saying Elliott had taken a "significant stake" in Mitsui O.S.K. Lines (9104 JP) ("MOL"). Minutes later, Elliott issued a press release. 
Shares had been trading at 0.77x book (0.85x TBV) after rising significantly these past few months. They popped 10+% in short order. 
Elliott sees Mitsui OSK as undervalued, wants to "work constructively" with MOL to ensure its "upcoming MTMP" is "appropriately ambitious." They are pushing with a tailwind.


[Japan Activism] Elliott Buys Stake In Mitsui OSK (9104) Targets Capital With a Following Wind

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

ZIM Integrated Shipping Services / Event-Driven

ZIM Integrated Shipping Services (ZIM US)

<ul>
<li>Hapag-Lloyd last week announced an all cash US$4.2 bn bid for shares of Israel's ZIM</li>
<li>The deal will likely face regulators' scrutiny in Israel, Germany, maybe in EU, US too</li>
<li>Moreover, we believe long-term returns on the acquired assets will likely be negative</li>
</ul>


Hapag-Lloyd last week announced an all cash US$4.2 bn bid for shares of Israel's ZIM
The deal will likely face regulators' scrutiny in Israel, Germany, maybe in EU, US too
Moreover, we believe long-term returns on the acquired assets will likely be negative


Hapag-Lloyd Announced US$4.2 Bn Bid for Israel's ZIM | Unfortunately, We Can't Get the Math to Math

Equity Bottom-Up

<ul>
<li>Taiwan's two deep-sea container carriers reported a Y/Y decline in combined revenue in April</li>
<li>In USD terms, the two carriers' combined revenues are down -48% vs 2024 peak levels</li>
<li>Sector YTD &amp; Y/Y share performance do <em>not</em> reflect worsening fundamentals; stay SHORT</li>
</ul>


Taiwan's two deep-sea container carriers reported a Y/Y decline in combined revenue in April
In USD terms, the two carriers' combined revenues are down -48% vs 2024 peak levels
Sector YTD &amp; Y/Y share performance do not reflect worsening fundamentals; stay SHORT


Taiwan's Deep-Sea Carriers Saw Revenue Decline Y/Y in April, First Time Since Dec-2023 | Stay SHORT!

<ul>
<li>In mid-May 2026, <a href="https://www.smartkarma.com/entities/kawasaki-kisen-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:3548:1" rel="noopener">Kawasaki Kisen Kaisha (9107 JP)</a> said that in preparation for its next Mid-Term-Management-Plan starting next year, they allocated ¥50bn to a buyback, and ¥80bn more sometime later. </li>
<li>On 29 May, KLINE decided "sometime later" meant now. They upped their buyback plan from ¥50bn to ¥130bn and started with a big ToSTNeT-3. Insiders agreed. They sold ¥50.7bn. </li>
<li>The other ¥79.3bn/24.8mm shares will be bought in the market over four months. At current price, that's ¥62bn. Expect more later. </li>
</ul>


In mid-May 2026, Kawasaki Kisen Kaisha (9107 JP) said that in preparation for its next Mid-Term-Management-Plan starting next year, they allocated ¥50bn to a buyback, and ¥80bn more sometime later. 
On 29 May, KLINE decided "sometime later" meant now. They upped their buyback plan from ¥50bn to ¥130bn and started with a big ToSTNeT-3. Insiders agreed. They sold ¥50.7bn. 
The other ¥79.3bn/24.8mm shares will be bought in the market over four months. At current price, that's ¥62bn. Expect more later. 


[Japan Buyback] Kawasaki Kisen/KLINE (9107) - Big Buyback Advanced in Size and Timing, More Later

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)

Curator's Cut: Indonesia Stabilizing, Compute Capital & Shipping Surges

This Curator's Cut highlights Indonesian equities, the capital intensity of the data center build-out, and shipping opportunities.

Pranav Rao

[Japan Activism] Elliott Buys Stake In Mitsui OSK (9104) Targets Capital With a Following Wind

Reuters carried a headline, followed shortly afterwards by a short Elliott PR saying Elliott was invested in Mitsui OSK. Some comment about the new...

Travis Lundy

Hapag-Lloyd Announced US$4.2 Bn Bid for Israel's ZIM | Unfortunately, We Can't Get the Math to Math

The deal doesn't make financial sense unless EBITDA margins average 20% or better over the next 15 years, which is more than current margins and...

Tracking Traffic

Taiwan's Deep-Sea Carriers Saw Revenue Decline Y/Y in April, First Time Since Dec-2023 | Stay SHORT!

April revenue figures from Evergreen and Yang Ming suggest a sharp deterioration in fundamentals, which has not been reflected in YTD or Y/Y share...

Tracking Traffic

[Japan Buyback] Kawasaki Kisen/KLINE (9107) - Big Buyback Advanced in Size and Timing, More Later

KLINE has recently underperformed expectations - both the market's and its own. New Hormuz problems don't help. But the company has upped its...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: Indonesia Stabilizing, Compute Capital & Shipping Surges

This ​Curator's Cut highlights Indonesian equities, the capital intensity of the data center build-out, and shipping opportunities.

Pranav Rao

[Japan Activism] Elliott Buys Stake In Mitsui OSK (9104) Targets Capital With a Following Wind

Reuters carried a headline, followed shortly afterwards by a short Elliott PR saying Elliott was invested in Mitsui OSK. Some comment about the new...

Travis Lundy

Hapag-Lloyd Announced US$4.2 Bn Bid for Israel's ZIM | Unfortunately, We Can't Get the Math to Math

The deal doesn't make financial sense unless EBITDA margins average 20% or better over the next 15 years, which is more than current margins and...

Tracking Traffic

Taiwan's Deep-Sea Carriers Saw Revenue Decline Y/Y in April, First Time Since Dec-2023 | Stay SHORT!

April revenue figures from Evergreen and Yang Ming suggest a sharp deterioration in fundamentals, which has not been reflected in YTD or Y/Y share...

Tracking Traffic

[Japan Buyback] Kawasaki Kisen/KLINE (9107) - Big Buyback Advanced in Size and Timing, More Later

KLINE has recently underperformed expectations - both the market's and its own. New Hormuz problems don't help. But the company has upped its...

Travis Lundy

This Curator's Cut highlights Indonesian equities, the capital intensity of the data center build-out, and shipping opportunities.