Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

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

Research Reinvented

Equity Capital Markets

Pilipinas Shell Petroleum / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/22108" target="_blank" data-smartkarma-citation="entities:22108:1">Royal Dutch Shell PLC (RDSA LN)</a> plans to raise US$360m by selling down part of its stake in Pilipinas Shell Petroleum (SHLPH). The IPO will also include US$40m worth of new shares in SHLPH. Shell is undertaking the listing owing to its legal obligation to list its local subsidiary, which dates back to the 1998 deregulation of the retail sector.In this insight, we run the deal through our framework and analyse the company's past performance, while comparing it to its major peers. The offering seems to be at a premium to the market leader, <a href="https://www.smartkarma.com/entities/7424" target="_blank" data-smartkarma-citation="entities:7424:1">Petron Corp (PCOR PM)</a>, for reasons that remain unclear to us.

Royal Dutch Shell PLC (RDSA LN) plans to raise US$360m by selling down part of its stake in Pilipinas Shell Petroleum (SHLPH). The IPO will also include US$40m worth of new shares in SHLPH. Shell is undertaking the listing owing to its legal obligation to list its local subsidiary, which dates back to the 1998 deregulation of the retail sector.In this insight, we run the deal through our framework and analyse the company's past performance, while comparing it to its major peers. The offering seems to be at a premium to the market leader, Petron Corp (PCOR PM), for reasons that remain unclear to us.

Pilipinas Shell Petroleum IPO - Consistently Losing Its High Market Share

Independent, global risk consultancy, Control Risks

Aparajita Verma

Independent, global risk consultancy

Control Risks

Control Risks is an independent, global risk consultancy specialising in helping organisations manage political, integrity and security risks in complex and hostile environments. We support clients by providing strategic consultancy, expert analysis and in-depth investigations, handling sensitive political issues and providing practical on-the-ground protection and support.

Our unique combination of services, geographical reach and the trust our clients place in us ensure we can help them to effectively solve their problems and realise new opportunities across the world.

Thematic (Sector/Industry)

A US election fought under moderately favourable economic conditions, with a Republican electorate divided and openly unhappy with its standard-bearer, should normally seal the presidency for the Democrat, in this case former secretary of state Hillary Clinton.  Yet this is anything but a ‘normal’ political cycle in the United States.Control Risks believes Clinton will be the next president of the United States, the first female ever to serve in that position. But a number of eye-widening firsts in this presidential contest obligates us to take very seriously the possibility that her Republican rival, Donald Trump, can overcome his disadvantages and wind up in the White House.Beyond a core of about 20% of the electorate on each side that hold favourable views of their candidate of choice, it appears that for the most of the electorate, the more they see of either candidate, the less inclined they are to vote for him or her. Turnout is likely to be very low. In a recent series of articles on the US elections, <a href="https://www.controlrisks.com/" target="_blank">Control Risks</a>' chief US political risks analyst, Michael Moran, looks at both scenarios - a Clinton presidency and a Trump presidency.

A US election fought under moderately favourable economic conditions, with a Republican electorate divided and openly unhappy with its standard-bearer, should normally seal the presidency for the Democrat, in this case former secretary of state Hillary Clinton.  Yet this is anything but a ‘normal’ political cycle in the United States.Control Risks believes Clinton will be the next president of the United States, the first female ever to serve in that position. But a number of eye-widening firsts in this presidential contest obligates us to take very seriously the possibility that her Republican rival, Donald Trump, can overcome his disadvantages and wind up in the White House.Beyond a core of about 20% of the electorate on each side that hold favourable views of their candidate of choice, it appears that for the most of the electorate, the more they see of either candidate, the less inclined they are to vote for him or her. Turnout is likely to be very low.  In a recent series of articles on the US elections, Control Risks' chief US political risks analyst, Michael Moran, looks at both scenarios - a Clinton presidency and a Trump presidency.

2016 US Elections Scenario Two: Donald Trump Wins

2016 US Elections Scenario One: Hillary Clinton Wins

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

In a somewhat surprising development, OPEC members have tentatively agreed to a production target of between 32.5 million and 33.3 million barrels per day, representing a reduction of up to 700 mb/d from current production levels of 33.2 mmb/d.Oil prices rallied on the news, but our view for continued low prices of $50/bbl in 2017 (detailed in <a href="https://www.smartkarma.com/insights/oil-markets-fundamentals-improving-but-u-s-shale-still-looms" target="_blank">Oil Markets: Fundamentals Improving, but U.S. Shale Still Looms</a>) remains unchanged, as we do not believe the potential reduction will have a meaningful sustainable impact on oil prices. While the low end of the target range is nearly 1 mmbd lower than our 2017 forecast for OPEC production, and if realized, it would balance markets and reduce inventories sooner than our original expectations, we see numerous risk factors that we think prevent a sustained recovery in prices until 2018.Analysts: Stephen Simko, CFA &amp; Lorraine Tan, CFA

In a somewhat surprising development, OPEC members have tentatively agreed to a production target of between 32.5 million and 33.3 million barrels per day, representing a reduction of up to 700 mb/d from current production levels of 33.2 mmb/d.Oil prices rallied on the news, but our view for continued low prices of $50/bbl in 2017 (detailed in Oil Markets: Fundamentals Improving, but U.S. Shale Still Looms) remains unchanged, as we do not believe the potential reduction will have a meaningful sustainable impact on oil prices. While the low end of the target range is nearly 1 mmbd lower than our 2017 forecast for OPEC production, and if realized, it would balance markets and reduce inventories sooner than our original expectations, we see numerous risk factors that we think prevent a sustained recovery in prices until 2018.Analysts: Stephen Simko, CFA &amp; Lorraine Tan, CFA

OPEC Cuts, U.S. E&Ps Drill: Our Oil Price Outlook Remains Unchanged

EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

In May we noted that Saudi was likely to pursue a production maximisation policy for 6 months, with a freeze or cuts likely as we head into winter.This appears to have been prescient as OPEC yesterday announced that OPEC-14 production levels would be capped at 32.5-33mbpd, a slight decrease over the levels achieved over summer and back at Doha talks levels.However, detail is lacking on the proposal and there is strong reason to doubt potential enforceability of any agreement, with oil jumping but still being flat month on month as a result.This piece explores some of these issues and potential market action.

In May we noted that Saudi was likely to pursue a production maximisation policy for 6 months, with a freeze or cuts likely as we head into winter.This appears to have been prescient as OPEC yesterday announced that OPEC-14 production levels would be capped at 32.5-33mbpd, a slight decrease over the levels achieved over summer and back at Doha talks levels.However, detail is lacking on the proposal and there is strong reason to doubt potential enforceability of any agreement, with oil jumping but still being flat month on month as a result.This piece explores some of these issues and potential market action.

United Kingdom

Shell PLC explores and refines petroleum products. The Company produces fuels, chemicals, and lubricants. Shell serves clients worldwide.

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Shell PLC (SHEL LN)

2016 US Elections Scenario Two: Donald Trump Wins

A US election fought under moderately favourable economic conditions, with a Republican electorate divided and openly unhappy with its...

Control Risks

2016 US Elections Scenario One: Hillary Clinton Wins

A US election fought under moderately favourable economic conditions, with a Republican electorate divided and openly unhappy with its...

Control Risks

OPEC Cuts, U.S. E&Ps Drill: Our Oil Price Outlook Remains Unchanged

In a somewhat surprising development, OPEC members have tentatively agreed to a production target of between 32.5 million and 33.3 million barrels...

Morningstar, Inc.

Can OPEC Cut Production

In May we noted that Saudi was likely to pursue a production maximisation policy for 6 months, with a freeze or cuts likely as we head into...

Emad Mostaque

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pilipinas Shell Petroleum IPO - Consistently Losing Its High Market Share

Royal Dutch Shell PLC (RDSA LN) plans to raise US$360m by selling down part of its stake in Pilipinas Shell Petroleum (SHLPH). The IPO will also...

Sumeet Singh

2016 US Elections Scenario Two: Donald Trump Wins

A US election fought under moderately favourable economic conditions, with a Republican electorate divided and openly unhappy with its...

Control Risks

2016 US Elections Scenario One: Hillary Clinton Wins

A US election fought under moderately favourable economic conditions, with a Republican electorate divided and openly unhappy with its...

Control Risks

OPEC Cuts, U.S. E&Ps Drill: Our Oil Price Outlook Remains Unchanged

In a somewhat surprising development, OPEC members have tentatively agreed to a production target of between 32.5 million and 33.3 million barrels...

Morningstar, Inc.

Can OPEC Cut Production

In May we noted that Saudi was likely to pursue a production maximisation policy for 6 months, with a freeze or cuts likely as we head into...

Emad Mostaque