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 Bottom-Up

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

<ul>
<li>Maersk's Q324 results were strong, fueled almost purely by higher freight rates</li>
<li>The company's peers have been reporting similar results since early 2024</li>
<li>We continue to believe that price momentum has peaked; AVOID the carriers</li>
</ul>


Maersk's Q324 results were strong, fueled almost purely by higher freight rates
The company's peers have been reporting similar results since early 2024
We continue to believe that price momentum has peaked; AVOID the carriers


Maersk Q324 Results: Giant Dane Finally Joins the Party, But Read-Through for Industry Is Limited

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-s-lines" target="_blank" data-smartkarma-citation="entities:39795:1" rel="noopener">T.S. Lines (TSL HK)</a> is looking to raise US$145m in its Hong Kong IPO.</li>
<li>T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.</li>
<li>In a previous note, we looked at the firm’s past performance. In this note, we discuss peers and share our thoughts on valuation. </li>
</ul>



T.S. Lines (TSL HK) is looking to raise US$145m in its Hong Kong IPO.
T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.
In a previous note, we looked at the firm’s past performance. In this note, we discuss peers and share our thoughts on valuation. 


TS Lines IPO - Smaller than Peers, Although Valuation Seems Attractive

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the live IPOs front,  the previous week so a record number of large IPO listing for 2024, with listings in Inida, Hong Kong</li>
<li>On the placements front, there were deals in Singapore, Hong Kong and Australia over the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the live IPOs front,  the previous week so a record number of large IPO listing for 2024, with listings in Inida, Hong Kong
On the placements front, there were deals in Singapore, Hong Kong and Australia over the past week.


ECM Weekly (28th Oct 2024) - Tokyo Metro, CR Beverage, Horizon, Hyundai, Rigaku, Pony AI, TS Lines

<ul>
<li>TS Lines' January-April 2024 revenue &amp; margins showed little Y/Y change</li>
<li>Besides weak Y/Y growth, TS Lines' move to re-enter Transpacific is odd</li>
<li>TS Lines' filing offers few reasons to favor the company over listed peers</li>
</ul>


TS Lines' January-April 2024 revenue &amp; margins showed little Y/Y change
Besides weak Y/Y growth, TS Lines' move to re-enter Transpacific is odd
TS Lines' filing offers few reasons to favor the company over listed peers


TS Lines Pre-IPO: January-April Results Vs WHL, RCL H124 | Opportunistic Return to Transpacific?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-s-lines" target="_blank" data-smartkarma-citation="entities:39795:1" rel="noopener">T.S. Lines (TSL HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.</li>
<li>In a previous note, we looked at the firm’s past performance. In this note, we talk about the recent updates from its filings.</li>
</ul>



T.S. Lines (TSL HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.
In a previous note, we looked at the firm’s past performance. In this note, we talk about the recent updates from its filings.


T.S. Lines Pre-IPO - PHIP Updates - Shipping Volumes Improved, However Paid Another Large Dividend

Hong Kong

T.S. Lines is a container shipping company specializing in intra-Asian trade routes and niche services, offering mainline container services and specialized vessel chartering. The company provides comprehensive shipping solutions including cargo tracking, schedules, and handling of project cargo. T.S. Lines was founded in 2001 and is headquartered in Hong Kong.

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T.S. Lines (2510 HK)

Maersk Q324 Results: Giant Dane Finally Joins the Party, But Read-Through for Industry Is Limited

Maersk reported a scary-good set of quarterly results on Halloween! But many of its peers have been enjoying similar price-driven improvements in...

Tracking Traffic

TS Lines IPO - Smaller than Peers, Although Valuation Seems Attractive

T.S. Lines (TSL HK) is looking to raise US$145m in its Hong Kong IPO. In a previous note, we looked at the firm’s past performance. In this note,...

Clarence Chu

ECM Weekly (28th Oct 2024) - Tokyo Metro, CR Beverage, Horizon, Hyundai, Rigaku, Pony AI, TS Lines

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

TS Lines Pre-IPO: January-April Results Vs WHL, RCL H124 | Opportunistic Return to Transpacific?

TS Lines in a recent filing reported mediocre January-April rates that pale compared to its comps' H124 numbers. We see few reasons to choose...

Tracking Traffic

T.S. Lines Pre-IPO - PHIP Updates - Shipping Volumes Improved, However Paid Another Large Dividend

T.S. Lines (TSL HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we talk about the recent updates from its...

Clarence Chu

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