Analyst

Alasdair Moody

Exposing Creative Accounting

Bucephalus Research Partnership

Bucephalus Research Partnership Limited. Exposing Creative Accounting.

At the Bucephalus Research Partnership (BRP) we analyse financial statements using our accountant's practical experience and our own quantitative algorithms for corporate governance, accounting risk and peer performance.

Our thematic research refines our unique algorithms while our single stock research focuses on examples where we discover a significant gap between published accounts and business reality.

​Bucephalus Research Partnership:
- Is an independent fee-based research service
- Does not take proprietary positions, long or short
- Does not solicit business or fees from the corporates we review

Forensic Accounting

United Parcel Service Cl B / Forensic Accounting

UPS appears to be struggling to keep up with industry trends.  Between 2011 and 2016, revenue and profit growth was inferior to its closest competitors and much slower than the E-commerce sales. Unsurprisingly, the stock has also lagged both its peers and the S&amp;P. For this dour performance, the top five managers received US$165m. Their incentive scheme is based around short term total shareholder returns and ignores the company’s rising liabilities. Allowing management to sacrifice the staff and…

UPS appears to be struggling to keep up with industry trends.  Between 2011 and 2016, revenue and profit growth was inferior to its closest competitors and much slower than the E-commerce sales. Unsurprisingly, the stock has also lagged both its peers and the S&amp;P. For this dour performance, the top five managers received US$165m. Their incentive scheme is based around short term total shareholder returns and ignores the company’s rising liabilities. Allowing management to sacrifice the staff and…

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Equity Bottom-Up

<ul><li>Sinotrans is China’s largest third-party logistics company and ranks eighth in the world</li><li>Sinotrans is well positioned to benefit from increased shipping and logistics from strong growth in eCommerce.</li><li>The company recently merged with CSC and CMG to become a wholly-owned listed subsidiary of China Merchants Group.</li><li>It is expected that Sinotrans will absorb all of CMG’s logistics and transportation activities. Most of these are in China Merchants Logistics Holdings (CMLH).</li><li>CMLH has assets totaling RMB10 bn and Net Profit of 283 mn in 2015. These activities will move into Sinotrans over time through asset injections.</li></ul>

Sinotrans is China’s largest third-party logistics company and ranks eighth in the worldSinotrans is well positioned to benefit from increased shipping and logistics from strong growth in eCommerce.The company recently merged with CSC and CMG to become a wholly-owned listed subsidiary of China Merchants Group.It is expected that Sinotrans will absorb all of CMG’s logistics and transportation activities. Most of these are in China Merchants Logistics Holdings (CMLH).CMLH has assets totaling RMB10 bn and Net Profit of 283 mn in 2015. These activities will move into Sinotrans over time through asset injections.

Sinotrans - Valuable Exposure to China's ECommerce Boom and Logistics Demand

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Global Logistic Properties / Equity Bottom-Up

Overnight the Financial Times published a story about a new Chinese venture from <a href="https://www.smartkarma.com/entities/409" target="_blank" data-smartkarma-citation="entities:409:1">Amazon.Com Inc (AMZN US)</a> called 'Amazon Logistics+'. We have included a link to the story at the end of this short note.The new AMZN venture offers packaging, warehousing, customs, and other logistics services to small- and medium-sized Chinese companies that wish to export their products but perhaps lack the expertise or scale to do so efficiently. Essentially, Amazon Logistics+ offers these customers "1-stop…

Overnight the Financial Times published a story about a new Chinese venture from Amazon.Com Inc (AMZN US) called 'Amazon Logistics+'. We have included a link to the story at the end of this short note.The new AMZN venture offers packaging, warehousing, customs, and other logistics services to small- and medium-sized Chinese companies that wish to export their products but perhaps lack the expertise or scale to do so efficiently. Essentially, Amazon Logistics+ offers these customers "1-stop…

Amazon's New China Logistics Bid: A Threat to BABA's 'CaiNiao', Caps Express Growth, Boosts GLP

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.

Thematic (Sector/Industry)

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near term valuations seem undemanding to us and are at risk of running ahead of fundamentals. The bottoming out process in 2016 and subsequent run up in 2017 has been on the back of reversal in asset values, narrowing supply-demand imbalance and expectations of supportive commodity demand. We have earlier talked about the sector under ownership and…

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near term valuations seem undemanding to us and are at risk of running ahead of fundamentals. The bottoming out process in 2016 and subsequent run up in 2017 has been on the back of reversal in asset values, narrowing supply-demand imbalance and expectations of supportive commodity demand. We have earlier talked about the sector under ownership and…

Dry Bulk Shipping - Why It's Time for Dry Bulk Stocks to Take a Breather

United States

United Parcel Service, Inc.(UPS) delivers packages and documents throughout the United States and in other countries and territories.  The Company also provides global supply chain services and less-than-truckload transportation, primarily in the U.S. UPS's business consists of integrated air and ground pick-up and delivery network

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

United Parcel Service Cl B (UPS US)

UPS: Upcoming Pension Scandal

UPS appears to be struggling to keep up with industry trends. Between 2011 and 2016, revenue and profit growth was inferior to its closest...

Bucephalus Research Partnership

Sinotrans - Valuable Exposure to China's ECommerce Boom and Logistics Demand

Sinotrans is China’s largest third-party logistics company and ranks eighth in the world Sinotrans is well positioned to benefit from increased...

David Riedel

Amazon's New China Logistics Bid: A Threat to BABA's 'CaiNiao', Caps Express Growth, Boosts GLP

Overnight the Financial Times published a story about a new Chinese venture from Amazon.Com Inc (AMZN US) called 'Amazon Logistics+'. We have...

Daniel Hellberg

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the...

Drewry Maritime Financial Research

Dry Bulk Shipping - Why It's Time for Dry Bulk Stocks to Take a Breather

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near...

Drewry Maritime Financial Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)