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)

<figure class="editor-figure">Moderation likely but it ain't over yet<img src="https://static-prod.smartkarma.com/images/media/000/005/034/original/Tank%20Price%20Performance.JPG?1453075386" class="editor-image img-responsive" data-smartkarma-image-id="5034"></figure> Source: Bloomberg, DMER<ul>
<li>The uptrend in share prices that started in the tail end of FY14 continued in 2015 mainly on prospects of improved profitability of companies in a demand-driven market. The market capitalisation of DMER’s tanker shipping index moved up by ~USD 1.8bn because of the upsurge in stock prices and generated a return of ~27% during the year.</li>
<li>
Nordic American Tanker enjoyed the benefits of full exposure to the spot market as day rates remained…</li>
</ul>

Moderation likely but it ain't over yet Source: Bloomberg, DMER
The uptrend in share prices that started in the tail end of FY14 continued in 2015 mainly on prospects of improved profitability of companies in a demand-driven market. The market capitalisation of DMER’s tanker shipping index moved up by ~USD 1.8bn because of the upsurge in stock prices and generated a return of ~27% during the year.

Nordic American Tanker enjoyed the benefits of full exposure to the spot market as day rates remained…


Tanker Shipping-2016 - Moderation Likely but It Ain't over Yet, The Preferred Investment In Shipping

Transport Sector, China and Asia-focused Research

Charles De Trenck

Our theme has been to expect some mergers in container equipment and transport equipment owners. NOL and Chinese carriers are also exploring options, as discussed in last few months. But today we have a live deal between Triton and TAL Int'l Group which will create the largest container lessor through a "merger of equals". Let's review a few more points and issues.

Our theme has been to expect some mergers in container equipment and transport equipment owners. NOL and Chinese carriers are also exploring options, as discussed in last few months. But today we have a live deal between Triton and TAL Int'l Group which will create the largest container lessor through a "merger of equals". Let's review a few more points and issues.

Container Equipment Mergers Here: TAL Int'l to Merge with Triton

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

EquipmentShare.com / Equity Capital Markets

<ul>
<li>EquipmentShare targets a $5.9b–$6.4b valuation, offering 30.5m primary shares at $23.50–$25.50, with a Friday market debut.</li>
<li>Tech-Enabled equipment rental leader leveraging its T3 platform and OWN Program to drive scale, customer stickiness, and capital-efficient growth.</li>
<li>Rapid growth and attractive valuation versus peers offset by leverage, warranting a cautiously optimistic investor stance.</li>
</ul>


EquipmentShare targets a $5.9b–$6.4b valuation, offering 30.5m primary shares at $23.50–$25.50, with a Friday market debut.
Tech-Enabled equipment rental leader leveraging its T3 platform and OWN Program to drive scale, customer stickiness, and capital-efficient growth.
Rapid growth and attractive valuation versus peers offset by leverage, warranting a cautiously optimistic investor stance.


EquipmentShare.com (EQPT): Tech-Enabled Rental Platform Tests the IPO Market

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>United Rentals reported its second-quarter results, showing solid performance and confidence in future growth.</li><li>The company recorded record rental revenue growth of 6.2% year-over-year to $3.4 billion and overall rental revenues of $3.9 billion, reflecting strong demand across industrial and construction markets.</li><li>The adjusted EBITDA reached $1.8 billion, with a margin of approximately 46%, while adjusted EPS stood at $10.47.</li></ul>

United Rentals reported its second-quarter results, showing solid performance and confidence in future growth.The company recorded record rental revenue growth of 6.2% year-over-year to $3.4 billion and overall rental revenues of $3.9 billion, reflecting strong demand across industrial and construction markets.The adjusted EBITDA reached $1.8 billion, with a margin of approximately 46%, while adjusted EPS stood at $10.47.

United Rentals: The Ancillary & Re-Rent Business Growth & Other Major Growth Drivers!

<ul><li>United Rentals reported a solid start to its fiscal year, achieving record results in multiple financial metrics despite facing macroeconomic uncertainties.</li><li>The company, driven by strong demand in both industrial and construction markets, posted a first-quarter year-over-year total revenue increase of 6.7% to $3.7 billion.</li><li>Rental revenue grew by 7.4% to $3.1 billion, reflecting robust customer activity, especially in its Specialty segment, which saw a 22% year-over-year increase.</li></ul>

United Rentals reported a solid start to its fiscal year, achieving record results in multiple financial metrics despite facing macroeconomic uncertainties.The company, driven by strong demand in both industrial and construction markets, posted a first-quarter year-over-year total revenue increase of 6.7% to $3.7 billion.Rental revenue grew by 7.4% to $3.1 billion, reflecting robust customer activity, especially in its Specialty segment, which saw a 22% year-over-year increase.

Can United Rentals Capitalize On The Specialty Growth Opportunities?

United States

United Rentals, Inc., through its subsidiary, is an equipment rental company operating a network of locations in the United States and Canada.  The Company serves the construction industry, industrial and commercial concerns, homeowners, and other individuals.

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United Rentals (URI US)

Tanker Shipping-2016 - Moderation Likely but It Ain't over Yet, The Preferred Investment In Shipping

Moderation likely but it ain't over yet Source: Bloomberg, DMER The uptrend in share prices that started in the tail end of FY14 continued in 2015...

Drewry Maritime Financial Research

Container Equipment Mergers Here: TAL Int'l to Merge with Triton

Our theme has been to expect some mergers in container equipment and transport equipment owners. NOL and Chinese carriers are also exploring...

Charles De Trenck

EquipmentShare.com (EQPT): Tech-Enabled Rental Platform Tests the IPO Market

The tech-enabled equipment rental company is driving growth through its T3 platform and OWN Program, but caution is advised due to leverage.

IPO Boutique

United Rentals: The Ancillary & Re-Rent Business Growth & Other Major Growth Drivers!

United Rentals reported its second-quarter results, showing solid performance and confidence in future growth. The company recorded record rental...

Baptista Research

Can United Rentals Capitalize On The Specialty Growth Opportunities?

United Rentals reported a solid start to its fiscal year, achieving record results in multiple financial metrics despite facing macroeconomic...

Baptista Research

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