Senior Investment Analyst, Black Crane Investment Mgmt Ltd

Perry Tan, CFA, CAIA, FRM

Senior Investment Analyst

Black Crane Investment Mgmt Ltd

Thematic (Sector/Industry)

<div>Jet.com was a $600m company last year before further fund raising.</div><div>It is now valued at $3.3bn after Wal-Mart's cash and stock acquisition announced earlier.</div><div>Jet.com charges a $49.99 per month annual fee to its customers and promises the lowest prices (they priced below Amazon and other competitors).</div><div>Their strategy backfired and suffered losses because they did not sign up with enough partner merchants and as a result, Jet.com employees had to sometimes buy from competing merchants at a loss, in…</div>

Jet.com was a $600m company last year before further fund raising.It is now valued at $3.3bn after Wal-Mart's cash and stock acquisition announced earlier.Jet.com charges a $49.99 per month annual fee to its customers and promises the lowest prices (they priced below Amazon and other competitors).Their strategy backfired and suffered losses because they did not sign up with enough partner merchants and as a result, Jet.com employees had to sometimes buy from competing merchants at a loss, in…

Asia and Global Semiconductor and Tech Research

Andrew Lu

<p><em>Post <a href="https://www.smartkarma.com/entities/21591" target="_blank" data-smartkarma-citation="entities:21591:1">Bayerische Motoren Werke AG (BMW GR)</a>, <a href="https://www.smartkarma.com/entities/16764" target="_blank" data-smartkarma-citation="entities:16764:1">Intel Corp (INTC US)</a> , and Mobileye <span id="autocomplete"><span id="autocomplete-delimiter"></span><span id="autocomplete-searchtext"></span></span>announced new self-driving car to launch by 2021 together with multiple road tests of <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a> self-driving car, we estimate semiconductor usage for automotive industry will grow substantially for next few years and outpace semiconductor usage growth for PC, notebook, tablet, and smartphone and outpace semiconductor market size for AR/VR, internet of Things, and robotics. Due to a paradigm shift of automotive industry from gasoline car to electronic car and self-driving car, we estimate semiconductor value per car will exceed US$500 by 2020-2025 (from US$315 in 2012 and US$385 in 2017) by accounting 20-30% of global logic semiconductor market. In net, we see three structural changes like automotive industry consolidation is coming on rising R&amp;D, new semiconductor vendors are emerging, and value per car rising at 5-6% CAGR for next 5-10 years in automotive industry.</em></p>

Post Bayerische Motoren Werke AG (BMW GR), Intel Corp (INTC US) , and Mobileye announced new self-driving car to launch by 2021 together with multiple road tests of Alphabet Inc Cl C (GOOG US) self-driving car, we estimate semiconductor usage for automotive industry will grow substantially for next few years and outpace semiconductor usage growth for PC, notebook, tablet, and smartphone and outpace semiconductor market size for AR/VR, internet of Things, and robotics. Due to a paradigm shift of automotive industry from gasoline car to electronic car and self-driving car, we estimate semiconductor value per car will exceed US$500 by 2020-2025 (from US$315 in 2012 and US$385 in 2017) by accounting 20-30% of global logic semiconductor market. In net, we see three structural changes like automotive industry consolidation is coming on rising R&amp;D, new semiconductor vendors are emerging, and value per car rising at 5-6% CAGR for next 5-10 years in automotive industry.

Andrew on Tech: Automotive Semis the Next Wave

Transport Sector, China and Asia-focused Research

Charles De Trenck

<p>Oil symbolically broke $40 to the downside US time Monday, though many stocks last week stubbornly refused to read the tea leaves from the physical market continuing to break down.  <a href="https://www.smartkarma.com/entities/12491" target="_blank" data-smartkarma-citation="entities:12491:1">Freeport Mcmoran Inc (FCX US)</a>, for its part, was lucky and managed to announce a US$1.5bn common stock offering to continue delevering its B/S. But where does this commodities complex correction lead us from here? What is the most likely pattern to test for?</p><p>I think we need to be ready for a test to the downside and…</p>

Oil symbolically broke $40 to the downside US time Monday, though many stocks last week stubbornly refused to read the tea leaves from the physical market continuing to break down.  Freeport Mcmoran Inc (FCX US), for its part, was lucky and managed to announce a US$1.5bn common stock offering to continue delevering its B/S. But where does this commodities complex correction lead us from here? What is the most likely pattern to test for?I think we need to be ready for a test to the downside and…

Is The Commodities Complex Breaking Down All Over Again?

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.

<p><strong>DMER Shorts - Hapag Lloyd negative warning not a surprise, stay sellers of container shipping</strong> </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/010/438/original/HLAPMM1.jpg?1468828073" class="editor-image img-responsive" data-smartkarma-image-id="10438"></figure><p> <strong><em>Hapag Lloyd negative warning not a surprise</em></strong></p><ul><li><ul>
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<em>This morning Hapag Lloyd issued a negative outlook adjustment , “</em><em>The revised expectation of the Executive Board is a clearly decreasing EBITDA and a clearly decreasing EBIT compared with previous year.” </em>
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<em>Key reasons for the revised outlook were as below, </em><ul>
<li><em>Development of freight rates is significantly weaker than expected.</em></li>
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<em>Recovery at beginning of July doesn’t</em>…</li>
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DMER Shorts - Hapag Lloyd negative warning not a surprise, stay sellers of container shipping  Hapag Lloyd negative warning not a surprise

This morning Hapag Lloyd issued a negative outlook adjustment , “The revised expectation of the Executive Board is a clearly decreasing EBITDA and a clearly decreasing EBIT compared with previous year.” 


Key reasons for the revised outlook were as below, 
Development of freight rates is significantly weaker than expected.

Recovery at beginning of July doesn’t…




DMER Shorts - Hapag Lloyd Negative Warning Not a Surprise, Stay Sellers of Container Shipping

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

<p>Weakness in industrial production growth in May was seen across most major sectors and economies, which clearly shows that the Euro Zone industry is struggling to gain momentum which poses a risk to our GDP outlook of 1.3% for 2016 (lowered from 1.6% after the Brexit vote).</p><p>Industrial Production (IPI) in the Eurozone slowed to 0.6% y-o-y in May 2016 after having recorded a growth of 2.1% y-o-y in April 2016 on a seasonally and working day adjusted (swda) basis. On a 3 month moving average (3mma)…</p>

Weakness in industrial production growth in May was seen across most major sectors and economies, which clearly shows that the Euro Zone industry is struggling to gain momentum which poses a risk to our GDP outlook of 1.3% for 2016 (lowered from 1.6% after the Brexit vote).Industrial Production (IPI) in the Eurozone slowed to 0.6% y-o-y in May 2016 after having recorded a growth of 2.1% y-o-y in April 2016 on a seasonally and working day adjusted (swda) basis. On a 3 month moving average (3mma)…

EUROZONE: Industrial Production GROWTh Slows ACROSS SECTORS AND COUNTRIES

Germany

Volkswagen AG manufactures and sells vehicles. The Company offers economy and luxury automobiles, sports cars, trucks, and commercial vehicles. Volkswagen serves customers worldwide.

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Volkswagen (VOW GR)

Wal-Mart's Acquisition of Jet.com

Jet.com was a $600m company last year before further fund raising.It is now valued at $3.3bn after Wal-Mart's cash and stock acquisition announced...

Perry Tan, CFA, CAIA, FRM

Andrew on Tech: Automotive Semis the Next Wave

Post Bayerische Motoren Werke AG (BMW GR), Intel Corp (INTC US) , and Mobileye announced new self-driving car to launch by 2021 together with...

Andrew Lu

Is The Commodities Complex Breaking Down All Over Again?

Oil symbolically broke $40 to the downside US time Monday, though many stocks last week stubbornly refused to read the tea leaves from the physical...

Charles De Trenck

DMER Shorts - Hapag Lloyd Negative Warning Not a Surprise, Stay Sellers of Container Shipping

DMER Shorts - Hapag Lloyd negative warning not a surprise, stay sellers of container shipping Hapag Lloyd negative warning not a surprise This...

Drewry Maritime Financial Research

EUROZONE: Industrial Production GROWTh Slows ACROSS SECTORS AND COUNTRIES

Weakness in industrial production growth in May was seen across most major sectors and economies, which clearly shows that the Euro Zone industry...

Rajan Govil

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