EM credit spreads were significantly wider while lower-beta IG names outperformed on the back of the move lower in rates this week. In the near term we expect volatility to remain elevated and would maintain a tactically defensive stance.
The container ports and terminals sector is witnessing increased adoption of innovative technologies such as automation and digitalisation. Higher automation reduces labour costs, which in turn lowers operating leverage and can make operating profit more resilient. However, this may lead to strained relations with the trade union. Currently, terminal operators are opting for varying degrees of automation, depending on their financial and technical resources. We are optimistic about the current a...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
DP World, today announced its FY2020 results. The company’s consolidated volumes increased 4.6% on YoY basis to 41.8mteu. Operating revenue (excluding the one-off land sale) strengthened 15.8% to USD 8.4bn mainly led by the full-year contribution of Topaz Energy & Marine and P&O Ferries in the ‘dry-docking, maritime and logistics services’ segment, which increased 33.2% YoY. EBITDA remained stable at USD 3.3bn (+0.4% YoY). After its delisting from the equity market, DPW is no longer included in ...
On 19 August 2020, DP World (DPW) announced the acquisition of Transworld Group’s three business units - Transworld Feeders FZCO (Middle East focus feedering business), Avana Logistek Ltd (including its subsidiary Avana Global FZCO - non-vessel operating common carrier (NVOCC) Middle East business) and Transworld Feeders Pvt Ltd (the containerised Indian coastal and EXIM feeder shipping operations of Shreyas Shipping and Logistics Ltd, excluding vessels and bulk operations). The deal was made vi...
On 19 August 2020, DP World (DPW) announced the acquisition of Transworld Group’s three business units - Transworld Feeders FZCO, Avana Logistek Ltd and Transworld Feeders Pvt Ltd. The vertical integration into feeder service will enable DPW in offering bundled services to its customers, allowing shippers and consignees worldwide to ship goods through DPW’s major ports to final destinations. This will not only help in creating enduring relationships with the end customers but will also increase ...
Rating Action: Moody's assigns a Ba2 rating to DP World's proposed hybrid instruments. Global Credit Research- 22 Jun 2020. Paris, June 22, 2020-- Moody's Investors Service, has today assigned a Ba2 rating to the proposed benchmark sized reset subordinated perpetual notes and sukuk certificates to be issued by DP World PLC and DP World Salaam, respectively.
DP WORLD PLC. (AE), a company active in the Transportation Services industry, has received a double requalification by the independent financial analyst theScreener. Its fundamental valuation is now 3 out of 4 stars while its market behaviour can be considered as defensive. theScreener believes that the gain of a star(s) and an improvement in the market risk perception allows upgrading the general evaluation to Slightly Positive. As of the analysis date April 3, 2020, the closing price was USD 1...
Initial Low Established Several equity indexes and indicators we watch are telling us an initial primary low has been established for global equities (ACWI-US). At the same time, after this type of major waterfall decline there is often a test of this initial low - and oftentimes we get an undercut of the initial low. Barring approval of a first-line therapy for COVID-19 we are of the belief that we will get an eventual test of this initial low and potentially an undercut. Below we provide upda...
On 17 February 2020, DP World (DPW or the company) announced its intention to delist from Nasdaq Dubai citing the board’s decision that the disadvantages of remaining listed outweigh the advantages. We share the views of Bin Sulayem, DPW’s chairperson, that port assets are capital-intensive and have long gestation periods. Therefore, investors need to consider the long-term view which can be materially impacted by short-term market fluctuations.
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