【出版时间及名称】：2010年3月印度海运行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：38
        【目录或简介】：
Contents
Investment Case: GESCO Attractive on Improving Demand...................................................................................... 3
We assume coverage of India Shipping with an In-Line View: .............................................................................................................3
Relative Stock Performance Has Been Mixed ........................................................................................................................................................ 4
Key Risks to Our In-Line Industry View................................................................................................................................................................... 4
Valuation and Ratings ............................................................................................................................................................................................. 4
Where We Differ..................................................................................................................................................................................5
What’s in GESCO’s Price?..................................................................................................................................................................5
Company Analysis ....................................................................................................................................................... 17
Great Eastern Shipping: OW: Benefits from Shipping Recovery, Offshore Growth.............................................. 18
GESCO: Consolidated Financial Summary ................................................................................................................ 19
Risk-Reward Snapshot: GE Shipping (GESC.BO, Rs292, OW, PT Rs345).............................................................. 20
Investment Positives .........................................................................................................................................................................21
Investment Concerns ........................................................................................................................................................................21
Changing Business Mix – Key Long-term Positive............................................................................................................................21
Modest Gearing Level Gives Further Comfort...................................................................................................................................24
Earnings Outlook...............................................................................................................................................................................24
Valuation and Price Target Discussion..............................................................................................................................................25
Scenario Analysis..............................................................................................................................................................................26
Shipping Corporation of India: Modest Upside Keeps Us on the Sidelines; EW ................................................... 27
SCI: Financial Summary .............................................................................................................................................. 28
Risk-Reward Snapshot: Shipping Corporation (SCI.BO, Rs152, EW, PT Rs162)................................................... 29
Investment Positives .........................................................................................................................................................................30
Investment Concerns ........................................................................................................................................................................30
Relatively Higher Dependence on Oil Trade .....................................................................................................................................30
Current Fleet Is Old; Likely to Affect Maintenance and Operating Cost in Medium Term...................................................................30
Balance Sheet Remains Comfortable ...............................................................................................................................................31
Earnings Outlook...............................................................................................................................................................................31
Valuation and Price Target Discussion..............................................................................................................................................31
Scenario Analysis..............................................................................................................................................................................32