http://seekingalpha.com/article/1548232-use-textainer-s-5-2-yield-to-build-income-now?source=google_news

TEXTAINER TO BUILD INCOME

There's a lot to love about Textainer. This company is poised to take advantage of some very nice tailwinds and secular megatrends which have been propelling earnings higher year after year. Firstly and most importantly, containerized global freight, the business they are in, grows at a multiple of global GDP. Usually that multiple is between 1.5 and 2.5 times, which has lead to growth of 7%, 5% and 6% in the last three years respectively. Only the global recession of 2009 has stopped this growth trend, and even then it recovered quickly. Secondly, the container freight business has the advantage of being nimble relative to marine shippers. Managers of container freight can give a supply response much faster than the shippers in the face of a global downturn. After all, it's much easier to stop production of 20-foot containers than it is to halt construction of a massive ship. This is why overall utilization has remained consistently higher than that of the shippers.

Thirdly, shippers are increasingly turning to the container lease model. Directly owning intermodal containers has tied up capital for these shippers and so they are often happy to unload container fleets to independents like Textainer. Consider that lessors currently own 48% of the global container fleet but in 2012 made 65% of the purchases. Going forward this industry will be dominated by the lessors. Textainer has multiple channels in which to acquire containers: new production, sales originating from shippers and also leasebacks.