Acquisitions and Ports & Bulk Drive Solid Fiscal 2017 for Qube
Narrow-moat Qube Holdings had a solid fiscal 2017, with underlying NPAT up 18% to AUD 102 million, beating our expectations by 6%. Earnings growth was driven by a good performance in the ports and bulk division, as well as the acquisition of a 50% stake in Patrick container terminals. EPS was down 8% to AUD 7 cents per share because of dilution from equity raisings, and dividends were flat at AUD 5.5 cps, fully franked. Management expects to deliver earnings growth in fiscal 2018, though it caut...Qube Holdings is engaged in providing logistics solutions across multiple aspects of the import-export supply chain. Co. is also involved in the management and development of properties. Co.'s segments include: logistics, which provides a range of services relating to the import and export of containerized cargo; ports & bulk division, which provides a range of logistics services relating to the import and export of mainly non-containerized freight, with focus on automotive, bulk and break bulk products; and strategic assets which include, among others, its 66.7% interest in the Moorebank Industrial Property Trust; a 37.5% interest in the Quattro Grain joint venture.
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