Modest Underlying Growth in 1H for Qube; FVE Reduced to AUD 2.50
Narrow-moat Qube Holdings reported first-half fiscal 2018 underlying NPAT down 13.5% to AUD 53.7 million. However, we estimate NPAT rose a few per cent after adjusting for contributions from Asciano and the acquisition of Patrick container terminals in the prior period. The result is tracking in line with out full-year expectations, and we leave our near-term earnings forecasts largely unchanged. We make some modest reductions to our longer-term forecasts around the speed of Moorebank's ramp up,...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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