Qube Starts the Year Well; No Change to FVE
Based on commentary at its annual general meeting, narrow moat Qube appears to be tracking slightly ahead of original guidance for "solid" net profit growth in fiscal 2019. Volumes are up across most areas, though competitive pressure on margins remains. With intense competition and global uncertainty, we remain comfortable with our prior forecast for EPS to grow 14% in fiscal 2019. We maintain our AUD 2.55 per share fair value estimate and consider Qube fairly valued at current prices.Logisti...
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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