Soon-to-Open Moorebank to Hammer Home Qube’s Competitive Advantage
Shares in narrow-moat-rated Qube remain fairly valued following a pleasing first-half fiscal 2019 result, with solid volume growth in ports and bulk and Patrick driving underlying NPAT of AUD 65 million, 20% ahead of the previous corresponding period, or pcp, and slightly outpacing our prior expectations. The firm retained guidance of "solid" adjusted NPAT growth in fiscal 2019, albeit not as strong as the first half. We upgrade our forecasts marginally and increase our fair value estimate by 3%...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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