Qube Logistics - Initiation of Research Coverage
Qube Logistics Holdings Ltd is emerging as a new force in the Australian ports and logistics market.
Qube’s proven management team (ex-Patrick Corporation) has focused on acquiring/developing significant transport infrastructure in pursuit of a long term strategy leveraged to:
• Container imports – consolidate a fragmented industry & drive modal shift from road to rail;
• Automotive imports – mature cash cow with a kick if (when?) domestic production industry support ends;
• Resources exports – mine to ship services for 2nd tier miners outsourcing to logistics specialists; and
• Agricultural exports – farm to ship services for new entrants now the single-desk industry structure has unwound.
Last year’s corporate restructure has resulted in a simplified ownership & management structure, improving earnings visibility & Qube’s ability to execute its strategy.
Login for further information and more detailed research.Australian Infrastructure Fund (AIX) - NON CORE ASSET SALES
The sale of AIX’s 50% interest in Port of Portland for $66.5m is below the attributed independent value of $71.2m.
Morning Report - 18th May 2012
- US stocks extended losses as American manufacturing trailed expectations and concern grew surrounding the health of the Spanish banking sector.
Compass Group (CPG:GB) - Comment on Fiscal H1
A good operating performance, with organic revenue growth of 5% H1, EPS growth of 10.8%, and dividend growth of 11%.
Alacer Gold Corp. (AQG) - AUSTRALIAN ASSETS CONTINUE TO DRAG OVERALL RESULT DOWN
Continued poor performance from two assets acquired via the Avoca merger (Higginsville and South Kalgoorlie) continue to detract from an otherwise strong result.
Toll Holdings (TOL) - Trips Up
FY12 EBIT guidance was downgraded to $400-420m (pre significant items) ~10% below consensus forecasts of $455m.
Mirabela Nickel (MBN) - EQUITY RAISING – TOO LITTLE, TOO LATE
We view the announced equity raising of up to $120m as insufficient to address Mirabela’s fundamental problem, which remains inability to service commitments based on the current nickel price.
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