OVERVIEW:
The modern logistics facilities provider is mainly owned by GIC (Government of Singapore Investment Co). It develops, owns and manages a 43 million square meters portfolio of logistic facilities across China, Brazil, Japan and US. It also involved property investment and management activities. Total portfolio assets amounted to US$29b as in latest record.
HIGHLIGHTS:
[1] The latest six months results saw earning from the counter leaped 42% year to year.
[2] In China, lease ratio achieved 89% with rent growth on renewal up 8.6%. In Japan, new leases jumped 208% year on year. It has achieved lease ratio to 94% since entering US in 2014. New and renewal leases jumped 27% quarter on quarter.
[3] Its fund management segment has hit $27.3b for the asset under management with compound annual grow rate (CAGR) ~ 96%. Latest quarter of fund management fee rose 41% year on year.
[4] Its financial position remain strong with cash position at US$3m and gearing ratio at 31%.
INVESTMENT THEMES:[1] The counter has been steadily growing its portfolio of logistic assets across four countries. End users were well diversified into various sectors. E-commerce represents 26% of leased area in China, 12% in Japan, 18% and 10% in Japan and US respectively.
[2] On 30th Oct, the counter announced its largest development plan of logistic park in Japan which is its 2nd largest business area. Total investment is US$490m.
[3] At current price, the dividend yield is 2.5%. The counter has been rising its dividend at growth rate > 10% over past 3 years.
[4] From the chart, the counter retreated in price after recent surge. Latest result and announcement plan is worth of attention among investors.
ENTRY PRICE:Accumulate now
*** Note: Same counter has been mentioned in Mar[6] ***
No comments:
Post a Comment