Qube Holdings Limited

( ASX:QUB ) - Transportation


Qube Raises Interest In Moorebank

Qube Holdings ((QUB)) will shortly announce its first tenant for Moorebank warehousing, a catalyst brokers are keenly anticipating. The company has stated the first tenancy will include a purpose-built warehouse developed for the customer via a long-term logistics contract with Qube. The company will undertake a $350m capital raising to fund both new warehousing and further opportunities.

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Potential In Qube But Down The Track

Finding a solution to the inefficient and complex logistics industry in NSW is difficult but Qube Holdings (QUB) appears to be heading down that track. That’s the view Ord Minnett takes in initiating coverage on the stock. The going may not be easy but in the longer run, if the Moorebank intermodal terminal is successful, it will be rewarding. The Moorebank intermodal will include a large freight hub and a rail shuttle to Port Botany.

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Qube Facing Complex Outlook

The Patrick division of Qube Holdings (QUB) has lost its contract with the Asia Australia consortium, which Macquarie calculates to represent 225,000 containers annually. The loss of the contract may not be material for the group in FY17 but represents a material loss to Patrick.

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Analyst Views

QUB – UBS rates the stock as Buy

The company’s Patrick joint venture has announced material increases in infrastructure surcharges from July 10. Rates will increase to $33 per full container movement in Brisbane and $32 in Melbourne. Additionally, a new infrastructure surcharge of $26 per full container and Sydney and $5 in Fremantle has been announced.

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