- LHN Logistics (SGX:GIH) reported 2HFY22 (Apr to Sep 2022) net loss of S$4.9m, below our expectations due to higher staff costs and one-off write-offs (S$4.8m) from the redevelopment of the group’s new ISO tank depot. See LHN Logistics's announcement dated 31 Oct 2022.
- - Read this at SGinvestors.io -
- LHN Logistics proposed final dividend of 0.6 cents, its maiden issuance since listing. This indicates FY22 yield of 4.3%.
- - Read this at SGinvestors.io -
- LHN Logistics (SGX:GIH) reported 2HFY22 (Apr to Sep 2022) net loss of S$4.9m, below our expectations due to higher staff costs and one-off write-offs (S$4.8m) from the redevelopment of the group’s new ISO tank depot. See LHN Logistics's announcement dated 31 Oct 2022.
- Excluding non-recurring write-offs and IPO expenses, LHN Logistics's FY22 core net profit of S$1.9m (-42% y-o-y) was still below our expectations and formed 60% of our full-year forecast. The miss was due to higher labour costs incurred.
- LHN Logistics proposed final dividend of 0.6 cents, its maiden issuance since listing. This indicates FY22 yield of 4.3%.
- 2HFY22 revenue from the transportation segment declined to S$8.9m (+0.2% h-o-h, -3.6% y-o-y) due to disruptions faced from the ongoing ISO tank depot construction at 7 Gul Avenue. Management expects disruptions to remain in 1HFY23, before alleviating in 2HFY23. In line with the group’s post-IPO expansion plans, LHN Logistics intends to acquire at least 15 more new prime movers and 70 new trailers in FY23-24F. Management shared that the new ISO tank depot should commence operations by end-Jun 23 (vs. our assumption of end-Mar 23).
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
Kenneth TAN CGS-CIMB Research | https://www.cgs-cimb.com 2022-11-01
Read also CGS-CIMB's most recent report:
2023-06-05 LHN Logistics - To Be Acquired For S$0.2266 Per Share.Previous report by CGS-CIMB:
2023-05-02 LHN Logistics - Waiting For New Initiatives To Bear Fruit.Price targets by other brokers at LHN Logistics Target Prices.
Listing of research reports at LHN Logistics Analyst Reports.
Relevant links:
LHN Logistics Share Price History,
LHN Logistics Announcements,
LHN Logistics Dividends & Corporate Actions,
LHN Logistics News Articles
LHN Logistics - New Initiatives To Kick In From FY23
LHN LOGISTICS LIMITED (SGX:GIH)
