In today’s briefing:
- NaiGai Trans (9384 JP) – Small LCL Shipping Founder Gets an Exit
- Silk Logistics (SLH AU): ACCC’s Statement Of Issues
- Lonking (3339 HK): Boom, Boom, Boom
- kopi-C with Eneco Energy’s Executive Director: ‘”We’re expanding beyond our expertise in airport cargo logistics to build a diversified portfolio of companies.”
- What’s New(s) in Amsterdam 12 March (Alfen | Basic-Fit)
- Frontier Management Inc. (7038 JP) – Reported Losses in FY2024/12…
NaiGai Trans (9384 JP) – Small LCL Shipping Founder Gets an Exit
- Naigai Trans Line (9384 JP) is a small logistics provider. They specialise in LCL (“Less-Than-Container-Load” shipments around Asia.
- On 7 March 2025, the company agreed to a buyout via Tender Offer by IAPF2 – a buyout vehicle of IA Partners – a 3yr old PE firm in Japan.
- This is 5.9x EBITDA. There’s minimal transparency. No guidance. The PE firm is putting down an equity check of 2x EBITDA and 4x earnings. But it’ll probably get done.
Silk Logistics (SLH AU): ACCC’s Statement Of Issues
- Back on the 11th November 2024, Silk Logistics (SLH AU) entered into an Offer by way of a Scheme with Dubai-based DP World, Australia’s biggest ports operator.
- DP World offered A$2.14/share (less any dividends), a 45.6% premium to last close. The Offer has the backing of Silk’s board, and co-founders (holding ~46% of the shares out).
- This looked all stitched up. Potentially a delay for ACCC/FIRB, but it felt like one that should get approved. But the ACCC has now detailed a comprehensive list of concerns.
Lonking (3339 HK): Boom, Boom, Boom
- Industry sales of wheel loaders and excavators surged 16.5% and 27.2% in 2M25. For Feb alone, the growth rates are even more impressive at 34.4% and 52.8%, respectively.
- Post-CNY, the utilisation hours and rates of construction machinery rose 70.3% YoY and 12.3pp. Market share gain in developing countries will drive exports.
- Government supportive policies announced in NPC will provide support to demand. Current consensus forecasts for profit decline in FY25 are disconnected from industry data.
kopi-C with Eneco Energy’s Executive Director: ‘”We’re expanding beyond our expertise in airport cargo logistics to build a diversified portfolio of companies.”
- Eneco Energy plans to diversify beyond airport cargo logistics, aiming for profitable, cash flow-generative businesses through acquisitions.
- RichLand Logistics seeks to acquire a warehouse, enhance fleet utilization, and expand its logistics value chain.
- Eneco generated S$3.0 million net cash from operations with total equity of S$19.40 million as of 31 Dec 2024.
What’s New(s) in Amsterdam 12 March (Alfen | Basic-Fit)
- In this edition: • Alfen | CCO Michelle Lesh to step down • Basic-Fit | adjusting its strategy to a better balance between growth and cash flow generation
Frontier Management Inc. (7038 JP) – Reported Losses in FY2024/12…
- Frontier Management announced its full-year FY2024/12 results after market close on February 13, 2025.
- Net sales came in at JPY 9,265 mn, surpassing the forecast target of JPY 9,000 mn, mainly thanks to an increase in revenue from deals in the M&A Advisory Business.
- In addition to this increase in sales, cost-cutting measures in consulting-based businesses proved successful, which helped reduce operating losses from the forecasted JPY 950 mn to JPY 632 mn.
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