28/10/2022
[♦️Swift Haulage : Leading integrated logistics service provider]
🟢Swift Haulage is an integrated logistics service provider offering services comprising container haulage, cross-border transportation, land transportation, warehousing, container depot and freight forwarding services.
🟢It is headquartered in Malaysia and has operations in Thailand.
🟢Its operations are supported by its fleet operations including staff strength of 3,284, a fleet of 1,546 prime movers, 5,518 container trailers, 811 box/curtain-sider trailers, 53 trucks and 42 compressed natural gas tankers.
🟢Commanding close to 10% market share in Malaysian haulage business and above peers' pre-tax profit margin of 10% compared to the industry's average of 4% with its integrated offerings.
🟢It operates warehouses with a total storage capacity of 849,371 sq ft and container depots with a total capacity of 28,500 TEUs.
🟢Warehousing space (owned, leased and 3rd party management) of more than 2.7 million square feet in the area of Johor, Klang, Penang etc
🟢It is set to expand its presence in Singapore via its proposed acquisition of the entire stake in Watt Wah Petroleum Haulage Pte Ltd for SG$ 1.6 million (RM5.17 million).
🟢Additional warehouse capacity is slated to come on-stream in the near term, as the warehouse in Port Klang Free Zone, Selangor (178,000 sq ft) is scheduled to be completed this year.
🟢Warehouse capacity will increase by approximately 46% by the end of FY 22
🟢It has entered into a memorandum of understanding (MoU) with Volvo Trucks Malaysia to introduce electric heavy-duty commercial vehicles in the country.
🟢It's Sabah cold-chain warehouse is expected to add another 30,000 sq ft by 1Q23, UOBKH Research noted.
🟢On Sept 5, 2022, Swift Haulage was certified as an Authorised Economic Operator (AEO) by the Royal Malaysian Customs Department. UOBKH Research expects it to benefit from the AEO licence in the long term.
🟢It declared a first interim single-tier dividend of 1.0 sen per share, in respect of the six months financial period ending June 30, 2022.
[Positives] :
☀️Megatrend of growth in domestic e-commerce.
☀️Local e-commerce gross merchandise volume to grow at a compound annual growth rate (CAGR) of 11% from 2022 to 2027, while its size could reach RM1.65 trillion by 2025 from RM1 trillion currently.
☀️The booming e-commerce will spur demand for distribution hubs and warehouses to enable just-in-time delivery, re-shoring and near-shoring to bring manufacturers closer to end-customers, efficient automation system including interconnectivity with the customer system, and warehouse decentralisation to reduce transportation costs and de-risk the supply chain.
☀️Strong demand for cold-storage warehouses on the back of the proliferation of online grocery start-ups
[Challenges] :
⛔World Trade Organisation has recently downgraded its global trade growth forecast to 3% for 2022 from 4.7% previously while remaining cautious for 2023, pe***ng it at 3.4%.
⛔Recession in Europe was almost a foregone conclusion given the protracted Russia-Ukraine war, resulting in an energy crisis
⛔There is no sign of China coming out of the pandemic anytime soon given Beijing's ineffective Zero-Covid policy which is prolonging global supply chain disruptions.
⛔Globally, consumer confidence and spending are likely to take a beating on sustained elevated inflation, rising interest rates and as households deplete their pandemic relief funds.
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🔵Current price : RM 0.48
🟡Target price 👇
27/9/22 (Kenanga) : RM 1.01
18/8/22 (JF APEX) : RM 0.87
18/8/22 (BIMB) : RM 0.71
27/9/22 (Maybank) : RM 0.65
🟢Upside potential: 38% - 115% ⬆️
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Puan Nor Akmar MSTA CFTe - Remisier
(Remisier Code : PR1M135)
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[♦️Disclaimer: Perkongsian ini adalah utk tujuan pembelajaran sahaja. Bukan buycall. Trade at your own risk.]
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