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QEX Logistics

Termination of coverage

Termination | Industrial Support Services | 10 Jan 2019

Edison Investment Research is terminating coverage on QEX Logistics (QEX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

QEX Logistics

Continued business acceleration

Update | Industrial Support Services | 05 Sep 2018

QEX's revised sales turnover target indicates a robust business uptake and confirms the strong start in Q119 (despite weaker sales in Australia), with sales at NZ$15.4m (up 35% vs Q418) driven by dairy products and NZ's international postage revenue. Importantly, management highlighted that the solid trend continued over the past two months. QEX's ability to secure funding through its listing in February coupled with the recent NZ$2.5m placement, supports the company's solid growth prospects.

QEX Logistics

Fuelling further business expansion

Update | Industrial Support Services | 07 Jun 2018

QEX continues to expand its business across New Zealand, Australia and China, with group sales up c 42% y-o-y in FY18 and the FY19 key operating milestone (KOM) target set at NZ$41m, implying c 30% y-o-y growth. The scope of future earnings improvement will depend on QEX's ability to address pricing pressures (FY18 gross margin down to 16.1% from 17.3% in FY17) and to manage working capital and cash flow effectively as the business grows. Shares currently trade at a FY18 (year ended March-2018) EV/EBITDA ratio of 14.7x.

QEX Logistics

Solid growth expected to continue in FY19

Update | General Industrials | 29 May 2018

In line with earlier management expectations, QEX Logistics has made an upward revision to its FY19 KOM targets following strong preliminary FY18 numbers. The company now aims at total sales turnover growth of 30% over FY18 to NZ$41m and gross profit at NZ$5.74m in FY19. This implies a 14% margin, which is somewhat below the initial target of 15% and suggests that in its current rapid growth phase, QEX decided to trade off some of its margin against top-line growth.

QEX Logistics

FY18 results ahead of initial targets

Update | Industrial Support Services | 03 May 2018

QEX was able to exceed all of its four key operating measures (KOM) targets for FY18, with sales turnover growing by 42% y-o-y and gross margin at 16.0% (vs initial target of 14.3%), assisted by solid demand for dairy products. The company's recently launched Australian operations performed ahead of expectations, although local competitors have already reduced prices to strengthen customer retention. FY19 targets are likely to be revised upwards by 31 May, with the sales turnover target to exceed the FY18 figure by more than 10%, according to management.

QEX Logistics

FY18 targets increased amid solid demand

Update | General Industrials | 26 Mar 2018

QEX's operations are gaining momentum, as illustrated by the recent upward revision of three out of four key operating milestone (KOM) targets set by the company. Management now expects sales turnover to reach at least NZ$30m, assisted by the strong Chinese New Year season, good performance of both the Australian operations and QEX's Chinese subsidiary, Shanghai Ditu International Freight Forwarder (Ditu), as well as a solid sales outlook for March. The Australian daigou market looks promising, as exhibited by the significant interest in AuMake's newly opened daigou hub in Sydney.

QEX Logistics

Tapping into Chinese growth

Initiation | Industrial Support Services | 15 Feb 2018

QEX Logistics is a New Zealand-based logistics company that facilitates the growing direct trade between New Zealand/Australia and China. As a key bridge between the two countries into China, QEX has quickly established itself as a trusted supplier of services to enable the swift and economic export of dairy products and health supplements. Future plans to diversify its product range and replicate its model in Australia provide significant growth opportunities. Ronnie Xue, the young, entrepreneurial CEO (who retains 80% of shares), is helped by an experienced and strong set of independent directors, including Conor English and Danny Chan.