External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

External broker reports(aggregated public sources)

Moelis Australia Ltd

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Equity Bottom-Up

<div><ul><li>Silk Logistics Holdings Limited (SLH) has entered into a binding Scheme Implementation Deed (SID) with DP World Australia Limited (DP World) for the proposed acquisition of 100% of the shares in SLH.</li><li>SLH shareholders will receive $2.14/share, less any dividends declared prior to the Scheme implementation.</li><li>The offer values SLH equity at approximately $174.5m and represents a significant premium to recent trading. </li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Silk Logistics Holdings Limited (SLH) has entered into a binding Scheme Implementation Deed (SID) with DP World Australia Limited (DP World) for the proposed acquisition of 100% of the shares in SLH.SLH shareholders will receive $2.14/share, less any dividends declared prior to the Scheme implementation.The offer values SLH equity at approximately $174.5m and represents a significant premium to recent trading. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Silk Logistics Holding Ltd - DP World Make Cash Offer of $2.14/Share

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/silk-logistics-holdings-limited" target="_blank" data-smartkarma-citation="entities:35733:1" rel="noopener">Silk Logistics (SLH AU)</a></strong> has entered into an <a href="https://announcements.asx.com.au/asxpdf/20241111/pdf/06b7hq5s2wlhcj.pdf" target="_blank" rel="noopener">Offer</a> by way of a Scheme with  Dubai-based DP World, Australia's biggest ports operator.</li>
<li>DP World is offering 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).</li>
<li>In addition to a Scheme vote, the Offer is subject to FIRB. Expected implementation is 3Q25. This <em>should</em> complete earlier.  This looks done.</li>
</ul>



Silk Logistics (SLH AU) has entered into an Offer by way of a Scheme with  Dubai-based DP World, Australia's biggest ports operator.
DP World is offering 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).
In addition to a Scheme vote, the Offer is subject to FIRB. Expected implementation is 3Q25. This should complete earlier.  This looks done.


<ul><li>Revenue and EBITDA ahead of MAe, though FY24 underlying NPAT of $11.5m was behind MAe due to higher depreciation and interest charges.</li><li>Revenue growth was assisted by ten- month contribution from the Secon acquisition, and accounted for almost all of the top line growth in FY24, while trading conditions particularly impacted Contract Logistics.</li><li>Underlying EBITDA margin of 17.2% was broadly maintained by strong operational focus and execution. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Revenue and EBITDA ahead of MAe, though FY24 underlying NPAT of $11.5m was behind MAe due to higher depreciation and interest charges.Revenue growth was assisted by ten- month contribution from the Secon acquisition, and accounted for almost all of the top line growth in FY24, while trading conditions particularly impacted Contract Logistics.Underlying EBITDA margin of 17.2% was broadly maintained by strong operational focus and execution. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Silk Logistics Holding Ltd - Focus on Organic Growth in FY25

<div><div><div><div><ul><li>Challenging environment persists: in a review of recent peer trading updates we note disrupted freight flows and volumes in 2H trading, which have impacted operational efficiency and utilisation (LAU, not covered).</li><li>2H trading has also been impacted by lower horticultural volumes in seasonal products, caused by significant wet weather, though this appears to be limited to North Queensland.</li><li>Peer commentary has also noted no rebound in volumes post Easter trading, which has been affected by soft demand and adverse weather. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Challenging environment persists: in a review of recent peer trading updates we note disrupted freight flows and volumes in 2H trading, which have impacted operational efficiency and utilisation (LAU, not covered).2H trading has also been impacted by lower horticultural volumes in seasonal products, caused by significant wet weather, though this appears to be limited to North Queensland.Peer commentary has also noted no rebound in volumes post Easter trading, which has been affected by soft demand and adverse weather. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Silk Logistics Holding Ltd - FY24 Result Preview

<ul><li>Resilient result in challenging environment. Revenue and EBITDA ahead of MAe, though higher depreciation charges led to 1H24 NPAT of $7.6m, -14% vs MAe.</li><li>Better than expected 1H24 revenue of $276.5m, +9% vs pcp, +3% vs MAe and EBITDA of $47.7m +8% vs pcp, +4% vs MAe.</li><li>Revenue growth was assisted by the Secon acquisition, which partially offset tough conditions in both Port and Contract Logistics. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Resilient result in challenging environment. Revenue and EBITDA ahead of MAe, though higher depreciation charges led to 1H24 NPAT of $7.6m, -14% vs MAe.Better than expected 1H24 revenue of $276.5m, +9% vs pcp, +3% vs MAe and EBITDA of $47.7m +8% vs pcp, +4% vs MAe.Revenue growth was assisted by the Secon acquisition, which partially offset tough conditions in both Port and Contract Logistics. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Silk Logistics Holding Ltd - Controlling What They Can in Tough Conditions

Australia

Silk Logistics Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides port logistics, warehousing, and distribution services for FMCG, retail, light industrial, food, and dairy sectors. Silk Logistics Holdings serves customers in Australia.

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Silk Logistics (SLH AU)