Keppel T&T

Keppel T&T: JV Keppel Logistics (Foshan) officially opened its new distribution centre in Foshan which adds another 35k sqm of warehousing space bringing a total of 100k sqm of space in the Guangdong province. This is co’s 3rd milestone in China for 2011 after prev projects of a river port along Yangtze River and land use rights for a green logistics distribution centre. Co expects a 80% occupancy rate by end of this yr. The JV has grown 6-fold from 41.6k TEU in 1995 to 258.8 TEU in 2010. Co trades at fwd P/E of 9.4x