Kep T&T

Kep T&T: Increases capital in Sinotrans and also forms a JV with Sinotrans to construct and operate a general, container and bulk terminal in Anhui, China along the lower reaches of Yangtze River. This is co’s first river port project along Yangtze River. Co will invest RMB140m for a 50% stake in the JV in equal contribution and proportion as Sinotrans. Co owns numerous logistics facilities in Sg, Msia, Vietnam and China. This is co’s 2nd project with Sinotrans, with the first being Lanshi Port a river port in Pearl River, Foshan. Co trades at a fwd P/E of 9.0x with other logistic play GLP at 19.3x