Tuesday, November 4, 2014

GLP Global Logistic Properties 初步了解

今天的新闻报道,GLP的第二季盈利对比去年同季下跌38%。主要原因是国际兑换率的影响。因为GLP需要在美国股市报账,而它的运作在新加坡,所以有新币转换成美金后造成盈利下跌。但是,排除兑换率的话,GLP的盈利是增加11%的。

那么,到底要怎样看待这种情形啊?“汇率,你搞到我好乱啊!”
所真的,我一般不在乎汇率。我注重在公司的运作。既然排除了兑换率后盈利是增长的,那么对我来说,兑换率是多余的。

也许,在媒体的帮助下,大大个标题也许会造成一些小投资者的紧张而抛售而股价下跌。别说不可能,这是事实嘛。所以,如果我有兴趣者间公司的话,也许这就是小小的买进机会咯!所以,这是兑换率对我唯一的用处。

但是,目前我还没有深入研究这家公司,所以不会轻举妄动。坚持“了解之前,绝不交易”。

初步了解
从 "Global Logistic Properties"这个名称来看,大概可以了解它是一家Logistic(运输)和Properties(产业)的公司。可是,这两样东西怎么成为一体?
先看看GLP的主页。
Global Logistic Properties Limited ("GLP") is the leading provider of modern logistics facilities in China, Japan and Brazil. Our property portfolio of 28.0 million square meters (301 million square feet) is strategically located across 77 cities, forming an efficient logistics network serving more than 800 customers. We are dedicated to improving supply chain infrastructure for the world’s most dynamic manufacturers, retailers and third party logistics companies. Domestic consumption is a key driver of demand for GLP.
The Group is listed on the Mainboard of Singapore Exchange Securities Trading Limited (SGX stock code: MC0.SI; Reuters ticker: GLPL.SI; Bloomberg ticker: GLP SP). (As of Sep 30, 2014)

基本上,这家公司主要在中国、日本、巴西拥有运输的设施 (Logistic Facilities)。运输的定义是:把物件从一个出发点带到另一个目的地的服务。这种服务不只是从卖家到买家,它可以从制造商到批发商,批发商到分销商,分销商到商店等等。者变成了一连串的“供应链” Supply Chain。

在供应链里,物品在被运输到另一个地点之前,必须寄存在仓库(Warehouse)里。所以,仓库是在供应链里重要的角色。而GLP呢,也就是提供了这设备。所谓的Properties,就是它的仓库那建筑物和地皮。当然,不只是仓库,还有运输机器等等。

除此之外,GLP也提供了运输方案 (Solution), 帮客户提升供应链,节省开销。这包过供应链/网络设计 (Network Design & Optimization), 选择地点 (Site Selection), 设备设计和建造 (Facility Design & Construction), 产业管理 (Property Management Services), 还有和客户合作营销 (Co-marketing with Customers)。

所以,若要开始研究这股,我会从了解运输这方面。什么情形会影响运输?经济风暴,销量减少,自然运输量也降低。那么,GLP也会跟着影响吗?那要看看它的客户群是谁了。

其他运输业
把它加进我的Watchlist,顺便看到了其他与运输有关的股,其中有 Singpost, Mapletree Logistic Trust, Cache Logistic Trust。除了单一研究个股,也要比较其他的同类公司。这样,除了有个参考以外,也可以更容易了解到这行业的趋势。

当然,还有一点是,别把所有鸡蛋放在一个篮子。先逛一逛市场,再决定选个回抽最高嘛。投资是现实的嘛,当然要看更好的。

Global Logistic 2Q earnings fall 38% on non-operating forex losses



(Nov 4, 2014) - Mainboard-listed Global Logistic Properties (GLP) reported on Tuesday that its earnings for the second quarter of financial year 2015 fell 38 per cent to US$89 million compared to the same period a year ago, on US$54 million of one-time foreign exchange losses.

The company said the forex losses were in Japan and Brazil and related to the contribution of assets into its fund management platform. GLP noted that the losses were not related to its ongoing operations but resulted from the fact that it reports in US dollars but has operations in the local currency. Affected by this, earnings for the first six months to 30 September were down 23 per cent to US$269 million compared to the year-ago period.

Stripping out the forex losses, GLP's pro-forma earnings for the second quarter rose 11 per cent year-on-year to US$132 million. Its pro-forma earnings for the first half-year were up 12 per cent to US$319 million, driven by strong leasing in China and a recent portfolio acquisition in Brazil.

Revenue for the group - which provides modern logistics facilities in China, Japan and Brazil - jumped 32 per cent to US$193 million for the quarter. For the first half-year, revenue rose 25 per cent to US$362 million.

- See more at: http://www.straitstimes.com/news/business/companies/story/global-logistic-2q-earnings-fall-38-non-operating-forex-losses-2014110#sthash.MBLMajkM.dpuf

直至今天:
Global Logistic Properties (MC0)
股价: SGD 2.69
每股净利: SGD 0.131
股息: SGD 0.045
股息率: 1.67%
股价净利比 (P/E): 20.534



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