Poh Tiong Choon Logistics

[dydx]

PTC's main local transport, cargo handling, and warehousing businesses and profitability are capacity-driven and business volume-dependent. In addition, the margins are subject to strong competition from others like CWT. While their prime-name MNC customers are good, they are fussy and tend to switch suppliers of services once-in-awhile. So PTC's profitability will fluctuate in line with the overall market supply/demand, accentuated by occasional loss of major customers.

Apart from its track record of profitability - fluctuating! - and good annual dividends, we have to ask what's the real investment value of a transport-cum-warehouse operator? And we should not forget PTC carries a decent amount of debts.