Silk Logistics Holdings Ltd

Cyan Investment Management followed Silk Logistics through several stages. In August 2023 it highlighted a solid result despite soft container volumes, with revenue up 24%, underlying EBIT up 15%, a fully franked dividend yield of about 5%, and the accretive acquisition of Secon Freight Logistics, arguing the stock's ~8x P/E (versus ~20x for Mainfreight and Qube) made it an attractive entry point. By December 2023, after the stock fell from $2.55 to $1.60 before rallying to $1.85, Cyan still saw outstanding value and income (P/E under 8, yield above 5%) with strong growth ahead. In February 2024, despite a weak result (revenue and EBITDA up 8% but bottom line down), Cyan remained comfortable holding, citing a 9.6x P/E, 4.0x EV/EBITDA, a 4%+ yield and over $20m in cash. Asymmetric Asset Management, in May 2024, noted the stock traded at a 29% discount to the small-cap industrial median on an EV/EBIT basis despite forecast ~30% growth in revenue and earnings over three years, and by October 2024 observed that this undervaluation ultimately drew a strategic acquirer, DP World, at a 48% premium. Cyan sold into the resulting takeover in November 2024 at $2.14 per share via Scheme of Arrangement, judging a counter-bid unlikely.