Cogent is a logistic company. I will not describe its operations, but you can read it here I was first attracted to it due to its high dividend yield which includes a 1-off special dividend due to its disposal of asset. My first attempt at analyzing the company didn't really excite me, although company is generating FCF most of the time, its short track records as a listed company see a U-shape yoyo in terms of revenue and profits. "Highly cyclical" I thought. Also, debt is not low. When I read further, I got really interested. There are 2 catalysts which I like. 1) The LOI for further expansion in Jurong Island. The deal if materialize will increase gross floor area for operation by almost one-third 2) The Contribution from one-stop logistic hub containers operation. (Details here) But truth be told, what really wow me is really the qualitative ......