Excerpts from CGS CIMB report LHN Logistics (SGX: GIH) LHN Logistics is a leading provider of ISO tank logistics services and is well positioned to benefit from Singapore’s leadership in the global chemical industry. Commencement of new ISO tank depot (by end-1HFY9/23) should boost group revenue; we expect FY22-24F group revenue CAGR of 28%. We believe the group’s container depot services are set for volume ramp-up as trade activity recovers. We initiate coverage with Add and TP of S$0.22. Riding on Singapore’s leadership in the global chemical industry LHN Logistics is a provider of ISO tank logistics and transport services in Singapore. The group provides ISO tank transportation services for major chemical players located on Jurong Island. With Singapore being the world’s fifth-largest refinery export hub and the eighth-largest chemical exporter, the group should benefit from continued growth in chemical volumes. Further tailwinds include Singapore’s shift towards sustainability (as...