Singapore Stock Market News

CWT Limited - Naphtha to the rescue

StockFanatic
Publish date: Sun, 11 Aug 2013, 11:04 PM
StockFanatic
0 10,453
Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
Topline grew 17% on the back of strong contributions from naphtha to the commodity SCM segment. However, net profit was closer to our expectations due to a margin squeeze. Going ahead, we see earnings growth from naphtha and warehouse additions in FY14-15.

2Q net profit exceeded expectations due to S$2m tax savings; else it would have been in-line. While 1H13 net profit of S$45.1m formed 52% of our full-year estimate (49% of consensus), we deem this slightly above due to seasonality. Our SOP-based target price falls to S$1.79 on lower valuation of CWT's investments. We upgrade CWT from Neutral to Outperform, as warehouse additions in FY14 could catalyse the stock.
Read more »
Related Stocks
Market Buzz
Discussions
Be the first to like this. Showing 0 of 0 comments

Post a Comment