Thursday, February 17, 2011


CWT: CIMB maintains Outperform with TP $1.72. Co’s expansion of commodity logistic business with acq in S.Africa and organic growth in Europe, Turkey and Indonesia is viewed positively. House expects major contributions from 2H11 onwards and freight fwding and warehouse ops to serve as cushion to risks from logistics biz…

In spite of recent outperformance (+22.8% to FSSTI’s +18.3% YTD) valuations remain attractive at 13.5x CY12 P/E slightly below forward avg of 14x.Excluding net cash, CWT trades at 10.9x CY12 P/E. Further catalysts to come from coal-trading wins.

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