Thursday, March 21, 2013

CWT

CWT: StanChart maintains Outperform rating, lifts TP to $2.03 from $1.73, post a recent mgt update. Sees improving margins as run-rate for commodity supply chain mgt (SCM) remains robust. Raises FY13e/14e EPS estimates by 12%/ 8% to reflect stronger-than-expected growth in commodity SCM business. Notes attractive valuations, sees deep value. Estimates that the RNAV of CWT’s warehouse assets already account for 78% of market cap and 60% of enterprise value (EV). Stripping out the warehouse assets, the underlying logistics and commodity SCM businesses currently trade at just 3x FY14e EV/EBITDA. Adds, mgt plans to maintain at least $0.03 dividend payout going forward is a bonus.
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