CWT

CWT: DBS Vickers initiates coverage with a Buy call and $1.82 TP. The house notes that CWT is a leading logistics player in Singapore with global presence in commodity logistics and marketing. Forecast a 13% EPS CAGR over FY13-15F, driven by logistics and commodity marketing segments. CWT is undervalued at just 7.2x FY14 PE and 1x FY14 P/BV vis-à-vis peers and historical trading bands.