CWT

CWT: SCB raising its TP to $2.13 from $1.95, with an O/p rating, as the house roll forward its valuation. The house is increasing its FY14E earnings estimates, led by strong Singapore warehouse space expansion. Going forward, mgt said that they will Management said that they will focus on the quality of trades, rather than quantity. CWT believes it is the second-largest player in the copper concentrate segment after Trafigura, and holds 5-7% naphtha market shares in Japan, Korea and Taiwan. Overall, CWT’s warehouse assets are worth at least 64% of the grp’s market cap.