Monday, June 30, 2014
CWT: CEO Mr LOI Pok Yen met investors at OSK'DMG's Asean Corporate Day. To assuage investors about fallout from the Qingdao port scandal, management says it does not expect any material impact from the probe, and highlighted that the business accounts for only $2.5-3.0m of profit (2.6% of 2014F profit). Meanwhile, DMG believes CWT remains on track to achieve 16-19% earnings growth over next two years, aided by addition of warehouse space, higher marketing volume and rising contributions from its financial services unit. Maintain BUY, with an unchanged TP $1.90.