CWT: 2Q10 results. Special dividend of 6cts/ sh following the $147.6m one-off gain booked this quarter. However operating profitability was below our expectations for 2Q10, due to start-up costs of new operations in Europe and the withdrawal of the resilience budget. Nonetheless, we expect the situation to improve and the Group to meet our full year estimates of 10% yoy growth…
CWT remains grossly undervalued, with NTA/sh at $0.91 that includes a portfolio of warehouses valued at cost. Catalyst to come from potential divestment of CWT Hub 3, which is still under construction, and targeted for completion in 1H11. KE maintains Buy with target of $1.40.
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