CIMB downgrades CWT (C14.SG) to Neutral from Outperform, citing the company's weak outlook.
The house cuts its FY13/14 EPS estimates by 9%-14% and lowers its price target to $1.81 from $1.96.
CIMB's earnings forecast downgrade reflects: slower growth in copper concentrates; addition of naphtha to the trading portfolio; smaller contributions from coal trading; a one-time restructuring cost of $5 million in FY13; poor commodity logistics performance; contract logistics warehouse additions in FY14-15.
Shares are down 2.9% at $1.48.
Friday, June 21, 2013
CIMB cuts CWT to Neutral, Target to $1.81
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