CWT’s 1Q14 profit up 30% to $35m

Revenue almost doubled to $4.5b.

According to OCBC Investment Research, CWT’s 1Q14 revenue increased 207 percent YoY to S$4.5 billion while Profit After Tax and Minority Interest (PATMI) was 30% higher at S$35 million forming 25.6% of their FY14 forecast.

Here’s more:

Excluding OCBC’s net income forecast, which is the highest on the street (14.8% above the next highest, according to Bloomberg), CWT’s 1Q14 net income of S$36.1m would have formed 32.5% of the remaining analysts’ FY14 forecast, beating their expectations.

We understand from management that CWT Jurong East Logistics Centre, which received TOP in Jan-14 and is currently 90% occupied, has barely started contributing to Logistics earnings but will do so from 2Q14 onwards.

Additionally, CWT’s subsidiary recently received a Capital Market Service License from MAS. We understand from management this will increase the scope of brokering activities in Asia. We incorporate the new development and revise Financial Services’ revenue upwards. Together with updated financial asset prices, we derive a new TP of S$1.92 (previous: S$1.87) and maintain buy.

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