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CWT LIMITED C14.SI CWT Limited - Core operations intact
- 1Q16 net profit missed expectations, at 20% of our FY16 forecast. The shortfall was mainly due to one-off tax of S$4.2m.
- No surprises on the core business, with 1Q16 operating profit in line at 28% of our full-year forecast (1Q is seasonally stronger).
- Maintain Hold and SOP-based target price of S$1.92, pending start of formal buyout.
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