SINGAPORE (Nov 6): OCBC is maintaining its “hold” call on CWT with an unchanged fair value of $2.05 as its 3Q results came in broadly in line with its expectations although it was hit by the Tianjin port explosion.

In 3Q, CWT’s PATMI declined 16.1% from last year to $27.2 million, which formed 24.6% of OCBC’s FY15 forecasts.

3Q15 revenue plunged 48.8% to $1.93 billion mainly due to declines in trading volume and commodity prices from its Commodity Marketing (CM) segment.

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