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Brokers' take

CDW Holding | Buy

April 27 close: S$0.225

Target price: S$0.31

RHB Research, April 27

We initiate coverage on CDW with "buy" and a discounted cash flow-backed target price of S$0.31 (55 per cent upside). CDW produces and supplies high precision components and operates through three segments: i) LCD backlight units, ii) office automation, and iii) LCD parts. At 1.8 times FY15 ex-cash price-earnings ratio, we believe CDW, with a high potential dividend yield of 8-9 per cent, is trading at undemanding valuations....

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