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CTI Logistics (CLX) - WA Barometer

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CLX’s FY17 results came in largely in line with our expectations, reflecting the weakness in WA over the last year. However, some recent positive economic signs and more upbeat commentary from a number of Perth-based businesses are worthy of notice. We anticipate a medium-term recovery in CLX’s earnings in the west to add to a stable performance from GMK on the east coast, and believe that FY17 will prove to be the trough year in this cycle. It is appropriate looking beyond the near term, in which case we believe CLX offers compelling value. Buy maintained on a $1.50 valuation.

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