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Yap, almost all shipbuilders will likely be posting profit decline(except baker tech that just posted profit increase today). NOL even made a huge loss of 82 million yet its share prices still went up today. So the price plunge of late and downgrades would have factored in the expected profit decline.
Result at this time considered satisfactory, only drop 42% profit, still expect dividend.
Korean Shipyard profit drop about the same 42% (Daewoo and Samsung)
Cosco China loss S325.0 million
CSBC (Taiwan) drop 68% to NT$223.73mln
Yang Ming loss $90million
NOL loss $91million
K Line loss $242 million
ruanlai ( Date: 02-Nov-2011 18:34) Posted:
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Poor result again.
Qtr to qtr for 2011 and 2010
net profit down by 42%
Year to date for 2011 and 2010
net progit down by 35%
Sell sell sell.......
DBS Vickers Securities in a Nov 4 research report says: "Group sales dropped 24% y-o-y to $752 million due to lower offshore, ship-repair and shipping revenue. Key drags on results were low margins across shipping and shipyard operations, which led to the plunge in net profit by 80% y-o-y to $22 million.
"Group net cash depleted rapidly from $1.2 billion as of end 2008 to a mere $0.3 billion currently. No recovery in sight till 2H2010. Uncertainties loom with execution risks and prospects of cuts in contract prices on existing orders. We cut our 2009 and 2010 earnings by 18% and 30% respectively to adjust for higher deferment/cancellations and lower margins for shipbuilding. Our target price is cut to 78 cents, (based on 15x its shiprepair/conversion earnings and 11x its shipbuilding/offshore earnings) following the earnings cut. Stock is expensive, trading at 20x FY10F, vs its peers.
Oh!
sheet!sheet!sheet!
a lump sum money lost(also including NOL)
both two sheet counters!
will enquire CEOs of these 2 company at coming meeting!get so high salary.but
the share price falling like stone.are you really working?
Sheet!sheet!sheet!sheet!sheet!sheet!
be greedy when others are fearful and be fearful when others are greedy...
not vested yet but intend to enter when it hits 90c :)
OSPL - Technical Analysis - COSCO Corp (5 Nov 09)
CHARTVIEWS For 5th November 2009
COSCO Corp - Bearish break suggests further downside
Levels to Watch in Trading: Support set at S$0.92
Resistance set at S$1.10
Stock Rating: No Rating
Target Px: NA
Last Closing Px: S$1.07
52-week Px Range: S$0.64 - S$1.47
SGX Code: F83
BLP Code: COS SP Equity
Gone case.... this Cosco many years back just trade below 0.20......
Will become a penny stock soon
ALL HOUSES ARE DUMPING .......
AVOID THIS FALLING KNIFE
UOBKayHian however states
COSCO Corporation (S)
3Q09: Expect better shipbuilding margins from 2H10 onwards
Net profit fell 80% yoy to S$22m on lower revenue and margins. Expect
better shipbuilding margins from 2H10 onwards. Maintain HOLD with a fair
price of S$1.33
ruanlai ( Date: 04-Nov-2009 13:05) Posted:
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Luckily dump at $1.11 yesterday for 500lots.....siao liao......all houses call for sell
Cosco- 3Q09 review: Weak results; new-build margins unlikely to robound until 2H10 -
UNDERWEIGHT ($1.10) TP $0.66 by JPM,
SELL ($1.10) TP $1.05 by Citi,
SELL ($1.10) TP $0.41 by DB,
UNDERWEIGHT ($1.10) TP $1.00 by MS,
REDUCE ($1.10) TP $0.70 by Nomura,
UNDERPERFORM ($1.25) TP $0.51 by CS
This is worst by CIMB:
Cosco - Steep valuations - UNDERPERFORM ($1.12) TP $0.67 by CIMB
Maintain Sell with fair value reduced from S$1.14 to S$1.03. We maintain our sell recommendation as Cosco continues to be affected by the slump in the shipping industry. Shipping companies are not placing new orders for ships and have been canceling and rescheduling their existing orders. Due to the negative outlook on Cosco, we cut our fair value from S$1.14 to S$1.03. This is a change from 2.2 to 2.1 times book value for FY2009F