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Cosco surged as its parent Cosco Holdings attracted over $200b of funds for its $2b IPO listing in Shanghai.
It also rose on expectations that the firm would announce that it had won new contracts, local dealers said.
WA! Big jump.............Huat ah to all!!!
| ALERT - COSCO Singapore may gain after unit wins contracts worth 1.19 bln usd |
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| 6/11/2007 8:21:00 AM |
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SINGAPORE (XFN-ASIA) - COSCO Corp (Singapore) Ltd may advance after its unit
Cosco Shipyard (Group) Co Ltd won contracts worth 1.19 bln usd.
The first bundle of orders, worth 669 mln usd, was awarded by sister company
Cosco International
Ship Trading Co Ltd for the construction of 16 vessels which will be delivered
between December 2008 and October 2009.
An additional 525 mln usd worth of contracts were awarded by various other
customers for the
building of 14 vessels for delivery between August 2008 and March 2010.
(1 usd = 1.53 sgd)
singapore@xfn.com
MMMM
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what a day for COSCO, up 7.6%, 21c!!! heavy vol.
| CoscoCorp |
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2.960 |
+0.210 |
+7.6 |
48,216 |
41 |
2.950 |
2.960 |
428 |
2.970 |
2.710 |
Actually dbs covers this story for a long time already.. at the same TP. And they have been updating this counter/story at least once every month. There is nothing that is substantially new in today's report vs previous reports. Maybe people/investors finally wake up to this counter, or BBs finally allow it to run. Price has been pressed down. For the past 1 month, every time it goes up a little, you will sure to see it going back down the next day.
STOCK ALERT - COSCO Singapore higher on earnings outlook 6/7/2007 10:34:00 AM SINGAPORE (XFN-ASIA) - COSCO Corp (Singapore) was higher on expectations that the company's earnings will be strong, backed by the 1.9 bln usd value of its order book. At 10.24 am, COSCO was up 0.05 sgd or 2.18 pct at 2.80, on volume of 5.8 mln shares. DBS Group Research said in a note to clients: "Backed by the solid order book and yard expansion, this will raise earnings visibility for the group. The bulk of earnings will be recognised in 2008." The brokerage firm said it expected the company to recognize 650 mln sgd from the contracts in its order book this year and about 1.7 bln sgd next year. Work not yet in the order book is likely to be recognized in the company's 2009 earnings, it said. DBS Group said the potential dual listing of COSCO Corp shares in China would be a boon for the company. "If this happens, it will narrow the valuation gap between COSCO Corp and listed shipyards in China, which are trading at price-earnings above 25 times on 2008 earnings," said the brokerage firm. DBS Group has a 'buy' rating for COSCO Corp, with a target price of 3.45 sgd per share. (1 usd = 1.52 sgd) singapore@xfn.com MMMM
Cheong....cheong.....cheong ah. Why?
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May 25, 2007, 11.50 am (Singapore time) 
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Cosco expects first rig orders from US, Middle East
Cosco Corp -- majority-owned by China Ocean Shipping Co, China's biggest shipping firm -- has seen a steady rise in orders for construction of offshore oil rigs and vessels since last year.
Almost all of these orders came from European drilling services firms such as Norway's Sevan Marine and Belgium's EXMAR NV that charter rigs and vessels to oil companies.
Cosco, has sold most of its bulk shipping business to focus on ship repairs, building offshore rigs as well as converting oil tankers into floating production, storage and offloading vessels or FPSOs.
'We have been approached by some Houston-based drilling firms and there is also possibility of some orders from the Middle East,' Cosco's President Ji Hai Sheng told Reuters in an interview at the firm's Singapore headquarters.
Houston is home to some of the world's largest drilling firms, such as Transocean, GlobalSantaFe Corp , and Diamond Offshore Drilling .
He said that in anticipation of orders for rigs and FPSO conversions, Cosco has been expanding capacity its yards. The combined docking capacity at its five yards, all in China, will reach 2.1 million deadweight tonnes (DWT) by the end of June, from 1.4 million DWT at the end of 2006.
He said the firm has plans to add another 800,000 DWT in docking capacity but a decision on the date to kick-start that expansion phase has yet to be taken.
Mr Ji said the order book for ship and rig building stands at a net total of US$1.6 billion, from around US$650 million at the close of 2006, with deliveries due up to 2009. -- REUTERS
SINGAPORE - Singapore-listed shipbuilder Cosco Corporation (Singapore) said on Friday that its yards in China are likely to win their first orders from the United States and Middle East for offshore drilling rigs.
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cyjjerry85, i think there are some good posts courtesy of meilian and shplayer some 2 weeks back. you may wish to refer to the posts. Cosco is trading at very high valuations which suggest that news of new contracts have already been priced into the stock's price.
cyjjerry85,
Under the bad settlement time like now, possible that someone having too much stocks on hand and no more room for them to keep.....The onli thing is to dump the stocks.......
Another reason if you have observed this afternoon when news from radio anounced China is looking into corrective action as China market is too hot until yesterday, the whole of the Asia trading volumes, China markets contributed 50%......market gotten soft very fast after the news.......risk is too high to hold the stock now.....Rather keep the money to wait for GIANT Correction.......
Charts hasn't changed that much... unfortunately I still see the same bearish signs.
can anyone enlighten me why Cosco shares still dip -0.03 despite their press release today that they won such a massive contract? thought a good news like this sort should make the share price rise instead of fall?? really makes me what are the other considering factors besides such news
COSCO CORPORATION (S) LTD
MISCELLANEOUS :: PRESS RELEASE: COSCO WINS EPC (ENGINEERING, PROCUREMENT AND CONSTRUCTION) AND CONVERSION CONTRACTS WORTH US$195.3 MILLION (APPROXIMATELY S$296.02M)
BUY!
I think the CEO of Cosco increase his stake recently in April... (not sure if it is due to exercising of options)
By the way, there are many reasons to sell (like needing the money to buy something, needing to get new mistresses, etc)... but there is only ONE REASON to BUY into a stock, that is to see it going up...
So to me, the directors selling Cosco shares do not necessary mean something is wrong with Cosco....
Well, that's my view.... but I am very sure Cosco will go up. Citibank can be wrong too.... just like our Temasek.... (remember shincorp??, remember Temasek selling Olam???)
Goodwealth, like that can also say Cosco already hit the $5 mark if you take into consideration the 1 for 2 stock split previously. I don't suggest quoting "insider info" or "reliable sources" either since this could lead to a mindless chasing of profits (although each trader/investor is responsible for his/her own capital). What i'm advocating is that we trade on facts:
1. Cosco being govt-backed company is a known fact
2. The chart looks bearish at present
3. Citigroup has the largest following and is the most reputable of all brokerages covering this stock.
4. Directors have been selling out for quite a while
Points 3 and 4 suggest that the shares are likely to flow from BBs to retail investors who are less likely to be able to hold ground. Trade with care ...
I seriously think that it is downtrending now as the support of 2.67-2.68 was breached....trade with care....
I believe the citibank analyst got it all wrong. I'm quite bullish on this counter... potential $5 stock... (insider info... from a reliable source) Cosco is a govt backed company.... just hold on to it... once it breached $3 for a longer period.... it will not look back.
Sanye ... actually citigroup issued the SELL call previously. The recommendation was made by analyst Mr Kevin Chong. BT had only ran the article today. As of abt 3 weeks back, the weekly chart for Cosco has been indicating the possibility of a very bearish looking double top formation. I am not vested in this counter.
well..when in doubt..always SHORT !! cant be wrong..play the fear of humans...and u shall gain :D
Citigroup issued a "SELL" on BT today. So, which one should we believe? Phillip or Citi? Buy or Sell?
Phillip Security issued a buy call on this with FV at S$3.15 yesterday.
