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" Company" ) wishes to announce that COSCO (Dalian) Shipyard Co., Ltd
(" COSCO Dalian" ), a subsidiary of the Company's 51% owned COSCO Shipyard
Group Co, has delivered a bulk carrier of 80,000 dwt, " VOGE ENTERPRISE" , to
its European buyer.
The delivery documents were signed by and between COSCO Dalian and the
buyer on 22 February 2011.
The bulk carrier measures 229 meters in LOA (length of all), 32.26 meters in
breadth and 20.25 meters in depth.
By Order of the Board
Jiang Li Jun
Vice Chairman and President
24 February 2011
samson ( Date: 23-Feb-2011 21:36) Posted:
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Maersk 2010 net profit of 4.9 billion recorded the second
The report shows that Maersk 2010 net profit of 26.5 billion Danish kroner (about 4.9 billion U.S. dollars), this performance is far better than the record high of 2009 recorded a net loss of 7.03 billion Danish kroner (about 1.3 billion U.S. dollars), and slightly exceeded Wall Street analysts had expected. Bloomberg News survey of 14 analysts surveyed expect an average net profit in 2010 Maersk Group 263 billion Danish kroner (about 4.8 billion U.S. dollars). Maersk Group, 2010 sales of 315 billion Danish kroner (about 58 billion U.S. dollars), up 21% over 2009.
Including Maersk Line Maersk Group (Maersk Line), including net profit in 2010 container business was 149 million Danish kroner (about 2.7 billion) in 2009, a net loss of 11.4 billion Danish kroner (about 2.1 billion U.S. dollars). Maersk oil and gas sector in 2010 net profit of 93.3 billion Danish kroner (about 1.7 billion), higher than in 2009 62.4 billion Danish kroner (about 1.1 billion U.S. dollars).
Maersk Group, the total transport volume in 2010 is equivalent to 7.3 million 40-foot container, compared with 2009 growth of 5%, less than 13% growth in the global market. Maersk Group, the average transportation costs in 2010 than in 2009 increased by 29%, including fuel surcharges. Anshi, CEO of Maersk Group (Nils Smedegaard Andersen) in the earnings report, said: " We have to improve its own financial strength, is preparing for large-scale investment in our business."
Earlier this week, Maersk Group, the world's largest container ships ordered in 10 vessels. Maersk Group, according to projections made today, container market this year, the maximum increase of 8%. Maersk said the group's net profit this year will not reach last year's level, because the container market, the growth rate last year was 13%. According to Bloomberg, the International Monetary Fund after the compilation (IMF), the data show that growth in global trade this year will very likely 7% lower than 2010, more than 11% growth, but higher than in the past 30 years, 5.7% average.
Maersk Group in the Feb. 21 agreement with the highest price of USD 5.4 billion from South Korean Daewoo Shipbuilding and Marine Engineering Company (Daewoo Shipbuilding & Marine Engineering Co) to purchase container ship, the deal includes 10 container vessels, including, in addition to Maersk Group also an additional purchase of 20 container ships. The container ship will be other similar craft in the largest size, can carry 18,000 containers, enough to ship 18 million flat-panel TV. (Civil and military)
DBS Group Research
Cosco Corporation
Excellent scorecard
• FY10 earnings (+126%) came in 26% ahead of market estimates
• Fuelled by improved shipbuilding margins, higher offshore contribution and tax savings
• Offshore contracts + earnings recovery + potential parental restructuring = Outperformance
• BUY the leading Chinese offshore play TP raised to S$3.16
A super 4Q10. 4Q net earnings surged 431% y-o-y and 70%
q-o-q to S$93.6m on strong margin recovery from
shipbuilding, higher-than-expected offshore revenue, cost
savings from preferential tax rate and tightened cost
management. This brings FY10 net profit to S$249m, beating
our and consensus estimates by 18% and 26%, respectively.
Shipbuilding margins leaped further. Adding back the cost
overrun provision of S$24m for the heavy lift, car carrier and
wind turbine installation vessel, Cosco’s bottomline would
have been stronger at over S$117m, raising overall margins by
2.5ppt. In particular, gross margin for bulk carriers is estimated
to have lifted to 11-12% from c.10% in 3Q due to efficiency
gains, cuts in staff headcount and lower steel cost. We expect
margin to be sustainable at 10% in FY11, as efficiency gains
offset rising production costs.
Riding the offshore wave. Offshore contribution to revenue
has increased from 15% in FY09 to 24% in FY10 and is
expected to rise further to 40% by 2012 assuming offshore
orders of US$2bn this year. Cosco’s first mover advantage into
offshore and relatively more proven track record puts it in a
favourable position among the Chinese yards to benefit from
the return of offshore contracts.
BUY into the leading Chinese offshore play. We raise our
FY11/12F net profit by 7.6/2.7% after factoring the lower
preferential tax rate. Maintain Buy with target price raised to
S$3.16 following the earnings revision, still based on blended
FY11/12F PE and P/BV. Catalysts in place are: (1) stronger
offshore contract flows 2) injection of strategic stakes by the
parent and 3) continuous shipbuilding delivery. Key risks
remain rising steel prices, RMB appreciation, suppressed
newbuild prices and weakening freight rates.
http://www.remisiers.org/cms_images/research/Feb21-Feb25/cos230211_buy_DBSV.pdf
CIMB
Cosco Corporation - 4Q10 Results - Hope has returned
4Q10 net profit of S$94m (+431% yoy, +70% qoq) beat consensus and our expectation
of S$50m. FY10 net profit forms 124% of our estimate as there was: 1) stronger revenue
from offshore 2) higher profits from shipping and 3) lower tax rates though offset by a
S$24m provision for losses for construction contracts in shipbuilding and offshore. We
increase our FY11-12 earnings estimates by 11-29% and introduce FY13 forecasts.
Following our upgrade, our target price climbs to S$2.85 (from S$2.63), still based on
18x CY12 P/E, in line with upcycle valuations for Singapore rig builders. We continue to
expect catalysts from contract wins and margin expansion.
http://www.remisiers.org/cms_images/SIN-Daybreak-_2302111.pdf
Phillip Securities Research Pte Ltd
Cosco Corporation (S) Ltd – FY2010 Results
BUY (Maintained) Closing Price S$2.02 Target Price S$2.68 (+32.67%)
• FY2010 revenue of S$3,861.4m, net profit of S$248.8m
• Revenue and net profit beat expectations
• Maintain buy and fair value at S$2.68
FY2010 results
Cosco reported FY2010 revenue of S$3,861.4m (+33% y-y) and net profit of S$248.8m
(+126% y-y). The revenue was 11.8% higher than our estimate of US$3,454.2m while the net
profit was 18.0% better than our forecast of US$210.9m.
The better-than-expected performance was due to greater turnover from shipbuiilding and
marine engineering projects that offset the decline in dry bulk shipping business.
http://www.remisiers.org/cms_images/cosco022311.pdf
KIM ENG
Cosco Corp (COS SP, $2.02, BUY, TP $2.43) – Cosco
more than doubled its FY10 net profit to $248.8m,
with some of the benefits derived from other income
(forex items) as well as a lower‐ than‐ expected tax
rate. Operating profit was generally in line with
expectations. Full‐ year dividend was decent at four
cents per share. The group’s ongoing orderbook is
healthy at US$6.1b, and we expect further margin
improvement. Our target price remains pegged at
4.8x P/B, or $2.43. Maintain BUY.
http://www.remisiers.org/cms_images/ssu23022011ke.pdf
rohan@kimeng.com
Isolator ( Date: 23-Feb-2011 13:51) Posted:
|
Cosco Corporation (S) Ltd – FY2010 Results | Phillip Securities Research Pte Ltd
23 February 2011 | |
BUY
(Maintained) | Closing Price S$2.02 Target Price S$2.68 (+32.67%) |
· FY2010 revenue of S$3,861.4m, net profit of S$248.8m
· Revenue and net profit beat expectations
· Maintain buy and fair value at S$2.68
FY2010 results
Cosco reported FY2010 revenue of S$3,861.4m (+33% y-y) and net profit of S$248.8m (+126% y-y). The revenue was 11.8% higher than our estimate of US$3,454.2m while the net profit was 18.0% better than our forecast of US$210.9m.
The better-than-expected performance was due to greater turnover from shipbuiilding and marine engineering projects that offset the decline in dry bulk shipping business.
Our views on the results
Cosco reported strong results and we are confident on its performance for this year. Indeed, we expect earnings of S$300.3m in FY2011E. Moreover, it remains focused on cost management. For instance, it aims to maintain staff costs at the same level as FY2010 by decreasing the amount of contract labour to offset the impact from the increase in wages. It is also optimistic on the amount of new orders for dry bulk vessels, and offshore marine vessels such as semi-submersible rigs and floating production, storage and offloading (FPSO) vessels. It has a target of 40% of its order book from offshore marine projects. Although there is a drop in short-term dry bulk shipping rates as reflected in the Baltic Dry Index (BDI), it believes that this is a good time to order new dry bulk vessels. Finally, by paying a higher dividend of S$0.04 per ordinary share for FY2010 compared to S$0.03 for FY2009, it shows that it is optimistic about the future.
Maintain buy recommendation and fair value at S$2.68
Cosco constantly strives to improve its productivity by reducing the time required to build dry bulk vessels and offshore marine vessels. Similarly, it has been securing new orders for dry bulk vessels and offshore marine vessels since 2010. We believe that orders will improve further in 2011 as it benefits from the global economic recovery. In fact, we project orders of S$3.8 billion in 2011. Therefore, we maintain our buy recommendation and fair value at S$2.68, which is 20 times FY2011E earnings per share
/FYI/do your diligence///
Cosco Singapore full-year net income surges to $248.8m |
| WRITTEN BY BLOOMBERG | |
| TUESDAY, 22 FEBRUARY 2011 17:29 | |
Cosco Corp. Singapore, a shipbuilding unit of China’s biggest shipping company, said its full-year net income more than doubled to $248.8 million, beating the $201 million average of 14 analysts’ forecasts compiled by Bloomberg. |
randyhowys ( Date: 18-Feb-2011 00:17) Posted:
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Cosco Corporation
(Bloomberg: COS SP | Reuters: COSC.SI)BUY S$2.09 Price Target: S$3.03
Analyst:
janicechua@dbsvickers.com
HO Pei Hwa +65 6398 7968
peihwa@dbsvickers.com
Janice CHUA +65 6398 7954Secures firm contracts worth US$85m
Source of all data: Company, DBS Vickers, Bloomberg
First contracts for the year.
three firm contracts and one optional contract, valued in
excess of US$113m, to build special purpose carriers.
Excluding the option (end of June 2011 expiry), the
three firm contracts are estimated to be worth US$85m.
Cosco Corp has securedDiversification into non-bulk vessels.
that the vessels are livestock carriers, which are used for
the transportation of live animals such as sheep, cattle
and goats. Livestock carriers, which can be converted
from containership, are more sophisticated than bulk
carriers (Please see pictures). We believe this is part of
management's effort to reduce its reliance on the dry
bulk market which is currently facing a supply glut
all fake sellers... hahaha... eat little bit only run :) HUAT AH