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Cosco down after Korea Line files for receivership
SINGAPORE, Jan 26 - Shares of Singapore-listed Chinese shipbuilder Cosco Corp fell as much as 2.6 percent on Wednesday to a two-month low, weighed by news that Korea Line Corp had filed for receivership.
At 0220 GMT, shares of Cosco were down 2.2 percent at S$2.26 with over 5.1 million shares changing hands.
South Korea's Korea Line said on Tuesday it had filed for receivership, squeezed by a sharp drop in dry-bulk rates and growing global vessel deliveries ordered before the economic turmoil of 2008.
"This has put some pressure on Cosco, which owns dry bulk ships, as Korea Line has filed for receivership because of falling Baltic rates. Investors are selling as things are starting to look skittish," said a local trader.
PE too high. Very risky. Unless many good news out!!Kepcorp also never up alot after its results announcement.
good entry price now, vested
just a question, do u play "s" ?
calculus1985 ( Date: 24-Jan-2011 07:16) Posted:
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graph will not work 100%
| Written by Thomson Reuters |
| Friday, 21 January 2011 09:11 |
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Phillip Securities has raised its target price for Singapore-listed shipbuilder Cosco Corp (COSC.SI) to $2.68 from $2.32 and maintained its “buy” rating. According to DBS Vickers, Cosco Corp could benefit from the restructuring of its parent Cosco Group, which may inject two of its shipbuilding assets into the Singapore-listed unit. But Cosco Corp said in a filing to the Singapore Exchange on Thursday that it is not in talks with any party for an asset injection. Phillip Securities said that despite Cosco Corp’s announcement, there is a possibility of restructuring that will benefit Cosco Corp because the firm will be bigger in size and gain a better position to compete with other shipyards globally. The time is also appropriate as Cosco Corp has been reporting better quarterly financial results in its 2010 fiscal year, on top of winning contracts worth $2.7 billion in 2010 for dry bulk vessels and oil rigs, the brokerage added. “We expect Cosco to win new orders of $3.8 billion in 2011. At the same, it has been working to reduce the time required to build new vessels, which should improve its gross profit margin,” Phillip said in a report. However, the brokerage cautioned that Cosco Corp faces the problem of an appreciation of the yuan against the US Dollar as most of its contracts are in USD, adding that labour and steel costs have also increased. At 09:02 a.m., Cosco Corp shares were up 0.4% at $2.34 on a volume of 205,000 shares. To create link towards this article on your website, copy and paste the text below in your page. Preview : |
| Last Updated on Friday, 21 January 2011 09:12 |
CIMB recommend sell call for this counter..yet still thriving though. Dun tell me is another play out ...
DJ Cosco Corp: Not Received Any Proposal On Asset Injection From Parent
20 Jan 2011 13:38
*DJ Cosco Corp: Not Received Any Proposal On Asset Injection From Cosco Group
(MORE TO FOLLOW) Dow Jones Newswires
January 20, 2011 00:06 ET (05:06 GMT)
*DJ Cosco Corp Requests Lifting Of Trading Halt At 0600 GMT
(MORE TO FOLLOW) Dow Jones Newswires
January 20, 2011 00:08 ET (05:08 GMT)
DJ Cosco Corp: Not Received Any Proposal On Asset Injection From Parent
SINGAPORE (Dow Jones)--Cosco Corp. (F83.SG) Thursday said it hasn't received any proposal that it will receive two shipbuilding assets from its parent company, the Cosco Group, if its parent company undergoes a restructure.
Cosco's statement follows a DBS Vickers research report released Wednesday that said Cosco's profits may rise if its parent transfers two shipbuilding assets to the Singapore-listed company in which it holds majority stake.
The two assets named in the report were a 19% stake in Cosco Shipyard Group and all of Cosco Shipbuilding Industry, which owns two shipbuilding yards in Nantong and Dalian.
"The company will make further announcements of relevant developments (if any) at the appropriate junctures," Cosco Corp. said in a statement to the Singapore exchange.
Cosco also requested the trading halt on its shares be lifted at 0600 GMT. Shares rose 4% to S$2.42 Wednesday following the DBS Vickers report and have been in a trading halt since 0100 GMT Thursday.
maybe right issue coming...
krisluke ( Date: 20-Jan-2011 09:39) Posted:
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pending for annoucement ?
Halt.
Hurry buy YZJ.
Wonder where the next resistance will be?
Exerpts from the DBSV Report.
Restructuring on the cards?
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Beneficiary of potential restructuring•
Forerunner among China yards to ride on the upswing of offshore contract flow.•
Shipbuilding recovery on track.•
Maintain BUY; Raised TP of S$3.03 is poised for further re-rating.A boost from the parent?
Talks of Cosco Group’s restructuring resurfaced following the Chinese government’s plan to push forward the complete listing of major centrally-administered SOEs in 2011, requiring the listed SOEs to also list their non-core businesses. While management could not verify this, Cosco Corp, in our view, will stand to benefit from the potential restructuring. The possibility of its parent injecting its remaining ownerships in two shipbuilding operations: 1) 19% stake in Cosco Shipyard Group (CSG, which is 51%-owned by Cosco Corp currently); and 2) 100% stake in Cosco Shipbuilding Industry Company (CSICO), which owns two shipbuilding yards in Nantong and Dalian could be earnings accretive for Cosco Corp.Climbing up the offshore ladder.
The successful and timely delivery of its first cylindrical rig (Sevan Driller I in Nov 2009) and jack-up (Super M2 in Jun 2010) has sharpened their competitive edge in offshore. Cosco Corp made another breakthrough after it secured the first drillship project among Chinese yards (DP3 or previously MPF project). The proven track record has opened new doors for Cosco Corp to compete with Singapore and Korean yards for jackup, drillship and other offshore orders.Improving shipbuilding earnings.
Cosco Corp aims to shorten delivery lead time from 14-16 months in 2010 to 12 months by 2011. With the more efficient production flow as well as experienced labour force and management, shipbuilding margins are set to rise in years ahead, more than offset the lower pricing contracts. The group has delivered 32 vessels in 2010 and 4 YTD, in line with expectation. It is expected to deliver >40 vessels this year.From dark horse to Pegasus.
Maintain Buy, with a raised target price of S$3.03, based on blended FY11/12 PE and P/BV. Share price is poised for further re-rating in the event of: (1) injection of strategic stakes by parent; 2) stronger contract flow; and 3) better-than-expected shipbuilding improvement.sorry about previous post..
http://www.theedgesingapore.com/the-daily-edge/business/25129-cosco-corp-up-on-possible-stakes-injection.html
<style type="text/css"><!--.quote {width:350px; padding: 6px; border: solid 1px #456B8F; font: 10px helvetica, verdana, sans-serif; color: #222222; background-color: #ffffff}.quote a {font: 13px arial, serif; color: #003399; text-decoration: underline}.quote a:hover {color: #FF9900; }//--></style><div class="quote"><a href=&http://quot;http://www.theedgesingapore.com/the-daily-edge/business/25129-cosco-corp-up-on-possible-stakes-injection.html" target="_blank">Cosco Corp up on possible stakes injection</a><br />Wednesday, 19 January 2011<div align="right" style="width:350px"><p style="text-align:right;">© 2011 - <a href=&http://quot;http://www.theedgesingapore.com/" target="_blank">The Edge Singapore</a></p></div></div>
Where can we find this report? It's not in remisier.org...
DBS report
sonics2519 ( Date: 19-Jan-2011 09:25) Posted:
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hit high of 2.44 this morning. anybody care to shed some lights as to the sudden surge in the price?
watch this