Cosco Corporation (Singapore) says Cosco (Dalian) Shipyard Co., a subsidiary of the company’s 51% owned Cosco Shipyard Group Co, has delivered a bulk carrier of 57,000 dwt, Christine Star, to its Asian buyer.
The delivery documents were signed by and between Cosco Dalian and the buyer on 5 January 2011.
The bulk carrier measures 190m in length, 32.3m in breadth and 18m in depth.
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4221-4240 of 5997
The opportunity will knock again. ......
As long as there's no bad news, it is an absolutely beautiful bull to chase in and out. I got it at 2.21 and 2.22 on Mon.
heavenade ( Date: 12-Jan-2011 16:52) Posted:
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this is one hot bull. regretted selling too early. =(
I felt a bit guilty becos it is so effortless. I bought back some on Mon and sold again just now, contra. Boy!
And STI didn't even move much today. Kep Corp, I added another 10 lots ytd, did. YES!!
push harder pls ... arh ..... arh .....
will cosco overcome the resistance and reach new peak today ? the recent high is 2.33 ..... push harder please
Cosco Corporation (Singapore) says subsidiaries Cosco (Zhoushan) Shipyard Co. and Cosco (Guangdong) Shipyard Co. have each delivered a 57,000 dwt bulk carrier, theAlmeria and Agria, to their European buyers. The two 57,000 dwt bulk carriers measure 189.99m in length, 32.26m in breadth and 18m in depth.
shouldn't fall too much ... support comes
Wah~ getting YZJ investors to join Cosco for the big push!
CLSA says Chinese shipyards’ stellar performance in 2010 will be hard to beat, “and we are cautious into 2011 given the unfavourable bias (relative to the Chinese) towards large containership orders and rising cost inflation.”
The house prefers Cosco (F83.SG) over Yangzijiang (BS6.SG) “as Cosco makes further inroads into the offshore sector while YZJ faces delays.” It says more switching from YZJ into Rongsheng (as it comes out of listing blackout) is possible given the valuation gap between the two.
It upgrades YZJ to Underperform from Sell and ups the target to
$2.20 from $2.05 after revising up FY11-12F earnings forecast by
14%-24%, reflecting a more gradual decline in margins; but it retains
negative stance “as YZJ needs time to scale the large container learning
curve.”
It says Cosco remains top pick as the company is better positioned
thanks to its SOE parentage and exposure to the less competitive
offshore sector; keeps at Buy and raises the target to $2.60 from $2.25.
this ship is promising!
multi-bagger, i like!
Market Focus
Cosco Corporation
Page 46
www.dbsvickers.com
Refer to important disclosures at the end of this reported: MY / sa: YM
Bloomberg: COS SP | Reuters: COSC.SI
Dark horse
• Best performer in 2010, but still way below peak.
• Shipbuilding has ample growth potential.
• Forerunner in China’s growing offshore market.
• TP of S$2.76 offers hefty c.28% upside.
A potential multi-bagger blue chip. Cosco was the top
performer among shipyards and blue chips under our coverage,
gained 80% in 2010. In spite of this, share price is still 75% off
its peak achieved in Oct 2007, underperforming peers like
KepCorp, SembMarine and Yangzijiang, which are only 5-25%
away from peak levels. With the maximization of its 7 yards,
Cosco’s share price could potentially climb back to the peak level
in the middle term, making it a 2-bagger with: 1) well execution
on shipbuilding; 2) more offshore contracts; 3) recovery of repair
and conversion business; and 4) rebound of shipping rates to
high-peak levels.
Ample growth potential for shipbuilding. We believe Cosco
has enormous earnings growth potential in the mid-term. While
construction lead-time for shipbuilding has shortened over the
past one year, it is still at a relatively high 14-16 months
compared with <10 months for more efficient yards such as
Yangzijiang. Hence, efficiency improvement alone would lift
shipbuilding capacity by c.40%. In addition, gross margins for
shipbuilding should also grow in tandem with efficiency gains
from current 6-8%, to the industry average of c.15%. We have
assumed 10-11% gross margin for shipbuilding in FY10-11 and
every 1ppt increase in gross margin will add 4% to Cosco’s
bottomline.
Leading offshore yard in China. Cosco is the first Chinese
yard that successfully delivered advanced drilling rig product,
SEVAN Driller in late 2009. The Norwegian customer, SEVAN
placed its 2nd order of similar cylindrical drilling rig with Cosco in
Mar 2010 – a strong vote of confidence. In addition, SEVAN
Driller II is the first turnkey project awarded to a Chinese yard,
crowning Cosco as the top offshore yard in China. As such, we
believe Cosco would be the forerunner in China’s growing
offshore market, contributing to 20% of its revenue in 2010,
rising to 40% by end 2012 assuming offshore orders of US$2bn
next year.
Price catalyst – order wins. Current orderbook stands at
US$6.1bn with coverage ratio of 2.3x. Our TP of $2.76 offers decent
upside of c.28%. Maintain BUY. Key risks to our forecast include
execution disappointments, slow contract flow and weak shipping
rates.
BY AM Fraser on 5th Jan
Cosco Enters critical historic $2.30-35 resistance marking low end of
$2.30-$3 consolidation region prior to 2007 surge and during
subsequent crash with next target at $2.57-66
After nearly a year of consolidation in 2009-early 2010 around $1 to
$1.30, followed by a steady climb from $1.50 to almost $2, Cosco
staged a good year-end rally to $2.14-19 and another breakout this
new year taking in to $2.33 today.
Its overbought condition – 14-day RSI at 74 today with 3-days at 97
and above upper Bollinger band ($2.24) must be viewed in the
context of the stock’s massive crash from adjusted Oct 2007 peak of
$7.86 to 59c a year later.
Despite the gains made in the past 2 years, the counter has just
passed the 23.6% Fibonacci mark of $2.30 and still a long way to go
to reach the 38.2% point at $3.37.
The $2.30-$3 zone has featured prominently in its chart pattern,
having been the minor breakout in first half of 2007 prior to the surge
that saw its price more than doubled to $7.86 in Oct that year.
When Cosco subsequently crashed, it stopped at $2.80-$3 in first half
2008 before this support broke and then it held on to $2.30 for a while
before all hell broke loose and sank to as low as 59c by Oct 2008.
The long road to recovery finally brought it back to $2.33 high today,
more than 2 years since it bottomed out and the grand show of
strength in early 2011, climbing from $2.14 at year-end, should lead
to test of higher resistances at around $2.60, and later $2.80-$3.
Buying on weakness as stock reacts to overbought conditions and
holding the stock for 6-12 months should be a worthwhile investment
as the last 2 years had seen 80c and $1 annual movements with
quarterly trading ranges of 40c-60c for much of 2010.
Daily, weekly and monthly MACDs are bullish with all the 50, 100 and
200 days SMAs likely to continue their firm uptrend. Since mid-2010,
the 50 days ($2.07 now) has held up very well, with the share price
below it for only a few days throughout this period.
The Company's Stock Trading Account is not allowed to buy or
sell security contrary to the recommendation in this report for 3
market days from the date of this report, Jan 5 2011.
That is the price I bought but after that drop back. Finally now coming back, the wait is worth it! Start accumulating, it's just starting, more room to go. Cheers! 
blueheat ( Date: 05-Jan-2011 16:09) Posted:
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| Cosco delivers Christine Star bulk carrier |
| WRITTEN BY THE EDGE |
| WEDNESDAY, 05 JANUARY 2011 19:42 |
//
Absolutely phenomenal!!
It shot up 0.30, >10% in 2 weeks! I sold my last 10 lots today. How not to?!!
Like KepCorp, BB love it. And esp DBSV, I read reports upon reports, they always keep it in their radar.
joseah ( Date: 05-Jan-2011 16:07) Posted:
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can lah....after CNY
blueheat ( Date: 05-Jan-2011 16:09) Posted:
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wa lao when can i buy this back??? i sold it back in the days of 2.12...
cos most people left this counter liao at that time.
cos most people left this counter liao at that time.
Huat ah....
breaching 2.31......
down turn ?? den u juz sit there n watch loh .... lol
calvinkwoo3000 ( Date: 05-Jan-2011 11:21) Posted:
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it look down turn!!??
aleoleo ( Date: 05-Jan-2011 10:37) Posted:
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