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bsiong ( Date: 10-Dec-2010 13:49) Posted:
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| Cosco delivers bulk carrier Shinyo Ayush |  |
| WRITTEN BY THE EDGE | |
| FRIDAY, 10 DECEMBER 2010 13:07 | |
Cosco Corporation (Singapore) has delivered a bulk carrier of 80,000 dwt Shinyo Ayush, measuring 229.04 meters, 32.27 meters in breadth and 20.25 meters in depth, to its European buyer. |
DBS recommend BUY with Target Price at $2.35
Cosco has bagged three more bulk carriers sized 82k dwt totaling US$110m.
The contract value of USD36.7m each is in line with market price for
similar vessel size.
Deposits have been collected from the European and Chinese shipowners. The
bulk carriers, which will be built at Cosco Dalian, are scheduled for
delivery in Sep 2012 and Jan 2013.
The new wins bring Cosco's YTD orders to US$1.92bn (which inclusive of four
contracts pending deposits but exclusive of four LOIs worth approx US
$120m), stronger than our expectation of US$1.8bn. As these contracts will
contribute mainly in 2012, we maintain our earnings forecasts for
2010/2011. Cosco maintains its lead as the SGX-listed shipyard with the
highest book to bill ratio of >4x.
The firm order flows, coupled with steady earnings delivery serve as
confidence boosters for Cosco. Cosco remains our top pick among Chinese
shipbuilders on the back of its powerful earnings recovery and proven track
record in offshore, which will position Cosco to benefit from robust
offshore order-flow.
We maintain our Buy recommendation and price target of S$2.35.
Make love more, don't make more enemies
Cosco Corporation (S) Ltd | |
Quick takes - Gathering steam - by Lim Siew Khee | |
(COS SP / COSC.SI, OUTPERFORM - Maintained, S$2.06 - Tgt. S$2.63, Oil Equipment and Services) | |
Maintain Outperform on Cosco with a higher target price of S$2.63 (from S$2.20), now based on 18x CY12 P/E (from 15x). Our new target continues to align Cosco with our target valuations for Singapore yards which have been raised in view of the approaching upcycle for the O&M sector. Cosco has secured over US$110m of shipbuilding contracts for three 82,500 dwt bulk carriers from European and Chinese ship owners. These contracts bring its YTD orders to US$1.7bn, within our US$1.8bn target and hence no change to our earnings estimates. With shipbuilding bottoming out and earnings growth secured by a solid order backlog, our confidence in Cosco's fundamentals is growing. We expect re-rating catalysts to come from a stronger-than-expected recovery in shipbuilding margins and offshore order wins. | |
/CIMB /I read i posted FYI |
Source: SGX Masnet
COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary has secured contracts valued over USD110 million to build three (3) bulk carriers of 82,000 dwt each. The contracts are effective following receipt of the initial deposits from the European ship owner and Chinese ship owner. The bulk carriers which will be built at COSCO ( Dalian ) shipyards are scheduled for deliveries in September 2012 and January 2013 respectively. The contracts are not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31 December2010.
| Written by Bloomberg |
| Wednesday, 01 December 2010 19:10 |
Deliveries are scheduled for September 2012 and January 2013, the company said in a statement to the Singapore exchange today.
chris168 ( Date: 29-Nov-2010 10:16) Posted:
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This looks a good price to buy to me but I am going to Paris tml so not taking any fresh positions.
I cleared at 2.10 not the best price but gd profit for such a short time.
Trade safely and many good returns.
epliew ( Date: 29-Nov-2010 08:52) Posted:
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chris168 ( Date: 25-Nov-2010 14:06) Posted:
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never chase it.....
wait !
Buzzoo ( Date: 25-Nov-2010 15:00) Posted:
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congratulation...... take profit first....
chris168 ( Date: 25-Nov-2010 14:06) Posted:
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Many have left Cosco?
I have actually added another 30 lots ytd at 2.03. Plus the earlier 30 lots at 1.89 ... 60 lots with good profits hmmm ...
Citi raised its TP to 2.55. DBSV's recent research report on Singapore Market Strategy gave Cosco a +ve note.
Bought GSP as well yesterday.
Dun chase stocks. Opportunities are always there.
yeah! trending down still...
Noob79 ( Date: 22-Nov-2010 17:19) Posted:
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waves88 ( Date: 22-Nov-2010 20:46) Posted:
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blueheat ( Date: 23-Nov-2010 15:48) Posted:
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