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DJ MARKET TALK: Cosco Bounces Back; Mkt Overreacted-Credit Suisse (2008-04-11 02:11:00)
0211 GMT [Dow Jones] Cosco Corp. (F83.SG) recoups some of yesterday''s sharp fall as investors bet market overreacted to news of contract cancellation; share +3.5% at S$2.95 vs STI +1.1%. Credit Suisse says yesterday''s severe selloff "does not appear to be justified; we believe Cosco is heavily oversold at these levels." Says fears of massive order cancellations are misplaced; "we do not believe a wholesale meltdown of Cosco''s S$9.2 billion order book is on the cards." Reiterates Outperform call with S$4.40 target price. Stock clearly oversold on RSI, stochastic oscillator, but low traded volume suggests buying interest remains thin, investors remain cautious. Resistance tipped at yesterday''s intraday high of S$3.18. (KIG)
Contact us in Singapore. 65 64154 150; MarketTalk@dowjones.com
(END) Dow Jones Newswires
April 10, 2008 22:11 ET (02:11 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.
DJ MARKET TALK: BNP Paribas Cuts Cosco Target To S$4.30 From S$6
2349 GMT [Dow Jones] STOCK CALL: BNP Paribas cuts target price for Cosco (F83.SG) to S$4.30 from S$6.00 after lowering target multiple for group's engineering/newbuild arm to 20X from 30X, for shiprepair arm to 25X from 35X. Change reflects company's quality of governance, cautious investor sentiment following Norwegian firm Red Flag's cancellation of US$202 million rig hull contract; "Cosco's reporting practice leaves more to be desired in that it should not have taken close to a year for the matter to be brought to light." Adds, market will remain nervous about quality of Cosco's orderbook for a while longer. Keeps Buy call. Stock closed down 15.2% at S$2.85 yesterday. (FKH)
More crappy report:
0110 GMT [Dow Jones] Recent selldown in Singapore rig and ship builders SembCorp Marine (S51.SG), Keppel Corp (BN4.SG), Cosco (F83.SG), Yangzijiang (BS6.SG) has made stocks very attractive, more so when industry fundamentals remain robust, says Macquarie; "increasing exploration in deepwater and the need to develop recent discoveries, also in deeper waters, will drive the need for high-value platforms." Says Keppel, SembMarine well positioned to capitalize on this demand. But notes Cosco''s US$202 million order cancellation may be a harbinger of more to come; "a scan of the client base of Keppel and Sembcorp Marine does not cause us concern as they comprise national oil companies and blue-chip drillers with large fleets and/or sizable track records." Suggests long positions on SembMarine and/or Keppel, short Cosco. Keeps Keppel, SembMarine at Outperform, with S$13.90, S$5.25 target prices respectively; no ratings for the rest. Cosco +1.1% at S$2.88, SembMarine off 1.4% at S$3.50, Keppel off 0.4% at S$10.10, Yangzijiang +1.1% at S$0.955. (FKH)
...since u guys like to read crappy report..here one more...hee :
SINGAPORE, April 11 - Cosco Corp rose as much as 3.2 percent to S$2.94 on Friday, with 14 million shares traded, as Credit Suisse said it expected the stock to outperform.Citi analysts had downgraded the stock to "sell" from "buy" and cut its share price target to S$2.70 from S$4.50, citing margin contraction and slowing order book momentum. For more details, double-click on [ID:nSGC001897].
But Credit Suisse disagreed and kept its "outperform" rating on Cosco with a target price of S$4.40 as it does not expect changes in its estimates based on the net change in Cosco's order book.
"We have reviewed Cosco's order book, contract by contract ... and we do not believe a wholesale meltdown of Cosco's S$9.2 billion order book will occur. Severity of market reaction does not appear to be justified," Credit Suisse analysts said in a client note.
Dear Jackjames,
Don't be surprised, nowadays it seems many financial/capital market news are wildly released ("SUKA SUKA" in their contents). What we concern is whether they are reliable, true, some hinted motive behind, or groundless at all. We should carefully analyse ourselves. Do not get trapped!!!
jackjames ( Date: 11-Apr-2008 09:53) Posted:
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ai ya, if i hold for long run, how do you think of price at 2.86?
Is it a good stock for long run?
same same here...offloaded this morning!....Scarely manz....was q-ing behind 2.9 yesterday (4million share support) and was broken within seconds!....damn powderful .....may the force be with us!!!
ayo...guys move on...divesify lah...hey! anyone gut enough to SHORT now? thinking of SHORTING CITYDEV and SGX now leh....hee..
cheers ! :D
That's possible. I dont think the super BB will stop here.
Everyone is licking their lip....must monitor closely.
Yup.. but u advise to set ur own loss limit. ;)
Ping009 ( Date: 11-Apr-2008 10:05) Posted:
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Thanks Bro. But me sister la.
Ok, shall take your advice ....
Different ppl say different thing lah....
0041 GMT [Dow Jones] STOCK CALL: Nomura cuts Cosco Corp. (F83.SG) target price to S$5.11 from S$5.69; maintains Strong Buy call. Broker says in note, target price cuts reflects shift to new base case of mild recession scenario after company announces lapse of US$202 million contract. Says, "in our updated base case, Asia no longer gets away with a soft landing and we see appreciably slower real GDP growth for 2008." Says 7 ships in company''s US$4.5 billion shipbuilding order book have not been secured with downpayments, represents about 6.2% in value terms of its existing shipbuilding order book. Estimates, if these orders were not followed through, there would be S$38.6 million of lost earnings, which represents 6.8% of broker''s FY09 forecast. Share closed down 15.2% at S$2.85 yesterday. (KIG)
Contact us in Singapore. 65 64154 150; MarketTalk@dowjones.com
(END) Dow Jones Newswires
April 10, 2008 20:41 ET (00:41 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.
freeme ( Date: 11-Apr-2008 10:00) Posted:
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