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Can we marked his words??? Read on..
SINGAPORE (Dow Jones)--Singapore-listed shipbuilder Cosco Corp. (F83.SG) Thursday said it doesn''t expect further contract cancellations after it announced the termination of a deal with a Norwegian company, and talk of any more deals being lost is just market "rumor."
"I don''t see anymore cancellations...We don''t believe all those market rumors which saythere will be more cancellations," Ji Hai Sheng, the company''s vice chairman and president, told Dow Jones Newswires.
On Wednesday, Cosco said it had canceled a US$202 million project announced in May to build a rig hull for Norway''s Red Flag A.S. as the customer didn''t provide the deposit required before work on the rig could start.
News of the cancellation sent Cosco shares tumbling to a three-week low of S$2.84 at 0404 GMT Thursday, down 15.5% from Wednesday''s close of S$3.36.
At 0732 GMT, Cosco shares were trading at S$2.89, down 14%, while the Straits Times Index was down 0.9% at 3062.40 points.
But Ji said that the cancellation of the contract was better for the company because it will have room to take on new contracts.
"Because of the increase in steel prices, we can quote higherrates now," he said.
However, a research report by Morgan Stanley said that further cancellations are possible because Cosco has not received down payments for 20% of its existing shipbuilding contracts.
"We could see further decline in Cosco''s order book should customers choose to let the contracts lapse," the report said. It did not give an estimate of possible cancellations.
Ji said that investors should take note of a separate announcement Wednesday of new offshore and tanker building contracts worth US$292.3 million.
"The contract has been priced in yuan that will give us less risk (against exchange rate)," he said, adding that the company is confident of securing more contracts during the year.
However, he declined to mention any potential contracts in the pipeline.
-By P.R. Venkat, Dow Jones Newswires; +65 64154 152; venkat.pr@dowjones.com
(END) Dow Jones Newswires
April 10, 2008 03:39 ET (07:39 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.
traded value is going to hit SGD 400 millions in just 1 day, can u believe it? wow !!! amazing change hands!!!
It will be nice if one of us here know those BBs.... hehe
i still waiting to avg down and load some at 2.8 woh.....doesnt seem will happen today..as at now the total volume for BUY is moving faster than SELL..
guys....did u all notice that the SGX thread today very quiet? hahah` all forumers from that thread all move to Cosco!
really wonder what will happen tomorrow for Cosco...historical high volume in a negative way...but on the other hand we all know it really seems like a great bargain now...just that playing on a cautious mode as we dunno what those big players are thinking really...
shortist pocket fat fat liao....now covering short?
THKS alot..... then will be safe for now..... might want to buy some now... greed comes in... hahahaha
Cheers
freeme ( Date: 10-Apr-2008 15:25) Posted:
For those who wants to know hows the Q on depth, 1st level support at 2.85 @ 2millions, follow by 2.84 @ least 1million.
Powerful support at 2.8 @ 3millions |
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For the 1st resistance mark will be 2.9 @ 1million +
follow by 3 @ 1.7 million
i think the possiblity of this burger vol will hit 140,000 lots by closing siah !! :P WOOWOWO !!!
:D
For those who wants to know hows the Q on depth, 1st level support at 2.85 @ 2millions, follow by 2.84 @ least 1million.
Powerful support at 2.8 @ 3millions
Just saw the overall buy/sell and:
sold to buyer: 51,253,000 but buy from seller: 44,261,000
which means selling is still much stronger than buying...
har?? really? hee...i file for bankruptcy immediately liao...hee... :P
ozone2002 ( Date: 10-Apr-2008 15:20) Posted:
ok i volunteer to start a new company called Sharejunction Management LLC.
each on of the sharejunction forumers buy 10 lots of cosco each..
Vote NickyNg as the fund manager responsible for the performance of the fund..keke |
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ok i volunteer to start a new company called Sharejunction Management LLC.
each on of the sharejunction forumers buy 10 lots of cosco each..
Vote NickyNg as the fund manager responsible for the performance of the fund..keke
hm.. i wonder what will happen.. it's like the counter is trying to slwoly go up and than one BB come in and wack down the price... scarrryyy...
but nm.. i longed at 2.87..
any sifu's out there care to shed light on TA?
With danger comes opportunity as what the chinese phrase 'wei ji' means
ayo...dun need to pray lah..let the dump run its full course and recovery will be in the pipe line...hee
anyway i dun think is the BBs....more of my SHORTIST bridgade renegade running out of control...haha
cheers ! gee...i m enjoying all these excitement liao siah ! :D
too bad...shld hv start SHORTING KEPCORP this morning as well...haha..
:D
jasonrxz ( Date: 10-Apr-2008 15:01) Posted:
thw way they dump is like nobody business...... HMMM.... think really will hit super low.. never see cosco been beaten so terok in a day before......
Haiz.... let's pray it will stop soon and trend up!!!!!
cheers |
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Not to create fear here but i really think that buyers like us and other retailers have really limited resources to get the price up and from the selling down this way... i really have to keep close eyes on it and will run anytime after 2.81..... any BROs here have market depth?? any idea where is the real support for this counter??
cyjjerry85 ( Date: 10-Apr-2008 15:08) Posted:
looking at the volume at the moment....the biggest spike in volume ever that is 0.16billion was 4Feb 2004...i juz briefly took a look at the past volume....might miss out some... currently the volume will possibly break all time historical HIGH!
and in a negative way lor....this is a sharp knife |
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No need to panic sell. You can't keep a fundamentally sound company down for long.
looking at the volume at the moment....the biggest spike in volume ever that is 0.16billion was 4Feb 2004...i juz briefly took a look at the past volume....might miss out some... currently the volume will possibly break all time historical HIGH!
and in a negative way lor....this is a sharp knife
now is afternoon period already...the buy queues are still very long as many of us like on this forum thread...anticipating the rebound to be fast and furious...but looking at the current reality...those BBs are damnz powerful...they got the power to dump the stocks in large scale...massive...see the latest one:
just when we thought the buy queue is sooooo long and thick...those BBs just one click of the button sell down in one swopping move....darnz
