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2901-2920 of 3100
JPM, way over optimistic?
COSCO, jpm remains OVERWEIGHT with target price $8
- What has changed? Cosco's share price has declined by 15.6% over the past
one month and has underperformed the Singapore market. The stock has also
fallen by 33% from its 52 week high.
- What has not changed? Cosco Shipyard Group (CSG) maintained its position
as the largest ship-repair yard in China in 2006 with US$532m export
revenues and has been rapidly climbing up the offshore and shipbuilding
learning curve. The company currently has a US$3.5B order book stretching
till 2010 - with shipbuilding constituting about 59% of total orders
(US$2B).
- What may change? Notwithstanding that Guangzhou shipyard (A) still trades
at a 34x FY08 consensus earnings, the valuation premium accorded to Cosco
for its strong growth potential (as it taps on its structural cost
advantage in China) could fall with the increasingly compelling valuations
for its Singapore peers. Excluding shipping valuations, Cosco currently
trades at 21x FY08E shipyard earnings.
- We are maintaining our June 2008 SOTP-based blue skies valuation of
S$8.00. Key risks to our PT include cost overruns on its offshore and
shipbuilding projects.
obviously, BB are accumulating Cosco now.
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11:21:54
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4.300
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100,000
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Buy Up
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11:21:49
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4.300
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5,000
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Buy Up
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11:21:47
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4.300
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2,000
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Buy Up
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11:21:44
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4.300
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5,000
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Buy Up
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|
11:21:40
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4.300
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20,000
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Buy Up
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11:21:38
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4.300
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50,000
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Buy Up
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11:21:37
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4.300
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1,000
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Buy Up
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11:21:37
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4.300
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5,000
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Buy Up
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11:21:30
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4.300
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2,000
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Buy Up
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11:21:28
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4.300
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280,000
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Buy Up
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11:21:10
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4.280
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283,000
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Buy Up
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11:20:51
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4.260
|
570,000
|
Buy Up
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Heheh watching Nicky trade gives the next best 'high' to trading personally now, considering these turbulent times.
Looks like Cosco may not move more than 3 bids below 4.30 by lunchtime... 1.3m lots bought in betw 4.26-4.3.
haha, hi CWQuah, nice to see you here too. keke. us popcorn eaters watching nickyng in action. haha. :P
interesting churning going on. they're playing between 4.22 to 4.34 now. rapid churns. nicky, be careful yea. :)
Watch for a struggle around 4.16.
Nicky,
Looks like you're in the money now. Heh!
ok nickyng, your ride's here. first support at 4.2, if broken, it's 4.1.
go, go nicky!
keke.
well..haha..i m confident this burger i sure eat today wan...wetting pants cos i need to go toilet mah...endure too long :P
well...monitoring USDJPY rate now..114.29 at BID now....go below that hee...sure another sell down wan :P
churning of the counter btwn 4.26 to 4.34. large lots buying and selling. 385, 400lots individual sales transacted. wait for the 400 to make enough profit (bought at 4.3), match the lots, then you got a clear ride down. too many sellers.
It is now only 10.30 am. You still have till the end of the day.....
gosh!! this burget at 4.30 now...i am wetting my pants severely now...oh no !!! :P
but that is the THRILLS !!! hee...
cosco ceiling at 4.28/4.3. support at 4.10.
nickyng, don't havta wish you luck, will sure get this one. haha. ;)
Thought of tracking it on my sonar for bottom fishing, but after looking deeper saw that it already fell even before the tidal effect of the market came in.
So could be a fundamental problem there, thus was left out of my sonar range.....