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what a great fall on Cosco today...seems really a tempt to get it at such a low price now...well..i would think majority of TA charts in SGX are very bearish...this counter is of no exception as well
Cosco has went up substantially this year and believe BB is cashing out to beef up their bullet or locked in their "Fat" profit.
But just saw from news that it is due to Hong Kong drastic drop on its parent company, I think, that dragged it down.
TA charts show bearishness. Acc/Dist and Chaikin all on decline.
Price slip 11% in one day, double the STI decline. Any particular reason?
Hi Zhuge_liang, when were the results announced? This evening after closing?
Cosco posted a 58% rise in quarterly profit thanks to strong business at its shipyards.
JPMorgan has raised its tp to $8 from $3.82. Morgan Stanley has also raised its tp to $4.60 from $3.10.
http://main.ednews.hk/listedco/listconews/sehk/SEHK_LISTEDCO_DATETIME_TODAY.HTM
China COSCO Holdings Company Limited*
(Stock code : 1919)
ANNOUNCEMENT (HONG KONG)
At the request of China COSCO Holdings Company Limited (the ?Company?), trading in shares of the Company will be suspended with effect from 9:30 a.m. on 26 July 2007 pending the release of an announcement relating to a possible significant transaction which is of a price-sensitive nature.
Beijing, the PRC, 26 July 2007
By Order of the Board of
China COSCO Holdings Company Limited
Zhang Yongjian
Joint Company Secretary
wow, 5.5 up 0.40 on heavy volume. Prob a result of dbsv's report.
DBS Vickers (Spore) Cosco Corporation; BUY S$5.10; Price Target : 12-month S$ 6.10
Cosco Corporation
Big plans ahead
Story: We are impressed with the rapid development of its
various yards,
specifically at Cosco Zhoushan. The group now operates 12 docks,
total
group docking capacity has increased by 28% to hit 1.7mdwt,
following the
commencement of its VLCC dry dock at Zhoushan.
Point: In addition to new sites, workshops, berths and docks
added over
the year, the group is negotiating for additional sites at
Dalian, Zhoushan
and a new offshore base near Nantong. This implies upside to our
order book
assumptions, once its expansion plans are firmed up. In
addition, the group
has available slots for delivery of offshore projects in 2009,
and we would
expect more offshore contracts to be awarded in 2H07.
Relevance: The stock is trading at P/E of 24.5x and 18.2x vs its
3 year eps
cagr of 43.5%. Maintain Buy, based on SOP value of S$6.10.
Saw this at CNA forums
19 July 2007 Update
C O S C O C O R P O R A T I O N ( S I N G A P O R E )
Highlights From Shipyard Visit
Net EPS EV/
Year to Turnover EBITDA Profit EPS Growth PE EBITDA DPS*
31 Dec (S$m) (S$m) (S$m) (¢) (%) (x) (x) (¢)
2005 873.1 241.4 160.5 7.4 148.3 66.4 44.8 1.0
2006 1,215.5 305.8 205.4 9.3 26.5 52.5 35.4 2.5
2007F 2,253.6 475.4 284.6 12.7 36.9 38.3 22.8 3.0
2008F 4,356.1 715.9 439.5 19.7 54.4 24.8 15.1 3.5
2009F 6,434.2 900.7 557.4 24.9 26.8 19.6 12.0 3.5
No. of Shares (m) 2,235.5
Market Cap (S$m) 10,909.0
(US$m) 7,188.3
Major Shareholders (%)
China Ocean Shipping
(Group)Co 53.9
Book NTA per Share (S$) 0.32
ROE (%) 34.5
Net Cash per Share (S$) 0.04
Results Due
1Q: Apr 1H: Aug
3Q: Oct Final: Feb
Market PE - STI (x)
2006 15.8
2007F 19.1
Analyst:
Mark Tan
COSCO Corporation's (COS (S)) arranged a company visit to its shipyards in Dalian, Zhoushan and Nantong this week and we were impressed by the level of activity and expansion at these yards.
Accelerated expansion at COSCO Zhoushan. COSCO Zhoushan has undergone tremendous expansion in the past 12 months. Dry dock capacity has increased by more than 260% to 550,000dwt while berthing capacity has increased by more than 80%, with seven berths spanning 1.8km currently in operation. Zhoushan's steel and block fabrication workshops have also recently been completed with new offshore, engine and specialist workshops expected to be completed by Nov 07.
Once completed, Zhoushan will have some 200,000 sqm
of workshop space at its disposal.
Management confident of completing major offshore projects. Management remains confident of their ability to complete the offshore contracts that they have secured. Fabrication of the US$170m circular Sevan 650 semi-submersible rig began in Apr 07 at COSCO Nantong and work is proceeding according to schedule.
Continued expansion and exceptional orderflow: Maintain BUY. A new 500,000dwt dry dock and three new berths are under construction at COSCO Zhoushan.
Management is also looking at acquiring a site adjacent to COSCO
Nantong to increase its shipyard capacity there.
New orders secured thus far this year stand at S$5.3b, 5.2x of COSCO Shipyard Group's total shipyard sales in 2006.
Given the continued expansion and COS (S)'s exceptional orderflow,
we reiterate our BUY recommendation on COS (S) and maintain our target
price of S$6.00 based on a sum-of-the-parts valuation
Personel feel that buy below 4.8. vested
What's the direction for cosco now? Is it too high to buy now?
DBS has upgraded its tp to $6.10 after the company secured US$563m worth of contracts. Its order book profile has shifted from 16% shipbuilding in early Apr '07 to 62% shipbuilding and 38% offshore structures (contract wins total US$3.4b ytd) as orders surge.
it reminds me of this guy who attended ray's gathering... he must be very happy if he is still holding this counter....
Broke $5 level on good volume!!! Heng ah, kept some. Unlucky me, sold some on Monday at 4.12 only to see it rise 4 days in a row from 4.12 to 5. Too keen to lock in some profit on Monday
 CoscoCorp |
5.000 | +0.360 | 6,218 | 119 | 4.980 | 5.000 | 644 | 5.200 | 4.880 | TSC |
Hi unicornInLuv,
Tks. Analysts have been very positive on Cosco.
Cosco rose to a record high of $4.46 after DBSV raised its 12-month tp for the stock to $5.60 from $3.45.
"Restructuring is far from over. The group could divest its fleet of 12 bulk carriers and may be eyeing other shipyards as acquisition targets to strengthen its position as a leading shipyard group in China," DBSV analyst Janice Chua said in a research note on Tuesday.
Chua said the firm may head for a A-share listing in Shanghai, which could finance its potential acquisitions.
"Earnings visibility is strong, with 85% of FY08 sales and 60% of FY09 sales already covered by its existing order book," she added.
Hey zhugeliang, it's been some time since i heard from you. Any more gd news on Cosco or other counters? Been reading your posts for some time before I decided to write... . Keep up with the gd job.
It surged after BNP Paribas initiated coverage of the firm with a "buy" call and target price of $5.80.
The firm has undergone major restructuring over the past decade to focus on its shipyard, which has a greater growth potential than its bulk shipping arm, BNP Paribas analyst Stanley Tan said in a research note on Tuesday.
"Factors such as Cosco's domestic leadership in ship repair, coupled with its fast-growing engineering and shipbuilding segment, China's ambition for the industry, as well as potential asset injections makes for a compelling multi-year investment," Tan said.
China COSCO Holdings (the world's 5th-biggest container ship operator) more than doubled as they listed in Shanghai.
wa.....yoyo down now.......any more upside?