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Juice
Shipping
Cosco(F83) announced that it has secured a US$220m contract to build 2 self-propelled construction vessels. Contract is awarded by an Asian Co. to Cosco (Nantong) Shipyard.
Kim Eng note that while the contract is certainly welcome news in the current soft offshore market, margins are likely to remain depressed due to learning curve issues on its earlier contracts. Bulk shipping newbuilds are still also dogged by execution issues and low pricing. Overall house maintain Sell recommendation with $0.72 TP.
Similarly CIMB maintains Sell with TP $0.92.
Comment: I won't pay too much attention to the analysts. Cosco is a counter to look out for in better times. Price is relatively high in this environment otherwise, it can be a good catch
Sources: Bloomberg, Reuters, WSJ, The Business Times, Analyst Reports, Company Announcements
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