Stock Name: CoscoCorp
Company Name: COSCO CORPORATION (S) LTD
Phillip Securities Research in a May 31 research report says: "Cosco Corp announced during lunch that it had entered into and made effective a US$114 million contract with ATP Oil Gas (UK) limited for the construction of "Octabuoy Topside Module"-Octabuoy Phase 2.
"Separately, Cosco also announced that the US$1.05 billion contract for two Sevan 650 drilling units from subsidiaries of Sevan Drilling ASA has been made effective. With these contracts, Cosco's year-to-date order wins have been lifted to approximately US$1.8 billion out of which US$1.6 billion is from rig construction.
"We do not see a fundamental shift in the value of Cosco's business arising from these recent developments. Therefore, we stick to our initial assignment of 18x FY12E P/E with target price of $2.18. MAINTAIN HOLD."
Company Name: COSCO CORPORATION (S) LTD
| Research House: Phillip Securities | Price Call: HOLD | Target Price: 2.18 |
Phillip Securities Research in a May 31 research report says: "Cosco Corp announced during lunch that it had entered into and made effective a US$114 million contract with ATP Oil Gas (UK) limited for the construction of "Octabuoy Topside Module"-Octabuoy Phase 2.
"Separately, Cosco also announced that the US$1.05 billion contract for two Sevan 650 drilling units from subsidiaries of Sevan Drilling ASA has been made effective. With these contracts, Cosco's year-to-date order wins have been lifted to approximately US$1.8 billion out of which US$1.6 billion is from rig construction.
"We do not see a fundamental shift in the value of Cosco's business arising from these recent developments. Therefore, we stick to our initial assignment of 18x FY12E P/E with target price of $2.18. MAINTAIN HOLD."
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