Stock Name: CoscoCorp
Company Name: COSCO CORPORATION (S) LTD
Research House: Phillip Securities
Phillip Securities Research in a May 4 research report says: "Sevan Marine recently announced the completion of the initial public offering (IPO) of the shares in its ultra deepwater drilling arm, Sevan Drilling ASA. Reuters reported that Sevan Drilling has managed to raise a total of US$363 million from IPO and intent to proceed with the purchase of two newbuilds contracted with Cosco.
"Cosco Corp announced on April 13 that COSCO (Nantong) Shipyard Co Ltd. secured a contract from Seadrill to construct a new unit self-erecting tender drilling rig T-17 valued at US$66 million. With this contract, Cosco's total contract wins and orderbook to date adds up to approximately US$281 million and US$5.9 billion respectively.
"We assign a multiple of 18x FY12E P/E to derive a fair value of $2.39 for Cosco which we feel is amply justified.DOWNGRADE TO HOLD."
Company Name: COSCO CORPORATION (S) LTD
Research House: Phillip Securities
Phillip Securities Research in a May 4 research report says: "Sevan Marine recently announced the completion of the initial public offering (IPO) of the shares in its ultra deepwater drilling arm, Sevan Drilling ASA. Reuters reported that Sevan Drilling has managed to raise a total of US$363 million from IPO and intent to proceed with the purchase of two newbuilds contracted with Cosco.
"Cosco Corp announced on April 13 that COSCO (Nantong) Shipyard Co Ltd. secured a contract from Seadrill to construct a new unit self-erecting tender drilling rig T-17 valued at US$66 million. With this contract, Cosco's total contract wins and orderbook to date adds up to approximately US$281 million and US$5.9 billion respectively.
"We assign a multiple of 18x FY12E P/E to derive a fair value of $2.39 for Cosco which we feel is amply justified.DOWNGRADE TO HOLD."
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