Stock Name: CoscoCorp
Company Name: COSCO CORPORATION (S) LTD
Phillip Securities Research in an Aug 2 research report says: "Cosco Corp reported 2Q11 revenue of $996 million (+3.5% y-o-y) and PATMI of $32 million (-53.4 % y-o-y) respectively.
"Revenue increased slightly but PATMI fell sharply mainly due to (1) lower profits from dry bulk shipping (2) lower margins from marine engineering projects and (3) higher tax expenses due to lower deferred tax benefit recognized. We lower eFY2011 EPS from 11.3 cents to 9.7 cents.
"We also lower FY2012e EPS from 12.1 cents to 10.9 cents in light of (1) a persistently weak shipping market (2) unabated cost pressures (high steel and wages costs) and (3) lower margins expected for dry bulk carrier construction in 2011 and 2012. Revised target price of $1.635. MAINTAIN HOLD."
Company Name: COSCO CORPORATION (S) LTD
| Research House: Phillip Securities | Price Call: HOLD | Target Price: 1.635 |
Phillip Securities Research in an Aug 2 research report says: "Cosco Corp reported 2Q11 revenue of $996 million (+3.5% y-o-y) and PATMI of $32 million (-53.4 % y-o-y) respectively.
"Revenue increased slightly but PATMI fell sharply mainly due to (1) lower profits from dry bulk shipping (2) lower margins from marine engineering projects and (3) higher tax expenses due to lower deferred tax benefit recognized. We lower eFY2011 EPS from 11.3 cents to 9.7 cents.
"We also lower FY2012e EPS from 12.1 cents to 10.9 cents in light of (1) a persistently weak shipping market (2) unabated cost pressures (high steel and wages costs) and (3) lower margins expected for dry bulk carrier construction in 2011 and 2012. Revised target price of $1.635. MAINTAIN HOLD."
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