Cosco Corporation (S) rated 'reduce' by Phillip Securities

Stock Name: CoscoCorp
Company Name: COSCO CORPORATION (S) LTD

Research House: Phillip Securities

Price Call: SELL

Target Price: 1.00

Phillip Securities Research in a Feb 24 research report says: "Cosco reported FY2011 revenue of $4.2 billion (+ 8% y-o-y) and net income of $140 million (-44% y-o-y). The fall in net profit was mainly due to lower dry bulk shipping income and higher operational costs (labor and raw material) in its shipyard businesses.

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