Stock Name: CoscoCorp
Company Name: COSCO CORPORATION (S) LTD
Company Name: COSCO CORPORATION (S) LTD
| Research House: CIMB | Price Call: SELL | Target Price: 0.92 |
Target S$0.92
Cosco adds two orders of tender barge to its offshore order book. However, we are not thrilled as bullet-payment terms plus speculative-building may add to risks of patchy execution. Maintain Underperform and target price (1.5x CY13 P/BV, 10% above its trough of 1.4x). No change to our EPS as the order falls within our US$2bn target for 2012. We continue to see execution and cost-overrun risks for the stock.
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