Cosco price target cut 24% to 38 cents by Daiwa

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

Research House: Daiwa

Price Call: SELL

Target Price: 0.38

SINGAPORE (Feb 3): Daiwa has cut its price target for Cosco Corp to 38 cents from 50 cents after lowering its earnings per share estimates by 5% for 2015 and 36% for 2016 to factor in an expected increase in order cancellations.

The new target is based on 19.6 times projected 2015 earnings, versus 21.2 times previously.