05 Nov '12, 3am

Hot Stocks STOCKS NEWS SINGAPORE-DBS cuts target price for COSCO Corp

DBS Vickers cut its target price for shipbuilder COSCO Corp (Singapore) Ltd to S$0.80 from S$0.88 and kept its 'fully valued' rating, citing sluggish shipbuilding orders until 2014 and growing competition in the offshore space. COSCO shares were unchanged at S$0.88 by 0258 GMT. They have gained 0.6 percent since the start of the year, compared with a 23 percent rise in the FTSE ST Industrials Index. COSCO posted on Friday a 17 percent fall in its third-quarter net profit at S$26.6 million, and said it expects difficult operating conditions for the rest of the year. DBS trimmed its 2012 net profit estimates for COSCO by 8.7 percent to account for lower income from scrap materials and higher interest expenses. It also cut its 2013 net profit forecast by 24.3 percent to reflect lower order win assumption of $2.5 billion, compared with $3 billion previous. COSCO faces pressure...

Full article: http://www.reuters.com/article/2012/11/05/markets-singapo...

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