Cosco

Cosco: Credit Suisse maintains Sell with $1.20 target. Observes that one-third of board has resigned within a month. Notes that while changes may not be a reflection of underlying mgt issues, move may not lead to a strategic review in the near term either. Unlike DBS, Citi, CS remains unconvinced that margins have turned around. Touts Cosco, at 21.9x FY11E PE, 3.2x PB, as the most expensive shipbuilding stock globally.