Monday, September 27, 2010


CoscoCorp: Kim Eng maintains buy with TP of $2.10 based on 4.2X Growth P/B. Expects earning base to increase on back of improvements in execution & recovery in margins. Cite strong orderbook of US$5.5B, expected to generate earnings of $500m over nxt 30 mths. Further catalysts include group’s growing expansion into the offshore sector, notably in drilling and FPSO conversions….

Buy call follows a string of upgrades on group last wk, with DBS & Citi having buy calls & TP of $2.35 & $2.30 respectively.

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