Cosco: Daiwa initiates coverage with Underperform rating and $1.00 TP. Firm believes that Cosco premium to its peers over the past 3yrs is no longer justified, due to:
1) its exposure to bulk shipping;
2) the operating profit-margin contraction trend.
Expect Co’s share price to derate from its above-average and higher-than-peers’ P/E.
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