Cosco (S$0.32): 1Q16 results wrecked by depressed offshore and shipping industries
-1Q net loss $14.4m (1Q15: $0.8m profit)
-1Q revenue $722.3m (-37% y/y). Shipyard (-27% to $716.6m), dry bulk shipping (-45% to $5.7m)
-Bottom line further eroded by spike in interest expense and FX
-Net gearing 3.9x (4Q15: 3.7x). Op. cash flow -$184m (-84% y/y)
-Another rig contract deferment by Sevan Drilling
-Tepid Offshore and shipping markets to continue pressure operations in 2016
-Trading at 0.92x P/B
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