Cosco: Announced that its subsidiary, has entered into a cancellation agreement for one unit of bulk carrier vessel of 79,500 DWT, after negotiations with shipowner. Construction of the vessel has commenced for some time. Shipowner has paid compensation to Cosco as part of the agreement. Cancellation is not expected to have significant impact on NTA and EPS of the Co for FY11.…
CS maintains U/P, with $1.60 TP, noting that Order cancellation highlights continued oversupply in bulk carrier market Add that Cosco is one of the most expensive shipbuilders globally, suggest a switch to Yangzijiang (10x FY11E P/E)
No comments:
Post a Comment