Cosco: DBSV reiterate Buy with $3.16 TP. Note that timely delivery of good quality FPSO and rigs as well as a slew of full turnkey projects from repeat customers have raised Cosco's profile in the global stage and opened its doors to compete with the more established local and Korean players…..
Add that recent secure of FPSO orders from first tier operator, Seadrill, is a strong accolade to Cosco’s offshore capability. Tip Order flows to catalyse share price. Active enquiry received since 4Q10 will translate into firm orders in months ahead and generate a strong wave of rerating. Potential orders include FPSOs, semi-sub rigs, and wind turbine installation vessels totaling over US$2b.
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