Cosco: IIFL initiates at Sell with TP $1.57. Cite that grp sailing in a single-masted boat and is facing a supply glut in the shipbuilding business, modest growth in ship repair and conversion, and high customer concentration and project management risk in marine engineering…..
Even with healthy order intakes in marine engineering, grp still has a long way to go to become a comparable competitor against SG yards. Expect core earnings to deliver 6% CAGR over FY11-13, valuing the company on 13x FY12 P/E.
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