Brokers' take

Cosco Corp | Fully Valued

Dec 14 close: S$0.305

Target price: S$0.32

DBS Group Research, Dec 14

WE downgrade Cosco to "fully valued" with a reduced target price of S$0.32 (previously S$0.42), as we lower our valuation multiple from 0.8x to 0.6x FY16 P/BV in view of wider losses and a deteriorating outlook. There is a lack of re-rating catalysts with the elimination of privatisation angle. Cosco faces multiple headwinds - deferments/cancellations and cost overruns amid the sector's downturn.

We expect...


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