Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-COSCO falls on weak results, outlook

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

STOCKS NEWS SINGAPORE-COSCO falls on weak results, outlook May 9th 2012, 02:08 Tue May 8, 2012 10:08pm EDT Shares of COSCO Corp (Singapore) Ltd declined after the Chinese shipbuilder reported a 25 percent drop in quarterly net profit and warned that business and operating conditions for the rest of the year would remain challenging. Brokers cut their forecasts on COSCO and the shares fell as much as 3.5 percent to S$0.965, the lowest since mid-January, while the FT ST Mid Cap index lost 0.8 percent. As of Tuesday's close, the stock had gained 14 percent, in line with the index. "Shipbuilding, ship repair and conversion margins will continue to face downward pressure. Share price will likely remain in doldrums," UOB Kay Hian said. It cut its price target to S$0.90 from S$0.93 and retained its sell rating. The broker said COSCO is eyeing total new offshore contract wins of $2 billion for 2012, but the company is unlikely to meet its target of securing orders for 20-25 bulk carriers due to the current difficult shipping environment. Out of 21 brokers tracking COSCO, 18 have a sell or strong sell, two have a hold and one has a strong buy rating. OCBC Investment Research said more Chinese yards are taking on repair work to compensate for the lack of shipbuilding orders, resulting in very competitive pricing. It maintained its hold rating and S$0.98 price target. For a related story, click 0950 (0150 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) *********************************************************** 08:38 STOCKS NEWS SINGAPORE-Index futures fall 0.5 pct Singapore index futures fell 0.5 percent early on Wednesday, indicating a lower start for the benchmark Straits Times Index. Asian shares fell and the euro stayed under pressure on Wednesday as Greek politicians struggled to form a government after elections, raising the risk that a hard-won bailout could be nullified. 0833 (0033 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions