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28-Mar-2011 22:24

COSCO SHP SG / CoscoCorp

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LIM & TAN

The stock is expected to react strongly to news

that its

orders from

drilling rigs

each, ie S$1,324 mln in total, with option for two

more at the same price.

(Cosco Nantong is a subsidiary of Cosco Shipyard (Nantong) has securedSevan Drilling for 2 ultradeepwater, valued at US$525 mlnCosco Shipyard

which is 51% owned by Cosco Singapore, 30% by

Semb Marine

Sevan Drilling on the other hand is a subsidiary of

Oslo-listed

planning to go public in the near term, with proceeds

to fund the new orders.), and the balance by Cosco China.Sevan Marine. Sevan Drilling is

� �

close to this size. Only

unit has done as well.It has been a while since Cosco got orders anywhereKeppel Corp’s offshore

� �

improving fortunes.Semb Marine will likely benefit from Cosco’s

� �

of its 2007 high of $7.90. That alone justifies a BUYAt $2.01, Cosco’s share price is still only a quarterSECURITIES PTE LTD

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28-Mar-2011 22:22

COSCO SHP SG / CoscoCorp

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CIMB

Signed US$1.05bn LOI with Sevan Marine
Upgrade to Neutral from Trading Sell.
letter of intent (LOI) with Sevan Marine to construct two Sevan 650 drilling units for
US$525m each with options for two more we were originally expecting a contract
award for only one unit. Signing of the final contracts is subject to the listing of Sevan
Drilling. This order brings Cosco’s YTD order wins to US$1.29bn or 50% of our
US$2.5bn target for 2011. We believe the sizeable win will dispel investors’ fears over
potential shipbuilding order cancellations. We now peg Cosco at 15x CY12 P/E
(previously 11x, its average trading band during the last crisis) in view of its order
book momentum. This represents a 15% discount to Singapore rig builders.
Accordingly, our target price climbs to S$2.38 from S$1.74. However, with the threat
of rising steel prices, we only upgrade Cosco to Neutral. We see further re-rating

catalysts from stronger-than-expected margins in shipbuilding and order wins.Cosco Nantong has surprised us by signing a

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28-Mar-2011 22:16

COSCO SHP SG / CoscoCorp

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Kim Eng

Cosco Corp – Secures Sevan LOI

Previous day closing price: $2.01

Recommendation: BUY (maintained)

Target price: $2.43 (maintained)

Cosco has signed a letter of intent (LOI) with Sevan Marine for the construction of two drilling

units of the Sevan 650 rig, worth some US$1.05b. It has also secured options for two more rigs.

These contracts are part of our assumption for significant contract wins in FY11.

We are leaving our forecasts and target price of $2.43 unchanged. Trading on Cosco was

suspended after a 3% rise in price on heavy volume, prior to the announcement. We expect the

positive action on its share price to continue towards our target price on the back of this news.

Maintain BUY.

http://www.remisiers.org/cms_images/ssu28032011ke.pdf

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25-Mar-2011 16:09

COSCO SHP SG / CoscoCorp

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COSCO SIGNS LETTER OF INTENT FOR SEVAN 650 DRILLING UNITS
The Board of Directors of COSCO Corporation (Singapore) Limited (the
“Company”) wishes to announce that its subsidiary, COSCO Nantong Shipyard
Co., Ltd. (“COSCO Nantong”) (being a subsidiary of the Company’s 51% owned
subsidiary, COSCO Shipyard Group Co., Ltd) had signed a letter of intent (“LOI”)
dated 24 March 2011 with Sevan Drilling Rig V Pte Ltd and Sevan Drilling Rig VI
Pte Ltd in respect of 2 turn-key EPC (Engineering, Procurement and
Construction) contracts (the “EPC Contracts”) pursuant to which COSCO
Nantong will undertake to perform EPC and installation for delivery of two drilling
units based on the Sevan design (Sevan 650). The contract price for each
drilling unit is approx. USD525 million.
In addition, under the LOI, COSCO Nantong has also granted options to the
Sevan Drilling Group or its nominees pursuant to which the option holders may
order up to 2 drilling units similar to those under the EPC Contracts at a price of
approx. USD525 million per unit.
The effectiveness of the EPC Contracts is subject to the board approval of each
of Sevan Drilling Rig V Pte Ltd and Sevan Drilling Rig VI Pte Ltd and the board
approval of COSCO Nantong.
Formal agreements for the EPC Contracts and the options are expected to be
signed at a later date.
Deliveries of the drilling units under the EPC Contracts are expected to take
place in the fourth quarter of 2013 and second quarter of 2014, respectively.
None of the directors or controlling shareholders of the Company has any
interest, direct or indirect in the above transactions.
The above transactions are not expected to have a material impact on the net
tangible assets and earnings per share of the Company for the year ending 31st
December 2011.
By Order of the Board
Jiang Li Jun
Vice-Chairman and President
25 March 2011

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22-Mar-2011 14:46

COSCO SHP SG / CoscoCorp

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DBS Group Research . Equity 21 March 2011

Today’s Focus

• Sino Grandness - beverage segment expected to drive growth fair value estimated at S$0.60, based on 6x FY11F PE. We maintain our view that any further near-term downside for the STI should be limited at around the 2880-2900 level, which coincides with the -1 SD forward PE level based on FY11 and FY12 earnings forecast. We advocate accumulating stocks at current levels or slightly lower (STI 2880-2900) and trade a technical rebound to STI 3050-3070 in coming week(s) with minor resistances along the way at 2973 and 3010-3020. Our oversold technical rebound picks are F& N, SIA Engineering and Cosco Corp for large caps, Goodpack andMIDAS for mid/small caps. DBSV Research is introducing a new product format

DBSV Research is introducing a new product format called the Equity Explorer (EE). The EE provides a ‘first cut’ look at small/mid-cap companies with market cap of < USD2bil. The EE differs from the usual stock coverage under the Company Focus product in 2 major ways:

1) No call recommendation (i.e. No Buy, Sell, Hold) is provided in the EE. Instead, the EE will have a risk and return ratings on the company.

2) The EE may not provide ongoing coverage (i.e. it can be just a one-off report). The first company to use this new format is Sino Grandness

https://www.dbsvonline.com/DBSVReport/2011/03/20110321092955_WiredDaily210311.pdf?SessionID=E7774DEA56374DB5FA1C9C35B374D7DA& RefNo=35318& AccountNum=11616292071& Alternate=& Level=Trading& ResidentType=Singapore

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18-Mar-2011 09:56

COSCO SHP SG / CoscoCorp

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Cosco Buying Up

09:52:37	1.840	3,000	Bought from Seller
09:50:38	1.840	5,000	Bought from Seller
09:49:46	1.830	5,000	Sold to Buyer
09:49:34	1.840	100,000	Bought from Seller
09:49:14	1.840	5,000	Bought from Seller
09:48:49	1.830	1,000	Sold to Buyer
09:48:12	1.840	1,000	Bought from Seller
09:46:59	1.840	1,000	Bought from Seller
09:46:59	1.830	1,000	Sold to Buyer
09:45:51	1.840	10,000	Bought from Seller
09:45:01	1.830	3,000	Sold to Buyer
09:41:25	1.840	10,000	Bought from Seller
09:38:58	1.840	2,000	Bought from Seller

09:12:41

1.840

10,000

Bought from Seller

09:12:40

1.840

16,000

Bought from Seller

09:12:38

1.840

400,000

Bought from Seller

09:12:18

1.840

2,000

Bought from Seller

09:11:56

1.840

6,000

Bought from Seller

09:11:36

1.840

10,000

Bought from Seller

09:11:32

1.840

30,000

Bought from Seller

09:11:20

1.840

10,000

Bought from Seller

09:11:02

1.840

5,000

Bought from Seller

09:10:52

1.840

5,000

Bought from Seller

09:10:43

1.840

10,000

Bought from Seller

09:10:14

1.840

8,000

Bought from Seller

09:10:03

1.840

10,000

Bought from Seller

09:09:41

1.840

5,000

Bought from Seller

09:09:02

1.840

4,000

Bought from Seller

09:08:31

1.840

10,000

Bought from Seller

09:07:56

1.840

3,000

Bought from Seller

09:07:21

1.840

3,000

Bought from Seller

09:07:15

1.840

100,000

Bought from Seller

09:06:15

1.840

10,000

Bought from Seller

09:05:53

1.840

20,000

Bought from Seller

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25-Feb-2011 11:26

COSCO SHP SG / CoscoCorp

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Oil Price drop

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25-Feb-2011 11:16

COSCO SHP SG / CoscoCorp

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The Board of Directors of COSCO Corporation (Singapore) Limited (the
" Company" ) wishes to announce that COSCO (Dalian) Shipyard Co., Ltd
(" COSCO Dalian" ), a subsidiary of the Company's 51% owned COSCO Shipyard
Group Co, has delivered a bulk carrier of 80,000 dwt, " VOGE ENTERPRISE" , to
its European buyer.
The delivery documents were signed by and between COSCO Dalian and the
buyer on 22 February 2011.
The bulk carrier measures 229 meters in LOA (length of all), 32.26 meters in
breadth and 20.25 meters in depth.
By Order of the Board
Jiang Li Jun
Vice Chairman and President
24 February 2011

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25-Feb-2011 09:06

Genting Sing / Traders Lounge - Daily opportunities for everyone

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Oil Price drop Again 97.09

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24-Feb-2011 16:36

Genting Sing / Traders Lounge - Daily opportunities for everyone

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Libya protests: Gaddafi embattled by opposition gains

Reports from Libya say the area controlled by embattled leader Col Muammar Gaddafi is shrinking as the opposition consolidates its gains.

Witnesses say the capital, Tripoli, is heavily guarded by pro-Gaddafi forces, with tanks deployed in the suburbs.

Videos on the internet suggest a town 50km (30 miles) west of Tripoli has fallen to anti-government forces.

Col Gaddafi's son, Saif al-Islam, went on television on Wednesday evening to say that everything was " normal" .

http://www.bbc.co.uk/news/world-africa-12564104

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23-Feb-2011 22:04

COSCO SHP SG / CoscoCorp

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Maersk 2010 net profit of 4.9 billion recorded the second

The report shows that Maersk 2010 net profit of 26.5 billion Danish kroner (about 4.9 billion U.S. dollars), this performance is far better than the record high of 2009 recorded a net loss of 7.03 billion Danish kroner (about 1.3 billion U.S. dollars), and slightly exceeded Wall Street analysts had expected. Bloomberg News survey of 14 analysts surveyed expect an average net profit in 2010 Maersk Group 263 billion Danish kroner (about 4.8 billion U.S. dollars). Maersk Group, 2010 sales of 315 billion Danish kroner (about 58 billion U.S. dollars), up 21% over 2009.

Including Maersk Line Maersk Group (Maersk Line), including net profit in 2010 container business was 149 million Danish kroner (about 2.7 billion) in 2009, a net loss of 11.4 billion Danish kroner (about 2.1 billion U.S. dollars). Maersk oil and gas sector in 2010 net profit of 93.3 billion Danish kroner (about 1.7 billion), higher than in 2009 62.4 billion Danish kroner (about 1.1 billion U.S. dollars).

Maersk Group, the total transport volume in 2010 is equivalent to 7.3 million 40-foot container, compared with 2009 growth of 5%, less than 13% growth in the global market. Maersk Group, the average transportation costs in 2010 than in 2009 increased by 29%, including fuel surcharges. Anshi, CEO of Maersk Group (Nils Smedegaard Andersen) in the earnings report, said: " We have to improve its own financial strength, is preparing for large-scale investment in our business."

Earlier this week, Maersk Group, the world's largest container ships ordered in 10 vessels. Maersk Group, according to projections made today, container market this year, the maximum increase of 8%. Maersk said the group's net profit this year will not reach last year's level, because the container market, the growth rate last year was 13%. According to Bloomberg, the International Monetary Fund after the compilation (IMF), the data show that growth in global trade this year will very likely 7% lower than 2010, more than 11% growth, but higher than in the past 30 years, 5.7% average.

Maersk Group in the Feb. 21 agreement with the highest price of USD 5.4 billion from South Korean Daewoo Shipbuilding and Marine Engineering Company (Daewoo Shipbuilding & Marine Engineering Co) to purchase container ship, the deal includes 10 container vessels, including, in addition to Maersk Group also an additional purchase of 20 container ships. The container ship will be other similar craft in the largest size, can carry 18,000 containers, enough to ship 18 million flat-panel TV. (Civil and military)

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23-Feb-2011 21:43

Genting Sing / Traders Lounge - Daily opportunities for everyone

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ocbc

Genting Singapore: Maintain BUY with S$2.53 fair value
Genting Singapore (GS) posted a pretty decent set of 4Q10 results last
evening, with revenue up 6% QoQ at S$788.5m. Although reported net
profit fell 51.2% QoQ to S$91.7m, but excluding several one-off non-cash
items, core net profit was closer to S$153.3m, though still down 15.8%
QoQ. For the full year, GS posted revenue of S$2753.3m, which came just
about 2.7% shy of our full-year forecast, while reported net profit came in
around S$657.2m we estimate that core earnings would have come in
around S$795.7m, or 10.2% below forecast. Going forward, GS believes
that it will continue to do well in the Year of the Rabbit, with strong visitorship
in both VIP and mass segments, as it continues to add attractions to its
IR to reinforce its attractiveness to Asian visitors. In view of the higherthan-
expected VIP business that RWS has managed to secure, we see
the need to adjust our margin assumptions lower this in turn reduces our
FY11 core earnings estimate by 15.8% even as we raise our revenue
forecast by 4.0%. But as we are maintaining our cashflow assumptions,

our DCF-based fair value remains unchanged at S$2.53. Maintain BUY.

http://www.remisiers.org/cms_images/Market_Pulse-110223-OIR.pdf

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23-Feb-2011 21:36

COSCO SHP SG / CoscoCorp

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DBS Group Research

Cosco Corporation

Excellent scorecard
• FY10 earnings (+126%) came in 26% ahead of market estimates
• Fuelled by improved shipbuilding margins, higher offshore contribution and tax savings
• Offshore contracts + earnings recovery + potential parental restructuring = Outperformance
• BUY the leading Chinese offshore play TP raised to S$3.16

A super 4Q10. 4Q net earnings surged 431% y-o-y and 70%
q-o-q to S$93.6m on strong margin recovery from
shipbuilding, higher-than-expected offshore revenue, cost
savings from preferential tax rate and tightened cost
management. This brings FY10 net profit to S$249m, beating
our and consensus estimates by 18% and 26%, respectively.
Shipbuilding margins leaped further. Adding back the cost
overrun provision of S$24m for the heavy lift, car carrier and
wind turbine installation vessel, Cosco’s bottomline would
have been stronger at over S$117m, raising overall margins by
2.5ppt. In particular, gross margin for bulk carriers is estimated
to have lifted to 11-12% from c.10% in 3Q due to efficiency
gains, cuts in staff headcount and lower steel cost. We expect
margin to be sustainable at 10% in FY11, as efficiency gains
offset rising production costs.
Riding the offshore wave. Offshore contribution to revenue
has increased from 15% in FY09 to 24% in FY10 and is
expected to rise further to 40% by 2012 assuming offshore
orders of US$2bn this year. Cosco’s first mover advantage into
offshore and relatively more proven track record puts it in a
favourable position among the Chinese yards to benefit from
the return of offshore contracts.
BUY into the leading Chinese offshore play. We raise our
FY11/12F net profit by 7.6/2.7% after factoring the lower
preferential tax rate. Maintain Buy with target price raised to
S$3.16 following the earnings revision, still based on blended
FY11/12F PE and P/BV. Catalysts in place are: (1) stronger
offshore contract flows 2) injection of strategic stakes by the
parent and 3) continuous shipbuilding delivery. Key risks
remain rising steel prices, RMB appreciation, suppressed
newbuild prices and weakening freight rates.

http://www.remisiers.org/cms_images/research/Feb21-Feb25/cos230211_buy_DBSV.pdf

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23-Feb-2011 21:32

Genting Sing / Traders Lounge - Daily opportunities for everyone

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DBS Group Research

Cosco Corporation BUY S$2.02 Price Target : 12-month S$ 3.16 (Prev S$ 3.03)

Reason for Report : Earnings adjustments
Potential Catalyst: Contract wins, earnings execution

Excellent scorecard
• FY10 earnings (+126%) came in 26% ahead of market
estimates
• Fuelled by improved shipbuilding margins, higher
offshore contribution and tax savings
• Offshore contracts + earnings recovery + potential
parental restructuring = Outperformance
• BUY the leading Chinese offshore play TP raised to
S$3.16
A super 4Q10. 4Q net earnings surged 431% y-o-y and 70%
q-o-q to S$93.6m on strong margin recovery from
shipbuilding, higher-than-expected offshore revenue, cost
savings from preferential tax rate and tightened cost
management. This brings FY10 net profit to S$249m, beating
our and consensus estimates by 18% and 26%, respectively.
Shipbuilding margins leaped further. Adding back the cost
overrun provision of S$24m for the heavy lift, car carrier and
wind turbine installation vessel, Cosco’s bottomline would
have been stronger at over S$117m, raising overall margins by
2.5ppt. In particular, gross margin for bulk carriers is estimated
to have lifted to 11-12% from c.10% in 3Q due to efficiency
gains, cuts in staff headcount and lower steel cost. We expect
margin to be sustainable at 10% in FY11, as efficiency gains
offset rising production costs.
Riding the offshore wave. Offshore contribution to revenue
has increased from 15% in FY09 to 24% in FY10 and is
expected to rise further to 40% by 2012 assuming offshore
orders of US$2bn this year. Cosco’s first mover advantage into
offshore and relatively more proven track record puts it in a
favourable position among the Chinese yards to benefit from
the return of offshore contracts.
BUY into the leading Chinese offshore play. We raise our
FY11/12F net profit by 7.6/2.7% after factoring the lower
preferential tax rate. Maintain Buy with target price raised to
S$3.16 following the earnings revision, still based on blended
FY11/12F PE and P/BV. Catalysts in place are: (1) stronger
offshore contract flows 2) injection of strategic stakes by the
parent and 3) continuous shipbuilding delivery. Key risks
remain rising steel prices, RMB appreciation, suppressed
newbuild prices and weakening freight rates.

http://www.remisiers.org/cms_images/research/Feb21-Feb25/cos230211_buy_DBSV.pdf

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23-Feb-2011 21:26

COSCO SHP SG / CoscoCorp

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CIMB

Cosco Corporation - 4Q10 Results - Hope has returned
4Q10 net profit of S$94m (+431% yoy, +70% qoq) beat consensus and our expectation
of S$50m. FY10 net profit forms 124% of our estimate as there was: 1) stronger revenue
from offshore 2) higher profits from shipping and 3) lower tax rates though offset by a
S$24m provision for losses for construction contracts in shipbuilding and offshore. We
increase our FY11-12 earnings estimates by 11-29% and introduce FY13 forecasts.
Following our upgrade, our target price climbs to S$2.85 (from S$2.63), still based on
18x CY12 P/E, in line with upcycle valuations for Singapore rig builders. We continue to
expect catalysts from contract wins and margin expansion.

http://www.remisiers.org/cms_images/SIN-Daybreak-_2302111.pdf

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23-Feb-2011 21:23

COSCO SHP SG / CoscoCorp

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Phillip Securities Research Pte Ltd

Cosco Corporation (S) Ltd – FY2010 Results

BUY (Maintained) Closing Price S$2.02 Target Price S$2.68 (+32.67%)

• FY2010 revenue of S$3,861.4m, net profit of S$248.8m
• Revenue and net profit beat expectations
• Maintain buy and fair value at S$2.68
FY2010 results
Cosco reported FY2010 revenue of S$3,861.4m (+33% y-y) and net profit of S$248.8m
(+126% y-y). The revenue was 11.8% higher than our estimate of US$3,454.2m while the net
profit was 18.0% better than our forecast of US$210.9m.
The better-than-expected performance was due to greater turnover from shipbuiilding and
marine engineering projects that offset the decline in dry bulk shipping business.

http://www.remisiers.org/cms_images/cosco022311.pdf

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23-Feb-2011 21:19

COSCO SHP SG / CoscoCorp

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KIM ENG

Cosco Corp (COS SP, $2.02, BUY, TP $2.43) – Cosco
more than doubled its FY10 net profit to $248.8m,
with some of the benefits derived from other income
(forex items) as well as a lower‐ than‐ expected tax
rate. Operating profit was generally in line with
expectations. Full‐ year dividend was decent at four
cents per share. The group’s ongoing orderbook is
healthy at US$6.1b, and we expect further margin
improvement. Our target price remains pegged at
4.8x P/B, or $2.43. Maintain BUY.

http://www.remisiers.org/cms_images/ssu23022011ke.pdf
rohan@kimeng.com

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23-Feb-2011 12:38

Genting Sing / GenSp starts to move up again

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For yesterday's sharp correction, the market will be the main reason attributed to tensions in the Middle East and North Africa due to raised oil prices rose from yesterday's global stock and commodities have all fallen of view, there must be some truth in this inference, but on the market deeper understanding of investors actually know, just to enlarge the market external adjustment, the adjustment of the market itself plunged yesterday, the pressure is the main reason, empathy, despite yesterday's sharp correction in the market, external factors will not easily change the disturbance the pattern of the recent range-bound market, investors need not panic too much, there is near the 3000 mid-term moving average support more than that now is the hot spot by shock bargain hunting opportunity. From capital flows, suggested investors focus on mechanical, chemical, electronics and other high-quality second-line blue-chip companies in the sector and the new energy, new materials, new boards and other popular subjects in the three-strong varieties.

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23-Feb-2011 12:29

Genting Sing / GenSp starts to move up again

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Genting down 3.5% 4Q held back by bad luck

Genting Singapore (G13.SG) is off 3.5% at $1.91 after a lower win rate, or hold, inhibited its 4Q earnings, preventing any upside surprise from higher VIP volumes, with most analysts saying results were within expectations.

Deutsche Bank, which has a Buy rating and $2.43 target, says 4Q results were in line, with impressive 40% on-quarter growth in 4Q VIP rolling, offset by low VIP hold, which kept EBITDA within consensus.

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23-Feb-2011 12:27

Genting Sing / GenSp starts to move up again

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Citi lowers target for Genting Singapore to $2.40

Written by Thomson Reuters
Wednesday, 23 February 2011 12:01
Citi has lowered its target price for casino operator Genting Singapore (GENS.SI) to $2.40 from S$2.60, but maintained its buy rating. Genting Singapore said its Resorts World Sentosa (RWS) casino-resort had adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $389.8 million on revenues of $775.2 million for the three months ended December.

Citi lowers target for Genting Singapore to $2.40

Citi has lowered its target price for casino operator Genting Singapore (GENS.SI) to $2.40 from S$2.60, but maintained its buy rating.

Genting Singapore said its Resorts World Sentosa (RWS) casino-resort had adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $389.8 million on revenues of $775.2 million for the three months ended December.

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