MS 摩根斯坦利：Cosco Corporation

Cosco Corporation On Target 4Q06 Results; Remain Bullish on Long-term Earnings

February 13, 2007 14页 英文

Conclusion: Cosco (S) reported 4Q06 results, which were largely in line with our and market expectations. We like Cosco (S)’s strong offshore/ship building order book of S$1.33 billion, of which 50% will be recognized in 2007; the implied dividend payout ratio for 2006 is 43%. However, given rich valuations – P/E of 23x on our 2007 estimates – in the near term, we think further absolute and relative share price performance by Cosco (S) against the local Singapore market index will be difficult.