C COSCO -10%

1919 CHINA COSCO 28 3.1 9.97 649,996 22,855

China Cosco Down 3.0%; UOBKH Targets HK$45

UOB KayHian says China Cosco Holdings (1919.HK) will become "the largest owner of dry bulk carriers in the world" after it acquires dry bulk business from parent Cosco Group. "In the long run, Cosco Group will inject unlisted assets into CCH, which is likely to include the acquisition of an oil tanker fleet (about 47 oil tankers) when the oil tanker business starts to pick-up."

Stock down 3.0% at HK$29.40, with 50-day moving average of HK$29.20 likely support in near-term. Keeps on Buy call, ups target to HK$45 from HK$23 (16.5X FY07 EV/EBITDA).

Volume thin at HK$336.7 million, vs yesterday's full-day of HK$1.06 billion

China Cosco kept 'buy'; target price raised to 38.0 hkd -

Merrill Lynch raised its target price for China Cosco Holdings Ltd's Hong Kong traded shares to 38.00 hkd from 34.50, while keeping a ""buy"" call on the the mainland shipping firm because of its earnings prospects.

""With Baltic Dry index remaining at a historic high level of 9,900, we expect record breaking net profit for China Cosco in the second half of 2007 and in 2008"", the investment bank said.

""With an estimated 50-60 pct of bulk fleet on short term/spot market, we believe China Cosco is a major beneficiary of the strong Baltic Dry Index, driven by robust Chinese demand for overseas raw materials"", it added.

Merrill Lynch shipping analyst Teddy Tsai revised up his Baltic Dry index forecasts last week on a stronger-than-expected outlook for demand.

As a result, Merrill Lynch raised its revenue forecast for China Cosco by 2 pct to 104 bln yuan for 2007. Revenue forecasts for 2008 and 2009 were both revised up 4 pct to 122 bln and 137 bln, respectively.

It also revised up its net profit estimates for the three-year period by 12 pct, 13 pct and 15 pct to 16.3 bln yuan, 21.7 bln and 24.7 bln, respectively.

Merrill Lynch also noted China Cosco's asset injection and A-share placement plans.

It said the management confirms that bulk acquisitions from its parent and its A-share placement will be completed by the end of this year.

China Cosco closed the morning session at 27.65 hkd, down 0.70 hkd or 2. 47 pct, after news that Singapore's Temasek Holdings sold 80 mln shares in the shipping firm yesterday.

Shares of China COSCO Holdings (1919.HK: Quote, Profile , Research), the most heavily traded stock, plunged 8.4 percent to HK$24.45.  

gibts hier schlechte Nachrichten oder womit ist der Kursrückgang zu erklären ?

04.02.2008 1,81 1,86 1,79 1,83 17.597 32.399,00 13
01.02.2008§ 1,63 1,71 1,62 1,71 43.740 73.215,00 10
31.01.2008§ 1,53 1,56 1,47 1,47 4.800 7.133,00 5
30.01.2008§ 1,38 1,39 1,38 1,39 2.725 3.762,00 2
29.01.2008§ 1,45 1,45 1,42 1,42 9.025 13.000,00 6
28.01.2008§ 1,43 1,46 1,39 1,46 21.470 30.330,00 7
25.01.2008§ 1,47 1,59 1,47 1,59 90.690 141.091,00 29
24.01.2008§ 1,40 1,42 1,37 1,42 44.265 62.176,00 13 4Tage = 28%
23.01.2008§ 1,40 1,41 1,24 1,25 25.836 34.538,00 17
22.01.2008§ 1,32 1,39 1,26 1,39 42.150 56.079,00 13
21.01.2008§ 1,44 1,46 1,34 1,36 49.104 68.801,00 22
18.01.2008§ 1,46 1,46 1,41 1,41 24.750 35.414,00 10
17.01.2008§ 1,44 1,47 1,40 1,41 38.530 55.382,00 14
16.01.2008§ 1,37 1,41 1,29 1,34 175.531 234.603,00 25
15.01.2008§ 1,64 1,64 1,51 1,55 104.113 161.186,00 28
14.01.2008§ 1,79 1,79 1,74 1,74 80.930 142.958,00 16
11.01.2008§ 1,88 1,88 1,88 1,88 690 1.297,00 2
10.01.2008§ 1,99 1,99 1,93 1,93 15.030 29.560,00 9
09.01.2008§ 1,94 1,97 1,94 1,97 11.600 22.650,00 6
08.01.2008§ 1,84 1,89 1,84 1,89 12.300 22.995,00 6
07.01.2008§ 1,84 1,84 1,81 1,84 3.430 6.251,00 6

Fears of a U.S. recession have "led to distressed value" in shipping stocks, says DBS Vickers; estimates over past 3 months, over 50% of total market cap of major shipping stocks in HK has been wiped out.

Despite volatile sector outlook amid increasing macro risks, "we find attractive value for selective stocks," including dry bulk carriers with undemanding PER, also some shippers trading below book value.

Pacific Basin (2343.HK),

China COSCO (1919.HK) kept as Buy with intact earnings growth outlook in 2008; says further downside for COSL (2868.HK), Orient Overseas (0316.HK) limited with undemanding PBR. Adds for pair trading, investors can continue to Long dry bulkers/Short container shippers.

China COSCO down 3.8% at HK$19.72 on profit-taking after 3-day 30% rally

China Cosco 2007 Net Profit More Than Doubles To CNY19.09 Bln
China Cosco Holdings 2007 Final Dividend CNY0.18 Vs CNY0.09
China Cosco Holdings 2007 Revenue CNY93.88B Vs CNY63.74B
China Cosco Holdings 2007 Net Profit CNY19.09B Vs CNY7.57B

nach der Vorgabe gestern:

China Cosco +5.8% = 21.95H$ war bei 22.15

sehr guter Ausblisck 08

Jahresgewinn 07 =  +135%