Cosco pops the champagne on US$1.2b secured orders

It has bagged a hefty deal in early June.

According to DBS, Cosco should benefit from the higher bulk carrier orders and efforts to build up its offshore order book.

DBS said that Cosco has secured orders of US$1.2bn YTD (60% of our FFY13 assumption). Upstream reported in early June that Cosco is signing contracts for two drillships worth US$650-700m each with X-Drill.

"If this materialises, Cosco will beat consensus' order win assumptions for this year. We raised our TP to S$0.83 as we roll over our valuation to FY14, on 1.4x PB (1.3x previously)," DBS said.

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