Singapore: DBS Vickers has cut its target price for shipbuilder COSCO Corp (Singapore) Ltd to S$0.80 from S$0.88 and kept its 'fully valued' rating, amidst a sluggish outlook for newbuild orders through to 2014 and growing competition in the offshore sector in China.
COSCO Corp posted on Friday a 17% drop in its third-quarter net profit to S$26.6m, and said it expects difficult operating conditions for the rest of the year. [05/11/12]
