Cosco Corp - ML

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We downgrade Cosco Singapore to Neutral from Buy. Despite the severe 71% drop in share price YTD, we see no potential near term re-rating catalysts. We expect limited order wins in 2H08, margin pressures, potential order cancellations and delivery delays together with uncertainty regarding management change to continue to overhang share price performance. We cut our earnings estimates and reduce our PO from S$4.80 to S$1.75/share. We have also increased our volatility rating from medium to high.
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