Cosco could be veering towards a gloomy 2013

Only 32 bulk carriers are for delivery.

According to CIMB, Cosco’s execution in offshore projects appears to have improved with more reversals of provisions in 4Q12.

However, the firm expects earnings to decline in 2013 from weaker conversion and ship repair, and dwindling shipbuilding projects.

4Q12 net profit is in line at 25% of our FY12 forecast and 22% of consensus, helped by S$17.6m in provisions write-back.

Final DPS of S$0.02 is a payout of 42% (FY11: S$0.03, 45%).

Here's more from CIMB:

We expect 2013 to be a worse year due to lower revenue from shipbuilding (with only 32 bulk carriers left for delivery from 2013 - 14), ship repair and conversions.

However, Cocso could be a turnaround story in 2014, with most of its offshore projects due for delivery, assuming there are no major delays and cost overruns.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia