Cosco might have to rethink its US$1.4b offshore contracts

Something is at risk.

According to CIMB, Cosco secured about US$1.4bn of offshore contracts YTD which it believes could be at the expense of its balance sheet.

Here's more from CIMB:

Net gearing in 3Q12 shot up to 1.02x. Management expects more bank borrowings as it executes more offshore projects on 20/80 payment scheme.

Net operating cashflow in 3Q12 was –S4193m and could remain negative in FY13. Valuations are still unattractive at 18x CY13 P/E vs. Singapore rig builders’ 12x.

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