SINGAPORE, Nov 1 (Reuters) - Shares of Neptune Orient Lines
<NEPS.SI> rose as much as 4.9 percent to S$5.35 with 1.6 million
shares traded after the firm posted a 50 percent gain in
third-quarter net profit.
NOL, which owns APL, the world's eighth-largest container
shipping company, said on Wednesday that its earnings for the
three months to September rose to $191 million from $127 million
a year earlier and sales rose 15 percent to $2.03 billion during
the period. [ID:nSIN3757]
Morgan Stanley raised its investment recommendation for
shares in NOL to "overweight" from "equal-weight" and increased
the stock's target price to S$6.30 from S$5.65 citing attractive
valuations in the light of a good outlook for container shipping.
"NOL's valuation looks compelling at current price, given our
positive outlook on the container shipping industry, as we
believe that global demand remains strong despite U.S. demand
slowing," Morgan Stanley analyst Sophie Loh. [ID:nSGC001334]
0122 GMT- Straits Times Index <.STI> up 0.71 percent.
COSCO CORP RISES ON RESULTS, OUTLOOK
Shares of Cosco Corp <COSC.SI> rose as much as 4.5 percent to
S$8.10 with 2.7 million shares traded after the Chinese
shipbuilding and repair firm posted a 37 percent gain in
third-quarter profit. [ID:nSIN691]
The firm said an excellent shipbuilding industry was set to
drive the firm's growth this year and further ahead.
Morgan Stanley and Merrill Lynch raised their price targets
for Cosco to S$9.00 from S$6.00 and to S$10.10 from S$9.15,
respectively. [ID:nSGC001336]
Cosco also said it was not exposed to foreign exchange bets
because it conducted all its business in U.S. dollars.
The statement comes after Sembcorp Marine <SCMN.SI> and
Labroy Marine <LABR.SI> disclosed in the past week losses in the
hundreds of millions of dollars on foreign exchange bets that
went wrong.
0115 GMT- Straits Times Index <.STI> up 0.61 percent.
((Reporting by Chua Baizhen and Melanie Lee,
[email protected]; Reuters Messaging:
[email protected]; +65 64035658))
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