The company was renamed in 2017 after it divested its loss-making shipbuilding business. Following the 2018 acquisition of then SGX-listed logistics player Cogent Holdings for $490 million, Cosco Shipping International’s focus shifted to logistics, property management, and ship repair and marine engineering.
DBS Group Research’s Paul Yong has initiated coverage on Cosco Shipping International (Singapore) with a “hold” call and 26 cents price target, with a view that the company is well-positioned to ride on Singapore’s role as a regional logistics hub and that the management is eyeing possible acquisitions to grow this business.
Cosco Shipping International (Singapore) was previously known as Cosco Corporation (Singapore). More than a decade ago, it was an investors’ favourite as it rode the shipping boom and its share price hit a peak of $7.60 in 2007 but things turned south following the Global Financial Crisis.
