Goldman Cuts NOL Target To S$2.00; Keeps Sell
Goldman Cuts NOL Target To S$2.00; Keeps Sell
0447 GMT [Dow Jones] STOCK CALL: Goldman Sachs cuts Neptune Orient Lines (N03.SG) target price to S$2.00 from S$2.90; maintains Sell rating, adds stock to Asia Pacific conviction Sell list. Broker warns "worst is yet to come," for container shipping market, says recent industry trends confirm cautious view. Notes Asia to Europe demand flat in June, charter market now down on-year, ship owner confidence falling as reflected in declining newbuild ship orders, slowing secondhand market. "We maintain our view that investors should avoid the sector, at least over the next 6-9 months." Cuts FY08, FY09 earnings estimates by 5.0%, 18.2%, respectively, to reflect lower expected consumption growth, which hits volume, rate assumptions. Shares flat at S$2.44. (KIG)
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(END) Dow Jones Newswires
August 20, 2008 00:47 ET (04:47 GMT)
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