SINGAPORE (Dec 15): DBS Vickers Securities is downgrading Cosco Corp (S) to fully valued with lower target price of 32 cents as the house lowers its valuation multiple in view of wider losses and a deteriorating outlook.

In a Monday report, analyst Ho Pei Hwa says there is a lack of rerating catalysts now that the privatisation angle has been eliminated.

Cosco is facing multiple headwinds – deferments/cancellations and cost overruns amid the sector’s downturn.

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