“Operatingconditions and outlook in the Chinese shipbuilding sector remain challenging,due to declining new orders, falling ship prices, weak vessel financing andintensifying competition amongst Chinese yards,” Deutsche Bank said.
Thebrokerage cut its target price for Yangzijiang to SGD1.10 from SGD1.20, keptits ‘hold’ rating, and lowered its new order assumptions in 2012-2014 by between13% and 33%.
Italso lowered Cosco’s target price by just over 10% to SGD1.00,
