DBS said medium-term net profit of Cosco International Holdings (0517.HK) rose 9.1 per cent from a year earlier, 4 per cent higher than DBS expected, as Jordan, which controls 50 per cent, rose 95 per cent, better than expected; Jordan's profit growth was due to strong deliveries of new ships and increased market share.

DBS said sales of marine paint products increased 39 per cent; raised the target price of COSCO International Holdings from HK $4.79 to HK $5.09, after raising its 2009 profit forecast for fiscal year 2010 by 7 per cent; and maintained its buy rating on the stock.

Cosco International Holdings fell 1.59 per cent to HK $3.10 yesterday.