Salomon downgrades profit outlook of COSCO Pacific

Salomon Smith Barney downgraded profit forecast of COSCO Pacific (1199) by 5% to 10% for 2001 and 2002 respectively. Investment rating was downgraded to neutral with price target at HK$5. Although rating of the company was downgraded, share price of the company went up in the morning session. Salomon Smith Barney predicted that profit of the company will be HK$1.157bln and HK$1.181bln in 2001 and 2002, up 4.8% and 2% respectively.

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