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STX Pan Ocean Downside Is ‘Very Limited’: Samsung Securities

Decision to sell stakes in STX Pan Ocean should be positive for shrs that have traded at “massive discount” on industry sluggishness, group-related risk, write analysts Eunkyung Park and SY Yoon in note dated yday.

  • Downside for minority STXPO holders “very limited” as:
    • Creditor banks are strongly urging restructuring
    • Group is determined to enhance financial soundness by maximizing value of STXPO
    • Bulk-carrier industry recovery should pick up pace in 2013
  • Deal will cause shares to rerate
  • Maintains buy rating, PT 5,400 won
  • See potential to raise PT if stake sales proceed smoothly, industry enters recovery phase swiftly
  • NOTE: 11 buys, 9 holds, 5 sells; avg PT 4,857 won (upside 30%): Bloomberg data
  • NOTE: STX Group in talks about selling controlling stake in STXPO as it tries to raise 2.5t from asset sales to pare debts

  • STX also said it’s in the final stage of talks to sell its 51% stake in STX OSV Holdings Ltd.; Fincantieri is among final bidders, people with knowledge of the matter said in April.

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