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

Dec. 13 (Bloomberg) -- 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 * Bulk-carrier industry recovery should pick up pace in

2013</li></ul> * 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

For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>

* 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.

To contact the reporter on this story: Grant Clark in Singapore at +65-6212-1101 or gclark@bloomberg.net

To contact the editor responsible for this story: Grant Clark at +65-6212-1101 or gclark@bloomberg.net

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