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Buy STX OSV Holdings for Price Target of S$2.10

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Publish date: Wed, 17 Oct 2012, 12:06 PM
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DBS Vickers increased its target on offshore vessel builder STX OSV Holdings to S$2.10 from S$2.00 and maintained its 'buy' rating, after raising its 2012 fiscal year order win forecast by 10 percent to 11 billion Norwegian krones ($1.9 billion).
STX OSV shares were up 0.6 percent at S$1.595 on Wednesday. The stock has increased 37.5 percent so far this year versus the 29 percent gain in the FT ST Midcap Index.
"We like STX OSV for its undemanding valuation, its market leading position as a builder/designer of large complex and highly customised OSVs (offshore support vessels), and its strong execution track record," DBS said.
STX OSV is well positioned to capitalise on the tight capacity in Brazil, supporting growth in its order intake for 2013 and 2014 fiscal years, DBS said, adding that it believes the downside is limited on the possible stake sale by STX OSV's parent company.
South Korea's STX Corp chose Italian ship builder Fincantieri SpA as the preferred bidder for its controlling stake in STX OSV, a spokesman for STX said in August.
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