STX OSV: CIMB hosted Co’ in a one day roadshow and overall, house maintains O/p with $1.84 TP. House note that Common topics raised by investors were its exceptional 4Q11 margins; 2012 revenue; order outlook; the operating environment in Brazil; a potential sale stake by Korean parent, STX Group; and dividend policy.
Overall, grp remain optimistic of another good showing in 2012, forecasting 14% EBITDA margins. Taking a leaf from 2004, expect its order momentum to accelerate in 2H as robust sector dynamics pips credit concerns. House maintain Nok9b new order forecast for 2012, up 30%. Also see catalysts from stronger-than-expected orders and margins.
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