STX OSV

STX OSV: DBS maintains Buy with TP$2.00 on orders announced last wk. Co secured 2 orders worth approx NOK1.8b (US$300m) for sub-sea construction vessels and obtained a LOI for a PSV. Orders are now 61% of full-yr expectations and visibility is enchanced with 1.5x book-to-bill. Touts co as a beneficiary of the recovery in the sub-sea mkt. Recent weakness in the share price, on the back of macro worries over the Euro debt crisis and the delay in divestment of the stake in STX OSV by its parent, offers buying opportunities.