STX PO: 4Q10 results disappoint, with pre-exceptional loss of US$5m vs consensus estimates of US$46m profit. Headline profit was US$7m (-79% yoy), boosted by other income and exceptional gains.
The weaker-than-expected results were largely due to the chartered-in fleet, which experienced -ve GP margin of 0.2%. Given that the BDI has declined 30% ytd to just 1,271, there is a high risk that 1Q11 contributions from the chartered-in fleet may be sequentially weaker...
Goldman maintains Sell rating, cuts TP further to KRW 8600 (S$9.85) from KRW 9600 (S$11). DnB reiterates Sell, TP $10.90.
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