STX OSV

STX OSV: Goldman Maintains Buy with $1.65 TP. Note that following news that the STX group may look to exit its 51% STX OSV stake to repay debt, grp shares have underperformed the Singapore index/sector by 8%/12% since 20 Oct. While the mkt sees this as a share price overhang, house believe valuations are compelling enough for investors to add to STX OSV positions (6.5X 2012E P/E against 12.1X sector average), and expect new orders to accelerate over the next 12 mths and drive share price.