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2009-3-20 12:53:00 p.m. HKT, XFNA
DJ MARKET TALK: Canfornav's Pacific Basin Stake Buys "Curious"-GS
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| 1224 [Dow Jones] STOCK CALL: Goldman Sachs finds Canadian Forest Navigation's (Canfornav) stake buildup in Pacific Basin (2343.HK) "curious" at this stage of downcycle. Notes on Feb. 15, stake reached 5%, requiring disclosure; rose to 9.4% as of March 5, becoming largest PB stakeholder, with estimated aggregate cost basis of US$83 million. Adds, although PB trading at undemanding valuation, some peers, such as Sinotrans Shipping (0368.HK) are trading at lower multiples. Notes PB's fleet profile similar to Carfornav's, but latter tends to operate Handys around Greak Lakes and Atlantic Basin. Keeps at Sell, target of HK$2.50 based on target fleet multiple of 0.69X. Stock down 0.8% at HK$3.61; HSI down 1.2%.(SUT) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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