[Dow Jones] Citigroup reiterates its bullish view on Korean shipbuilders; “we view the recent price correction as an enhanced buying opportunity.” The house says unfavorable rotational buying into laggards and lingering concerns over probable steel price hikes are overshadowing resilient fundamentals, with orders skewed toward high-end vessels, such as mega-sized containers and offshore facilities, where Korean yards have “undisputed market leadership and track records.” Citigroup says it remains a buyer of Samsung Heavy (010140.SE), its top pick, and of Hyundai Heavy (009540.SE). Samsung Heavy’s target price is set at KRW59,000 and Hyundai Heavy’s target is at KRW615,000; the house rates both at Buy. Samsung Heavy is down 1.6% at KRW36,850 and Hyundai Heavy is +0.9% at KRW449,000.
<span style=”color: #888888;”><em>(c) 2011 Dow Jones & Company, Inc. </em></span>
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