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Deutsche Bank started coverage of STX Pan Ocean

- Deutsche Bank started coverage of South Korean shipping firm STX Pan Ocean with a "buy" rating and a 12-month price target of S$3.

"We think the market may have under-anticipated the pace of demand growth and hence our FY07-08 net profit numbers are 30 percent and 46 percent above consensus respectively," Deutsche Bank analyst Joe Liew said in a research note. [ID:nSFB000756]