Shipbuilder Austal slips a day after soaring 20% on $450 mln US contract
** Shares of Australian shipbuilder Austal ASB.AX drop as much as 3.9% to A$2.595, marking their biggest intraday pct drop since Sept. 9
** ASB stock advanced 20.5% on Monday after the defence contractor said its U.S. unit had been awarded a $450 mln contract to expand submarine module production capacity
** Citi analyst Sam Teeger says contract is a positive surprise, making the stock "appears cheaper than it already does"
** Brokerage estimates at current share price, ASB is trading at a 40% discount to its future net tangible assets (NTA) once submarine capex is completed
** Citi retains "buy" rating and PT of A$4.14
** More than 1.3 mln ASB shares change hands on Tuesday, vs the 30-day average of 666,648 shares
** ASB among top 10 losers in the ASX All Ordinaries index .AORD
** Stock up 28% this year, significantly outpacing a ~7% gain in the ASX All Ordinaries index
Reporting by Sameer Manekar in Bengaluru
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