Citi maintains 'buy' on shipbuilder Austal, says Hanwha negotiations progressing

** Citi says Austal's ASB.AX extension of the due diligence period for Hanwha Group is incrementally positive for the sale process

** The announcement highlights that negotiations with Hanwha have moved beyond due diligence into active commercial negotiations - brokerage

** Citi says due diligence appears largely complete, with only a "tail of lower materiality data requests" remaining outstanding

** "Hanwha transaction seems to be advancing in the right direction" - Citi

** Brokerage rates ASB as "buy", with a target price of A$5.75

** In August, Hanwha Group had offered to buy ASB's US operations for up to $1.20 billion

** Shares up more than 10% so far this year