Genco Shipping & Trading (Hold, TP: USD15.40) - Solid footing; demanding markets
We continue to see challenging fundamentals for dry bulk near-term and downside risk to elevated asset valuations. However, Genco’s ~40% discount to underlying values compares favourably to its less discounted peers and removes much of the downside risk, we believe. Also, using its solid financial position and flexibility, we expect the company to sustain dividends through what looks likely to be a challenging H1. In sum, we still see the risk/reward as balanced and reiterate our HOLD. We have lowered our target price to USD15.4 (15.6).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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