Genco Shipping & Trading (Hold, TP: USD15.60) - Not out of the woods yet
The share price is down 18% since mid-November (now trading at 0.57x P/NAV), thus realising some of the downside risks to our dry bulk sector outlook. However, near-term, we still expect the stock to be weighed down by deteriorating asset values, soft freight markets and downward revisions to consensus. Hence, we see the risk/reward as largely balanced and reiterate our HOLD, while we have reduced our target price to USD15.6 (17.6).
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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