2020 Bulkers (Buy, TP: NOK155.00) - Unlocking latent upside
Our positive outlook is founded on tangible demand catalysts from China reopening and government stimulus to speed up the recovery, plus what we see as exaggerated asset value gloom: 2020 Bulkers’ shares reflect a c10% decline in asset values from, in our view, already fair values considering the constrained delivery profile. We see continued unlocking of latent demand during H1e driving rates up for H2e. We reiterate our BUY but have cut our target price to NOK155 (162).2020 Bulkers Ltd is a Bermuda-based owner and operator of cargo ships. The Company owns as subsidiaries 2020 Bulkers I Inc and 2020 Bulkers II Inc in Liberia. Entities are parts to shipbuilding contract with New Times Shipbuilding Co. Ltd. for construction and delivery of Newcastlemax dry bulk vessel. The Company's main shareholders comprise Magni Partners and Titan Opportunities Fund.
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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