Genco Shipping & Trading (Buy, TP: USD16.80) - First net profit since Q4 2011
We expect Genco Shipping & Trading to report Q4 results around 1 March, and we forecast USD0.11 net income/share versus consensus of USD0.01 marginal net loss/share. If we are correct, it would mark the first quarter in the black for Genco since Q4 2011, finally bearing fruit from the six year turnaround operation. The current NAV has strengthened since our last report, and we reiterate BUY and our USD16.8 target price on further potential for asset appreciation.
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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