Genco Shipping & Trading (Buy, TP: USD20.60) - 0.57x NAV and 2019e P/E of 4.4x
We now account for the company’s scrubber investment in our modelling and valuation, adding USD24m to top-line 2020e and USD1.22/share to our NAV. This means the shares are currently trading at 0.57x our NAV and a 4.4x 2019e P/E on our rate forecasts. Chinese trade data for October read bullish in our view, despite near-term headwinds to dry bulk freight rates. We reiterate our BUY recommendation and raised our target price to USD20.6 (USD19.2).
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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