Genco Shipping & Trading (Buy, TP: USD27.70) - Unwarranted discount
We have reduced our near-term EBITDA estimates on QTD headwinds, with the forward market indicating even more hardship incoming. We see the soft rate trajectory as temporary, with the share sell-off continuing to offer an attractive entry point given Genco’s 40% discount to NAV, impending demand catalysts (such as China import reactivation), and record-low ordering activity limiting future fleet growth. We reiterate our BUY and have raised our target price to USD27.7 (27.1).
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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