Genco Shipping & Trading (Buy, TP: USD29.00) - Set for double-digit dividend yield
We have raised our near-term rate forecasts due to the strength of the mid-size segment, and in turn our 2022e adj. EBITDA by 17%. Genco has given rate guidance for most of its available days in Q1, and so we expect few surprises, with our Q1e EBITDA in line with consensus. We also remain positive on Capesizes for H2 2022, and still view the fundamental supply/demand balance as attractive, supporting our expectation of a double-digit dividend yield throughout our forecast period. We reiterate our BUY, and have lifted our target price to USD29.0 (27.6).
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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