Genco Shipping & Trading (Hold, TP: USD22.70) - Strong, but for how long?
We expect the dry bulk market to soften once what we view as unsustainable demand from China normalises, as the struggling property sector becomes evident. In this scenario, we see material downside risk to the currently elevated asset values underpinning share valuations. Hence, we believe downside risks outweigh any upside potential in the medium term. We reiterate our HOLD and our USD22.7 target price.
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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