Genco Shipping & Trading (Buy, TP: USD19.80) - Two quarters of profits in a row
Genco is due to release Q1 results after market close on 8 May; we are broadly in line with Bloomberg consensus, expecting USD0.7m net profit. This would mark the second quarterly profit in a row, after red numbers since Q4 2011. We like how Genco is seeking continued fleet renewal and servicing debt, with the operational strategy in place to benefit from market tailwinds in 2018. We reiterate our BUY recommendation and have raised our target price to USD19.8 (16.8).
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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