A. P. Møller Mærsk (Hold, TP: DKK19400.00) - Momentum for contract season
While headline figures have been largely pre-announced, the Q3 report (due before the market opens on 2 November) should still have several highlights: 1) the near-term market outlook and potential adjustments to the 2021 guidance; 2) the climate for contract negotiations and potential impact for 2022 onwards; and 3) potential acquisitions for Logistics. The divisional split and cost trend in Ocean will also be in focus, as tight markets look bound to affect margins, despite bullish 2023 consensus. However, as upward rate momentum persists, we have upgraded the stock to HOLD (SELL) and raised our target price to DKK19,400 (15,900).A.P. Moeller Maersk is an international shipping company. Co.'s operating segments are: Container shipping and related activities which include global container services, inland transportation, manufacturing and repair of containers and container depots, and logistics and forwarding activities; APM terminals; Tankers, offshore and other shipping activities which include tanker shipping of crude oil, oil products and gas, offshore drilling activities and operation of land rigs, supply vessel activities with anchor handling and platform supply vessels, ferry services and door-to-door transportation in Northern Europe; Oil and gas activities; Retail activity; and Shipyards and other activities.
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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