MPC Container Ships (Hold, TP: NOK19.30) - Maintaining the status quo
Although the Q1 results were broadly in line with expectations, MPC Container Ships’ share price jumped over 8% yesterday. We see this as a reaction to positive QTD fixtures and durations maintaining the status quo, but also favourable FX trends, which until yesterday had not been fully reflected in the share price, in our view. Demand indicators are still down YTD, which should continue to weigh on the sector’s valuation as we see no respite any time soon. However, we see the stock as fairly valued, and reiterate our HOLD but have raised our target price to NOK19.3 (17.6).
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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