MPC Container Ships (Buy, TP: NOK44.00) - Stick around for H2 2019
We have updated our model for our revised container sector outlook, and have cut 2020e feeder rates by 20%. Our EBITDA estimates have been lowered accordingly. A lot of negatives are priced into the feeder market at the moment, in our view, and we continue to forecast improving rates for H2 2019 and into 2020. However, beyond the positive effects from IMO disruptions, our view is now more muted as we believe escalating trade tensions pose downside risk to container demand growth. We reiterate our BUY, but have cut our target price to NOK44 (NOK54).
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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