MPC Container Ships (Buy, TP: NOK70.00) - Harvest set for 2019
MPC Container Ships is sticking to its guns for further growth in 2018, before potentially reaping the benefits of improved markets and entering harvest mode in 2019. The recent dip in freight rates should be overcome and the company’s low cash breakeven secures an 11% dividend yield for 2019, while providing upside potential to depressed asset values that could mean extraordinary dividends later on. We reiterate BUY and our NOK70 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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