MPC Container Ships (Buy, TP: NOK66.00) - 13% dividend yield for 2019e
We have updated our model for the company’s vessel acquisitions and expect Q1 EBITDA of USD7.9m. A tighter feeder vessel market has boosted freight rates and has started to firm up the S&P market across the board, a trend we believe will continue. 2019e DPS yields 13% to current share price, and we reiterate our BUY with our target price cut to NOK66 (NOK68). The Q1 2018 results are due on 31 May.
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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