Japanese shipping titan Mitsui OSK Lines (MOL) has been upgraded to a ‘buy’ at compatriot investment bank Nomura.
“We lower our earnings forecasts for Mitsui OSK Lines, but raise our rating…as the stock looks undervalued in price-to-book terms,” said analyst Masaharu Hirokane.
“Much of the company’s profits come from businesses that are not sensitive to market rates, and we see a strong likelihood of recurring profit growth via smaller losses at the containership business.”
