We upgrade to Buy ahead of the Q2 print set for 28 August and merger completion estimated to occur on 20 August. The stock is lagging peers, which are up by 22% YTD, while CMBT is down by 10%. It is now offering a discount of 34% to the estimated NAV of USD 4.0bn – which is a pretty sizable discount considering earnings potential if both the dry bulk and tanker earnings turn out to meet expectations next year. Distributions will likely be zero in the short term as USD 2.2bn in remaining capex wi ....
