Diverging trends drive different outcomes for marine equipment makers - MS
** Morgan Stanley sees diverging ship ordering trends across sub-segments driving different 2026 sales growth outcomes for marine equipment makers
** Cutting Sweden's Alfa Laval ALFA.ST to "underweight" from "equal-weight", it forecasts the 2026 growth to fall below sector average given the company's higher exposure to weakening Tanker segment
** Alfa Laval's new tanker ship orders in Q3 are down 66% quarter-on-quarter, resulting in orders starting to slow sequentially, the broker says
** The broker ups Finland'a Wartsila WRT1V.HE to "equal-weight" from "underweight" and hikes PT by 3.5% to EUR 17.6, seeing organic revenue growth above sector average in 2025-26
** "For Wartsila, cruise and gas carriers are relatively larger segments, but here the lag between ship orders and Wartsila orders has extended at least 1, if not 2 years," MS says
** It adds still thinks Wartsila's Marine orders will grow in 2025 by 3.5%, whereas it expects Alfa Laval's Marine orders to decline by 14% in the same year
Reporting by Elviira Luoma
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