Implications and outlook    Shares in shipbuilders suffered a faster-than-expected fall over the past two months, buttoday’s sharp rebound pulled them out of excessively undervalued territory. The potentialorders, while positive, are not large enough to lead us to raise our 2018sales estimates.The news on the VLOC order did not show any company-specific order amounts, whileMSC’s order is already known to the market. Given today’s sharp share-price rebound,slower profitability on falling sales in 2H, and the subsequent risk of cuts to earningsestimates, we maintain our conservative view on the sector.

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