Himalaya Shipping (Hold, TP: NOK63.00) - Added cushion into better markets
We have made slight positive estimate revisions following recent rate movements and the announcement of fixed rates for two of its vessels. Furthermore, last night’s private placement and ~USD15m of added liquidity sets the company up well for a constructive long-term backdrop in the sector. Hence, we believe the risk/reward looks more balanced, and have upgraded to HOLD (SELL), and have raised our target price to NOK63 (51).
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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