DHT Holdings (Hold, TP: USD6.10) - Still muted, albeit hopeful
Ahead of the Q2 results, due after market close on 9 August, we have tweaked our estimates as we still expect freight markets to stay muted near-term. Our wish for Christmas would be for increased scrapping, while we find some reassurance in potential H2 volumes soaking up the supply overhang and thus we remain cautiously optimistic given the peer-group valuation and continued commodity-cycle support for asset values. We reiterate our HOLD with a lower target price of USD6.1 (6.2).
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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