DHT Holdings (Hold, TP: USD6.80) - Outlook in focus
We have made positive estimate revisions on improved ECO and scrubber economics, leaving our Q3e EBITDA above consensus. We expect investors to focus on the Q4 outlook and on whether DHT has maintained its spot exposure (77% for Q4) or reduced its operating leverage through fixed timecharters. While Q3 saw negative fleet growth, we remain cautious near-term as we find export growth lagging behind with still-depressed freight markets. We reiterate our HOLD, but have lifted our target price to USD6.8 (5.7).
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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