DHT Holdings (Buy, TP: USD11.60) - Show me the money
We expect the turnaround for VLCCs from Q3 to Q4 to continue as the world scrambles for energy through the winter. We see triggers for demand-side fundamentals improving and muted fleet growth prospects, prompting our raised one-year forward asset value estimates. The company’s investor base is in our view shifting focus from steel value-focused valuation towards earnings and yield potential as confidence in the company’s sizeable dividend policy builds momentum. We reiterate our BUY and have raised our target price to USD11.6 (10.4).
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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