DHT Holdings (Buy, TP: USD12.20) - On course to capture rate potential
We are 6% above consensus on Q2e EBITDA after DHT reported another quarter of strong TCE earnings. While the start of summer has seen a seasonal dip in rates and production cut headwinds, we still expect 6-digit VLCC rates this winter on recovering oil demand and exceptional supply-side fundamentals. We reiterate our BUY and have raised our target price to USD12.2 (11.9).
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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