DHT Holdings (Buy, TP: USD5.20) - 11% below Q1 net profit consensus
We are 4% below Bloomberg consensus on Q1 EBITDA and 11% below on net profit (results due after the market closes on 7 May). YTD tanker deliveries have been matched by scrapping, giving ~0% fleet growth, but rates remain depressed while asset values are on the rise – in line with our tanker sector view. We reiterate our BUY and USD5.20 target price.
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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