DHT Holdings (Hold, TP: USD4.00) - Entering 2018 lean and mean
DHT reported strong Q3 numbers given the poor tanker market by focusing on its cost structure. It remained cash positive and declared its 31st consecutive quarterly dividend. Its low cash break-even rates are a positive against the continued headwinds for tankers into 2018. Retain HOLD recommendation, target price now USD4.00 (USD4.10).
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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