DnB Markets - FLEX LNG Ltd (FLXNF) ... India/China near full regas capacity

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DnB Markets

EUR 937.56 For Business Accounts Only

India/China near full regas capacity

We have cut our LNG rates as two out of the top three importers are set to reach full regas utilisation, resulting in lower tonne-mile and low gas prices. We forecast rates to double by Q4 2019, and utilisation to peak in 2020 ahead of a decline in utilisation until 2022.

29/05/2019 1 EN

Underlyings

FLEX LNG Ltd

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VGG359451074 Pink OTC Markets British Virgin Islands

GasLog Ltd.

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BMG375851091 New York Stock Exchange Bermuda

Golar LNG Limited

Golar LNG is a midstream liquefied natural gas (LNG) company based in Bermuda. Co. is engaged in the transportation, regasification, liquefaction and trading of LNG. Through its subsidiaries and affiliates, Co. is engaged in the acquisition, ownership, operation and chartering of LNG carriers and floating storage regasification units (FSRUs), and the development of liquefaction projects such as Floating Liquefaction Natural Gas Vessels. Co. owns and operates a fleet of 19 LNG carriers and seven FSRUs, and under management agreements operates Golar LNG Partner LP's fleet of six FSRUs and four LNG carriers.

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BMG9456A1009 Bermuda

Golar LNG Partners LP

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MHY2745C1021 NASDAQ Stock Market Bermuda

Hoegh LNG AS

Leif Hoegh & Co. is engaged as an international shipping company that offers transportation and logistics solutions for customers worldwide within selected industrial shipping segments. Co. is involved in the following segments: Ro/Ro, Liquified Natural Gas (LNG), Dry Bulk, Reefer Vessels, Open Hatch, and Hoegh Fleet Services (HFS). Co. operates a fleet of vessels within the deep sea and short sea segments, operating in the transportation of cars and high/heavy rolling stock. Co. operates LNG carriers employed on long-term contracts for the transportation of liquefied natural gas.

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BMG454221059 Oslo Bors Bermuda

Hoegh LNG Partners LP

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MHY3262R1009 New York Stock Exchange Marshall Islands

Provider

DnB Markets

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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Other Reports on these Companies

GlobeNewsWire

Golar LNG Limited - Announcement of filing of Form 20-F Annual Report

Golar LNG Limited - Announcement of filing of Form 20-F Annual Report Golar LNG Limited announces that it has filed its Form 20-F for the year ended December 31, 2023 with the Securities and Exchange Commission in the U.S. Form 20-F can be downloaded from the link below, is available on our website () and shareholders may receive a hard copy free of charge upon request. March 28, 2024 The Board of Directors Hamilton, BermudaEnquiries:Golar Management Limited: 00Stuart Buchanan This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities ...

March 28, 2024 March 28, 2024 1 EN

DnB Markets

A brewing challenge for the yards

Our 17th Annual Energy & Shipping Conference was well attended by investors and industry executives showcasing the still-growing interest for the sectors. Limited yard capacity is fuelling high newbuilding prices and raising freight rate expectations for the vast fleet renewal necessary in the coming decade. Long lead times underpin a bullish supply story for much of shipping in the coming years, albeit exposed to geopolitical risks affecting trade patterns. Our overall impression was general optimism and a constructive long-term outlook for most of the shipping sectors.

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March 8, 2024 March 8, 2024 1 EN

DnB Markets

Golar LNG Minor model adjustments

We have updated our estimates, owing to the Q4 report. The company is progressing discussions for its next FLNG contracts, and we still find it well-placed to secure additional business that we believe is not currently reflected in the share price, which could prompt a re-rating. While we wait, we have made only minor adjustments to our estimates. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our USD31 target price.

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March 1, 2024 March 1, 2024 1 EN

Tomra (Sell, TP: NOK95.00) - Pricing does not reflect its growth

We expect Tomra to report a Q1 EBITA of NOK311m (results due at 7:00 CET on 26 April). We have reduced our 2024 EPS estimate by 3% on cuts in the Food segment while we have raised our 2026 by 6% from upwards revisions in the Recycling segment. We have raised our target price to NOK95 (75) while we reiterate our SELL as we struggle to justify its 2024e P/E of 33x (similar to that of the ‘Magnificent 7’ with ~20% annual growth rates) when seen in combination with Tomra’s 2024 revenues growth expected to near 3–4% and risk to 2025 and 2026 growth rates from potential delays in Poland and the UK’s...

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11h / 9m 11h / 9m 1 EN

Patrik Ling

Patrik Ling

Getinge (Buy, TP: SEK255.00) - Upgraded to BUY after Q1 beat

Q1 earnings were stronger than we expected, with no negative surprises. We believe consensus for the coming years looks realistic and that Getinge’s valuation (despite the recent share price rise) looks attractive. Thus, we have upgraded to BUY (HOLD) and have raised our target price to SEK255 (210).

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12h / 32m 12h / 32m 1 EN

Linus Sigurdson

Linus Sigurdson

Investor (Buy, TP: SEK290.00) - Seamless succession

Patricia Industries showcased strong performance in Johan Forssell’s final quarter as CEO. He leaves his successor with a well-oiled machine, an impressive track record and strong financial flexibility for value-adding M&A activity. We expect continued NAV outperformance under the helm of Christian Cederholm and find the 13% discount to our NAV excessive. We reiterate our BUY and have raised our target price to SEK290 (260).

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12h / 41m 12h / 41m 1 EN

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India/China near full regas capacity

Golar LNG Limited - Announcement of filing of Form 20-F Annual Report

A brewing challenge for the yards

Golar LNG Minor model adjustments

Tomra (Sell, TP: NOK95.00) - Pricing does not reflect its growth

Getinge (Buy, TP: SEK255.00) - Upgraded to BUY after Q1 beat

Investor (Buy, TP: SEK290.00) - Seamless succession

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