Frontline (Hold, TP: NOK97.00) - Bringing home the bacon
The main takeaway from Frontline’s Q1 report was the solid guidance for Q2, as the mid-size tanker market rallied following the invasion of Ukraine, which disrupted trade flows for Russian exports. As the VLCC market continues to struggle, Frontline’s product-tanker exposure appears to be working in its favour, supported by the fleet-wide added benefit of scrubbers and eco vessels. The ongoing disruption is providing a tailwind, but we reiterate our HOLD and have raised our target price to NOK97 (83).
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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