GasLog (Buy, TP: USD17.00) - Larger share of US exports to Asia needed
We reiterate our BUY recommendation and USD17 target price after the Q3 results, but have trimmed our 2019e EBITDA by 3%. We see scope for sailed-in TCE TFDE rates to rise from a 2019e average of USD42k/day to USD61k/day in 2020e, but this hinges on 50% of US exports heading to Asia. Thus we see downside risk unless the share of US exports heading to Asia picks up from today’s low of 30%.
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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