GasLog (Buy, TP: USD18.00) - Value in a challenging market
We expect a seasonal uptick into H2e, but believe that slowing import growth to Asia could see LNG prices be lower for longer, which could moderate the market upturn. In this light, we find the recent charters positive, given that they increase utilisation and retain some exposure to the spot market. We reiterate our BUY recommendation, but have lowered our target price to USD18 (19) post the Q2 results.
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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