GasLog (Hold, TP: USD3.60) - Proactively cutting costs
GasLog is proactively managing the challenging market by cutting costs, allowing us to increase our 2021e EBITDA by 2%. The LNG market is moving into high season, but we remain cautious on H2 TFDE sailed-in earnings of USD37k/day, as we expect the oversupplied market to continue to weigh on vessel demand. We reiterate our HOLD, while we have lifted our target price to USD3.6 (3.3) on 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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