Golden Ocean (Buy, TP: NOK48.00) - Set for H2 2020
Following Golden Ocean’s H2 TCE rate guidance and EBITDA beat, we have lifted our 2020e EBITDA estimate by 7%. Fuelled by positive signals from China and the expected uptick in Vale volumes, we remain optimistic for H2 and beyond, as the triple whammy loosens its grip on dry bulk demand. We reiterate our BUY on our sector top pick Golden Ocean, with a lower target price of NOK48 (50).
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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