Golden Ocean (Buy, TP: NOK83.00) - Expecting DPS reinstatement in Q4
We reiterate our BUY recommendation and NOK83 target price ahead of Q3 results (due on 30 November). Dry bulk spot rates continue to surprise on the upside, prompting us to raise our 2017e net profit by 53%; however, we believe consensus for Q3e looks ambitious, as we are 20% below on EBITDA.
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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