Golden Ocean (Buy, TP: NOK138.00) - Still-favourable outlook
Ahead of the Q4 results, we have made minor estimate changes as we remain positive on the space and believe the Q4 payout ratio will reveal its near-term sentiment. In our view, recent headwinds are set to turn following the Winter Olympics in February, with still-constrained fleet growth leaving little spare capacity for rebounding Chinese demand and post-pandemic growth in the rest of the world. We reiterate our BUY, but have trimmed our target price to NOK138 (139).
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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