Hafnia (Buy, TP: NOK100.00) - Churning out attractive returns
The product tanker market is going from strength to strength on lingering beneficial disruptions. As we see no end in sight, the current spot markets and Hafnia’s updated dividend policy could see 22% dividend yields on today’s share price, which to us illustrates good value and attractive exposure to the currently ‘hot’ markets. The fundamentals of a modest order book against continued demand growth also provide a solid foundation for the long-term potential, in our view. We reiterate our BUY and have raised our target price to NOK100 (92).
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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