Hafnia (Buy, TP: NOK104.00) - Harvesting sound markets
Although freight markets are experiencing seasonal headwinds, the entry point to the stronger winter season remains comfortably high. Hence, we forecast ongoing market strength for product and chemical tankers to support an attractive NTM dividend yield of 19% for Hafnia. We are above consensus for Q2 and Q3, and thus see potential for the company to present a strong report on 23 August. We reiterate our BUY and have raised our target price to NOK104 (100).
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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