Himalaya Shipping (Buy, TP: NOK83.00) - Charging full steam ahead
Himalaya Shipping is charging full steam ahead, with strong tailwinds from rising spot and forward rates, solid vessel values, and improving fuel spreads, which has seen its NAV/share rise to NOK99 (0.66x P/NAV). The stock provides potent dry bulk exposure from high financial leverage, while we believe its recent private placement bolsters the balance sheet for potential near-term market headwinds, and should facilitate opening the dividend tap earlier than we expected. We reiterate our BUY and have raised our target price to NOK83 (70).
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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