Himalaya Shipping (Sell, TP: NOK67.00) - Markets hinder near-term potential
Despite Himalaya Shipping now having a fully delivered top-modern fleet, with limited need for further capital investment, we remain concerned about what we view as material headwinds for dry bulk in the months ahead. Moreover, asset values are at 15-year highs and are unsupported by current freight markets. Hence, we find the risk skewed to the downside, with asset values most likely to correct lower. We have downgraded to SELL (HOLD) and cut our target price to NOK67 (91).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.