Höegh Autoliners ASA (Buy, TP: NOK79.00) - Countercyclical performance
Car shipping looks to be defying gravity with steadily improving earnings despite facing a potential global recession. We find this justified by strong shipping fundamentals, and remain bullish on the space as the Chinese export story gets a foothold. Q3 is shaping up as another strong quarter supporting our investment thesis, and we expect more colour on costs and outlook with the results. We reiterate our BUY and have raised our target price to NOK79 (65).
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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