Höegh LNG Holdings (Hold, TP: NOK13.00) - Early arrival in China
Höegh LNG has fixed its earnings days for 2020e, a prudent move given the challenges the market is facing. The vessel Höegh Esperanza is in Tianjin, some three months earlier than last year, where it is set to earn a USD25k/day premium to its LNGC rate with CNOOC, prompting us to lift our 2020e EBITDA by 1%. We reiterate our HOLD while cutting our target price to NOK13 (15), following a change of analyst.Leif Hoegh & Co. is engaged as an international shipping company that offers transportation and logistics solutions for customers worldwide within selected industrial shipping segments. Co. is involved in the following segments: Ro/Ro, Liquified Natural Gas (LNG), Dry Bulk, Reefer Vessels, Open Hatch, and Hoegh Fleet Services (HFS). Co. operates a fleet of vessels within the deep sea and short sea segments, operating in the transportation of cars and high/heavy rolling stock. Co. operates LNG carriers employed on long-term contracts for the transportation of liquefied natural gas.
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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