Höegh LNG Holdings Minor model adjustments
We have updated our estimates, owing to certain operational effects in Q4 2018. We do not consider these changes to be material, and we have not changed our BUY recommendation. We see a gradual improvement in the FSRU market, with global contract awards up by 150% YOY in 2018 (to five). However, we still count 10 open units for 2020, which would result in a slow FSRU rate recovery. We reiterate our NOK64 target price. The Q4 results are due on 27 February at 07:00 CET.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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