Höegh LNG Partners (Hold, TP: USD19.10) - Slow growth story continues
We have made limited changes to our estimates following the Q2 results, as net profit was 2% above consensus after adjusting for insurance claims and unrealised gains on derivatives in the JVs. Its 5-vessel fleet is employed on long-term contracts, but distribution capacity is stagnating with the lack of dropdown candidates from the parent. We reiterate our HOLD recommendation and USD19.1 target price.
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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