Ocean Yield (Hold, TP: NOK73.00) - Set to be range-bound
We are broadly in line with consensus for Q1e (results due on 3 May after market close). Back in investment mode, we believe Ocean Yield has improved its risk profile, but expect the shares to remain range-bound given the uncertainty related to the conclusion for the FPSO. We reiterate our HOLD recommendation and have raised our target price to NOK73 (71) on FX.Ocean Yield provides investments in vessels within oil-service and industrial shipping industry. Co. is a ship-owning company with investments in vessels on long-term charters.
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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