Western Bulk Chartering (Buy, TP: NOK44.00) - Still better than ‘normal’ in Q4e
We expect H2 net profit after tax of USD17.5m, suggesting a Q4e DPS of ~NOK1.3, versus the NOK3.0 announced for Q3, as Supramax freight rates have softened during the quarter. However, a potential Chinese economic recovery could offer meaningful upside potential during 2023e as a swift turnaround should help the two main profit drivers, freight rate levels and freight rate volatility. We have upgraded to BUY but cut our target price to NOK44 (52).
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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