Western Bulk Chartering (Hold, TP: NOK52.00) - Sailing towards normalisation
H1 net profit after tax was USD37.4m – at the lower end of the mid-June guidance and 2% below our estimate. Following the H1 report, we have made minor changes to our near-term estimates and expect net profit after tax of USD17.1m in H2, down ~50% versus H1. We see potential uncertainty for TC margins going into H2, with recent Chinese production data indicating a lack of support for freight markets. We have downgraded to HOLD (BUY) and cut our target price to NOK52 (60).
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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