Report

Gaslog - Downgrade to Neutral on multiple headwinds ahead

We have downgraded Gaslog to Neutral on account of weak industry prospects, a plunge in Gaslog Partners’ share prices and subdued
valuations. We have also revised our spot rate forecasts as the tonne-mile demand is getting weaker with the coronavirus outbreak
creating uncertainties on China’s LNG demand. Gaslog Partners’ share price has declined 60.5% following the company’s announcement
to reduce the dividend by about 78% during its recent 4Q19 results. We have arrived at a fair value of USD 6.4 per share for Gaslog.
Underlying
GasLog Ltd.

Provider
Drewry Maritime Equity Research
Drewry Maritime Equity Research

Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Analysts
Santosh Gupta

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