reports
Dorian LPG Ltd: 2 directors
Two Directors at Dorian LPG Ltd sold 45,000 shares at between 34.840USD and 35.190USD. The significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the l...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Monitoring for a Pullback We maintain our near-term bullish outlook on the S&P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM), which has remained in place since 4/22/25, aside from one week (11/19/25-11/25/25) when we went to neutral. We will stay near-term bullish as long as crucial support levels of 6824 on SPX, $610 on QQQ, and $257 on IWM (up from $245) continue to hold. We continue to see deterioration in market dynamics, and while we expect a period of consolidation/pullback, the afo...
GBX GREENBRIER COMPANIES INC.
TRN TRINITY INDUSTRIES INC.
TNET TRINET GROUP INC.
RHI ROBERT HALF INTERNATIONAL INC.
NSP INSPERITY INC.
KFY KORN FERRY
EURN EURONAV NV
LPG DORIAN LPG
G2O GOLAR LNG LIMITED
GATX GATX CORPORATION
KELYA KELLY SERVICES INC. CLASS A
KFRC KFORCE INC.
RAIL FREIGHTCAR AMERICA INC.
WAB WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
FSTR L.B. FOSTER CO.
ASGN ASGN INC
STNG SCORPIO TANKERS INC.
FRO FRONTLINE PLC
TNK TEEKAY TANKERS LTD.
TBI TBI CORN LTD ORD
- Dave Nicoski
- Ross LaDuke
BLMN BLOOMIN' BRANDS INC.
PHM PULTEGROUP INC.
SCHL SCHOLASTIC CORPORATION
PII POLARIS INC.
NVR NVR INC.
NCLH NORWEGIAN CRUISE LINE HOLDINGS LTD.
LVS LAS VEGAS SANDS CORP.
F FORD MOTOR COMPANY
CHDN CHURCHILL DOWNS INCORPORATED
ANF ABERCROMBIE & FITCH CO. CLASS A
AAP ADVANCE AUTO PARTS INC.
LPG DORIAN LPG
DHI D.R. HORTON INC.
BC BRUNSWICK CORPORATION
ARCB ARCBEST CORPORATION
CMG CHIPOTLE MEXICAN GRILL INC.
SNDR SCHNEIDER NATIONAL INC. CLASS B
RXO_w RXO INC
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Semiconductors and Technology Leading the Way We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass). We will maintain our bullish view as long as market dynamics remain healthy and the S&P 500 (SPX) is above 5700-5785 (up from 5500). We continue to be buyers in the 5700-5785 range if it gets there, and we would also be buyers at 5804-5854 gap support. We are expecting all-time highs soon on the SPX. Technolo...
LPG DORIAN LPG
G2O GOLAR LNG LIMITED
RIGN TRANSOCEAN LTD.
TRT1 TRANSATLANTIC PETROLEUM LTD.
INSW INTERNATIONAL SEAWAYS INC.
SMH MARKET VECTORS SMEICONDOUCTOR ETF
SDRL SEADRILL LTD.
STNG SCORPIO TANKERS INC.
VAL VALARIS LTD
ALCC ALTC ACQUISITION CORP
SMR NUSCALE POWER CORP
FRO FRONTLINE PLC
NE NOBLE CORP (NEW)
NNE NANO NUCLEAR ENERGY
TNK SEADRILL LTD
CPLPB TEEKAY TANKERS LTD.
TK CARGOPORT LOGISTICS CA PFD B
TEEKAY CORPORATION LTD.
- Dave Nicoski
- Ross LaDuke
DXCM DEXCOM INC.
XRAY DENTSPLY SIRONA INC.
WING WINGSTOP INC.
VRTS VIRTUS INVESTMENT PARTNERS INC.
UHS UNIVERSAL HEALTH SERVICES INC. CLASS B
STKS ONE GROUP HOSPITALITY
SNPS SYNOPSYS INC.
SMG SCOTTS MIRACLE-GRO COMPANY CLASS A
SFST SOUTHERN FIRST BANCSHARES
RGNX REGENXBIO INC.
RCKY ROCKY BRANDS
PRGO PERRIGO CO. PLC
MPWR MONOLITHIC POWER SYSTEMS INC.
JRVR JAMES RIVER GROUP HOLDINGS LTD
IRM IRON MOUNTAIN INC.
GPC GENUINE PARTS COMPANY
GD GENERAL DYNAMICS CORPORATION
DLTR DOLLAR TREE INC.
DG DOLLAR GENERAL CORPORATION
CROX CROCS INC.
CAL CALERES INC.
BKE BUCKLE INC.
ASC ARDMORE SHIPPING
AMOT ALLIED MOTION TECHNOLOGIES
ACAD ACADIA PHARMACEUTICALS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
MEG. MEG ENERGY CORP.
MDU MDU RESOURCES GROUP INC
NAT NORDIC AMERICAN TANKERS LIMITED
EVTC EVERTEC INC.
FSLR FIRST SOLAR INC.
IONS IONIS PHARMACEUTICALS INC.
NMIH NMI HOLDINGS INC. CLASS A
AGYS AGILYSYS INC.
SJM J.M. SMUCKER COMPANY
FIZZ NATIONAL BEVERAGE CORP.
NHC NATIONAL HEALTHCARE CORP.
INSW INTERNATIONAL SEAWAYS INC.
FLGT FULGENT GENETICS
DK DELEK US HOLDINGS INC
CELH CELSIUS HOLDINGS INC.
AMD ADVANCED MICRO DEVICES INC.
TTEC TTEC HOLDINGS INC.
AVGO BROADCOM INC.
ST SENSATA TECHNOLOGIES HOLDING PLC
ELAN ELANCO ANIMAL HEALTH INC.
MEC MAYVILLE ENGINEERING
DELL DELL TECHNOLOGIES INC CLASS C
CSTM CONSTELLIUM SE CLASS A
OI O-I GLASS INC
BWMN BOWMAN CONSULTING GROUP LTD
DINO HOLLYFRONTIER CORP
EVEX EVE HOLDING INC
SPXC SPX TECHNOLOGIES INC
WEST WESTROCK COFFEE COMPANY LLC
ADCT ADC THERAPEUTICS SA
SVV SAVERS VALUE VILLAGE INC
GUTS FRACTYL HEALTH INC
AGEN AGENUS INC.
ARDT ARDENT HEALTH PARTNERS INC
PCT PROVIDENT CAP TR II SKIS 8.75%29
MKTW MARKETWISE INC
- Jonathan Moreland
PMT PENNYMAC MORTGAGE INVESTMENT TRUST
XPL SOLITARIO ZINC
RGP RESOURCES CONNECTION INC.
OPK OPKO HEALTH INC.
MTDR MATADOR RESOURCES COMPANY
CVGW CALAVO GROWERS INC.
CRMD CORMEDIX INC.
ASPS ALTISOURCE PORTFOLIO SOLUTIONS S.A.
LPG DORIAN LPG
WHF WHITEFIELD
AMTX AEMETIS
GCBC GREENE COUNTY BANCORP INC.
JFR NUVEEN FLOATING RATE INCOME FUND
IIFw MORGAN STANLEY INDIA INVESTMENT FUND INC.
NHF NEXPOINT CREDIT STRATEGIES FUN
DOMO DOMO INCORPORATED
BCDA BIOCARDIA
PCB PACIFIC CITY FINANCIAL CORP
ASAN ASANA
PCVX VAXCYTE
WOOF PETCO HEALTH AND WELLNESS
NUVB NUVATION BIO INC (A)
CTGO CONTANGO ORE INC.
SMMT SUMMIT THERAPEUTICS INC
HUMA HUMACYTE INC
TCBX THIRD COAST BANCSHARES INC
PEPG PEPGEN INC
GLSI GREENWICH LIFESCIENCES INC
JMSB JOHN MARSHALL BANCORP INC
MEGI MAINSTAY CBRE GBL INFRASTRUCTURE MEGATRENDS FD
NMTC NEUROONE MEDICAL TECHNOLOGIES CORP
SSII SS INNOVATIONS INTERNATIONAL INC
CATX PERSPECTIVE THERAPEUTICS
DMA INC.
SUNS DESTRA MULTI ALTERNATIVE FUND
NUTX SUNRISE REALTY TRUST
AFCG NUTEX HEALTH INC
FTLF AFC GAMMA
INC.
FITLIFE BRANDS INC.
- Jonathan Moreland
TBK TRIUMPH BANCORP INC.
RDNT RADNET INC.
PBF PBF ENERGY INC. CLASS A
ORCL ORACLE CORPORATION
OMI OWENS & MINOR INC.
NEOG NEOGEN CORPORATION
MOD MODINE MANUFACTURING COMPANY
LGND LIGAND PHARMACEUTICALS INCORPORATED
KEY KEYCORP
CVGW CALAVO GROWERS INC.
CBRL CRACKER BARREL OLD COUNTRY STORE INC.
LPG DORIAN LPG
IRIX IRIDEX CORP.
USB US BANCORP
WHF WHITEFIELD
ADC AGREE REALTY CORPORATION
CNFR CONIFER HOLDINGS
MSM MSC INDUSTRIAL DIRECT CO. INC. CLASS A
LIND LINDBLAD EXPEDITIONS HOLDINGS
KYN KAYNE ANDERSON MLP INVESTMENT CO.
ALOT ASTRONOVA INC.
FBK FB FINANCIAL CORPORATION
IIFw MORGAN STANLEY INDIA INVESTMENT FUND INC.
FEIM FREQUENCY ELECTRONICS INC.
MAV PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST
MHI PIONEER MUNICIPAL HIGH INCOME TRUST
ESQ ESQUIRE FINANCIAL HOLDINGS
BCDA BIOCARDIA
MCFT MASTERCRAFT BOAT HOLDINGS
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
PKE PARK AEROSPACE CORPORATION
DYNR DYNARESOURCE INC.
ALLY GMAC LLC
LPI LAREDO PETROLEUM INC.
KROS KEROS THERAPEUTICS
ASAN ASANA
PCVX VAXCYTE
NUVB NUVATION BIO INC (A)
SMMT SUMMIT THERAPEUTICS INC
BYRN BYRNA TECHNOLOGIES INC
UPST UPSTART HOLDINGS
HUMA HUMACYTE INC
BFZ BLACKROCK CALIF MUN INCOME TRUST
PEPG PEPGEN INC
PROK PROKIDNEY CORP.
GTE GRAN TIERRA ENERGY INC.
SBGI SINCLAIR INC
MIO PIONEER MUN HIGH INCOME OPPORTUNITIES FD INC
DMA DESTRA MULTI ALTERNATIVE FUND
ADVM ADVERUM BIOTECHNOLOGIES INC.
NUTX NUTEX HEALTH INC
SCND SCIENTIFIC INDUSTRIES INC
BATRK LIBERTY MEDIA CORPORATION
NBY NOVABAY PHARMACEUTICALS INC.
- Jørgen Lian
Another abrupt change
The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Jonathan Moreland
RGP RESOURCES CONNECTION INC.
RDNT RADNET INC.
PBF PBF ENERGY INC. CLASS A
OMI OWENS & MINOR INC.
NEOG NEOGEN CORPORATION
MOD MODINE MANUFACTURING COMPANY
LGND LIGAND PHARMACEUTICALS INCORPORATED
CVGW CALAVO GROWERS INC.
CBRL CRACKER BARREL OLD COUNTRY STORE INC.
APA.. APA CORP.
LPG DORIAN LPG
WHF WHITEFIELD
AB ALLIANCEBERNSTEIN HOLDING L.P.
ADC AGREE REALTY CORPORATION
AMTX AEMETIS
CNFR CONIFER HOLDINGS
MSM MSC INDUSTRIAL DIRECT CO. INC. CLASS A
KYN KAYNE ANDERSON MLP INVESTMENT CO.
FBK FB FINANCIAL CORPORATION
MAV PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST
NHF NEXPOINT CREDIT STRATEGIES FUN
MHI PIONEER MUNICIPAL HIGH INCOME TRUST
WGO WINNEBAGO INDUSTRIES INC.
FF FIRST MINING GOLD
SONO SONOS
GRX THE GABELLI HEALTHCARE & WELLNESSRX TRUST
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
LPI LAREDO PETROLEUM INC.
KROS KEROS THERAPEUTICS
ASAN ASANA
PCVX VAXCYTE
NUVB NUVATION BIO INC (A)
UAN CVR PARTNERS LP
SMMT SUMMIT THERAPEUTICS INC
FTCI FTC SOLAR
PFBX INC.
UPST PEOPLES FINANCIAL CORP. (MISSISSIPPI)
HUMA UPSTART HOLDINGS
BFZ HUMACYTE INC
PEPG BLACKROCK CALIF MUN INCOME TRUST
EWTX PEPGEN INC
GLSI EDGEWISE THERAPEUTICS INC
JMSB GREENWICH LIFESCIENCES INC
MEGI JOHN MARSHALL BANCORP INC
NMTC MAINSTAY CBRE GBL INFRASTRUCTURE MEGATRENDS FD
VANI NEUROONE MEDICAL TECHNOLOGIES CORP
PROK VIVANI MEDICAL INC
GTE PROKIDNEY CORP.
SBGI GRAN TIERRA ENERGY INC.
MIO SINCLAIR INC
NUTX PIONEER MUN HIGH INCOME OPPORTUNITIES FD INC
BATRK NUTEX HEALTH INC
ECF LIBERTY MEDIA CORPORATION
NBY ELLSWORTH FUND LTD
NOVABAY PHARMACEUTICALS INC.
- Jonathan Moreland
RGP RESOURCES CONNECTION INC.
RDNT RADNET INC.
PBF PBF ENERGY INC. CLASS A
OMI OWENS & MINOR INC.
NEOG NEOGEN CORPORATION
MOD MODINE MANUFACTURING COMPANY
CVGW CALAVO GROWERS INC.
CRM SALESFORCE.COM INC.
CBRL CRACKER BARREL OLD COUNTRY STORE INC.
APA.. APA CORP.
LPG DORIAN LPG
WHF WHITEFIELD
AB ALLIANCEBERNSTEIN HOLDING L.P.
ADC AGREE REALTY CORPORATION
AMTX AEMETIS
CNFR CONIFER HOLDINGS
MSM MSC INDUSTRIAL DIRECT CO. INC. CLASS A
KYN KAYNE ANDERSON MLP INVESTMENT CO.
MAV PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST
NHF NEXPOINT CREDIT STRATEGIES FUN
WGO WINNEBAGO INDUSTRIES INC.
FF FIRST MINING GOLD
DOMO DOMO INCORPORATED
SONO SONOS
GRX THE GABELLI HEALTHCARE & WELLNESSRX TRUST
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
LPI LAREDO PETROLEUM INC.
KROS KEROS THERAPEUTICS
ASAN ASANA
PCVX VAXCYTE
NUVB NUVATION BIO INC (A)
UAN CVR PARTNERS LP
SMMT SUMMIT THERAPEUTICS INC
FTCI FTC SOLAR
PFBX INC.
HUMA PEOPLES FINANCIAL CORP. (MISSISSIPPI)
PEPG HUMACYTE INC
EWTX PEPGEN INC
GLSI EDGEWISE THERAPEUTICS INC
JMSB GREENWICH LIFESCIENCES INC
MEGI JOHN MARSHALL BANCORP INC
NMTC MAINSTAY CBRE GBL INFRASTRUCTURE MEGATRENDS FD
ERNA NEUROONE MEDICAL TECHNOLOGIES CORP
VANI ETERNA THERAPEUTICS INC.
GTE VIVANI MEDICAL INC
SBGI GRAN TIERRA ENERGY INC.
BATRK SINCLAIR INC
ECF LIBERTY MEDIA CORPORATION
ELLSWORTH FUND LTD
- Jonathan Moreland
OPK OPKO HEALTH INC.
OMI OWENS & MINOR INC.
NEOG NEOGEN CORPORATION
CVGW CALAVO GROWERS INC.
LPG DORIAN LPG
ADC AGREE REALTY CORPORATION
JFR NUVEEN FLOATING RATE INCOME FUND
JELD JELD-WEN HOLDING INC.
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
ENX EATON VANCE NEW YORK MUNICIPAL BOND FUND
ASAN ASANA
PCVX VAXCYTE
UAN CVR PARTNERS LP
PFBX PEOPLES FINANCIAL CORP. (MISSISSIPPI)
BTMD HAYMAKER ACQUISITION CORP III
TEAF ECOFIN SUSTAINABLE AND SOCIAL IMPACT TERM FUND
GTE GRAN TIERRA ENERGY INC.
SBGI SINCLAIR INC
CVI CVR ENERGY
MIO INC.
NYC PIONEER MUN HIGH INCOME OPPORTUNITIES FD INC
BATRK NEW YORK CITY REIT
ECF INC.
OS LIBERTY MEDIA CORPORATION
ELLSWORTH FUND LTD
OREGON STEEL MILLS INC
- Jørgen Lian
‘The times they are a-changin’
The recurring theme at our 18th Energy & Shipping Conference was geopolitical uncertainty and a potential trade war, warranting a wait-and-see approach, particularly on the Trump 2.0 effect. The consensus view pointed to high asset values, with no rush to the yards, aligning with below-NAV valuations across most of our coverage. However, panellists generally saw less downside risk than the 25% average discount to steel for our Tanker, Dry Bulk and Gas coverage. Overall, the day highlighted uncer...
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Jørgen Lian
DHT DHT HOLDINGS INC.
SBL SAFE BULKERS INC.
LPG DORIAN LPG
GNK GENCO SHIPPING & TRADING LTD.
MAERSK B A.P. MOLLER - MAERSK A/S CLASS B
ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
G2O GOLAR LNG LIMITED
AMSC AMERICAN SHIPPING COMPANY ASA
SN6 STOLT-NIELSEN LTD.
BWLPG BW LPG LTD.
GOGLO GOLDEN OCEAN GROUP LTD
AVACF AVANCE GAS HOLDINGS LTD
HUNT HUNTER GROUP ASA
STNG SCORPIO TANKERS INC.
FLNG FLEX LNG LTD.
SFL SFL CORPORATION LIMITED
TNK TEEKAY TANKERS
2020 2020 BULKERS LTD
KCC KLAVENESS COMBINATION CARRIERS
EGLE EAGLE BULK SHIPPING
MPCC MPC CONTAINER SHIPS AS
HAUTO HOEGH AUTOLINERS ASA
WEST WESTERN BULK CHARTERING
HAFNI HAFNIA
COOL COOL COMPANY LTD.
HSHP HIMALAYA SHIPPING LTD.
- Jørgen Lian
- Jørgen Lian
Dorian LPG (Buy, TP: USD36.00) - Solid outlook attractively valued
We believe the risk/reward in Dorian LPG screens attractively on solid market prospects, with limited 4% annualised deliveries for the next six quarters, and demand growth support from close to a 40% increase in US terminal capacity by 2026. Thus, we see potential for a tight market, and shipowners to capture its historical share of the arbitrage, currently implying USD60k/day for 2025e. Applying this as our spot rate estimate results in a 23% earnings yield for 2025e. We reiterate our BUY but h...
- Jørgen Lian
Dorian LPG Minor model adjustments
We have updated our estimates, reflecting the Q2 report, Q3 QTD fixtures and other minor adjustments. We remain positive on the outlook for the VLGC market, with upside potential to current rates on a still-healthy USD120k/day arbitrage and limited 3% supply growth in 2025e. The current ‘irregular’ DPS of USD1.0 equates to a healthy 14% run-rate dividend yield, with further upside potential if shipowners’ share of the arbitrage returns to historical levels. Applying the current USD60k/day arbitr...
- Dave Nicoski
- Ross LaDuke
Vermilion Short Shots: Technically Vulnerable Stocks
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
BA BOEING COMPANY (THE)
WOR WORTHINGTON INDUSTRIES INC.
WNC WABASH NATIONAL CORPORATION
WBA WALGREENS BOOTS ALLIANCE INC
VSAT VIASAT INC.
TXT TEXTRON INC.
TMST TIMKENSTEEL CORP
ROK ROCKWELL AUTOMATION INC.
RMBS RAMBUS INC.
POWI POWER INTEGRATIONS INC.
MKSI MKS INSTRUMENTS INC.
DHT DHT HOLDINGS INC.
CVI CVR ENERGY INC.
ARWR ARROWHEAD PHARMACEUTICALS INC.
AAP ADVANCE AUTO PARTS INC.
LPG DORIAN LPG
AIG AMERICAN INTERNATIONAL GROUP INC.
ALV ALLIANZ SE
WFC WALL FINANCIAL CORPORATION
MUR MURPHY OIL CORPORATION
DOO BRP INC.
IIIN INSTEEL INDUSTRIES INC.
ATKR ATKORE INC
COHU COHU INC.
FI FRANK'S INTERNATIONAL NV
MLHR HERMAN MILLER INC.
VSH VISHAY INTERTECHNOLOGY INC.
SCHW CHARLES SCHWAB CORPORATION
HI HILLENBRAND INC.
ICHR ICHOR HOLDINGS LTD.
MATW MATTHEWS INTERNATIONAL CORPORATION CLASS A
CSTM CONSTELLIUM SE CLASS A
STLA STELLANTIS N.V.
IMCR IMMUNOCORE HOLDINGS ADS
MNSO MINISO GROUP HOLDING ADS (N SHARES)
WOLF WOLFSPEED INC
CR CRANE HOLDINGS CO
STM STABILUS SE
CHRD CHORD ENERGY CORPORATION
FRO FRONTLINE PLC
TGI TGI INFRASTRUCTURES LTD
ASAI SENDAS DISTRIBUIDORA SA
- Jørgen Lian
Dorian LPG (Buy, TP: USD40.00) - Near-term softness with potential
We see the possibility of negative near-term news flow on soft VLGC headline rates and the potential for reduced utilisation. However, we are positive medium-term, with solid US-FE arbitrage (average USD72k/day in calendar 2025) and limited vessel deliveries over the next seven quarters (~4% annualised), leaving solid upside potential to rates. By using the arbitrage as our spot rate for 2025e, we calculate a 23% earnings yield. We reiterate our BUY, but have cut our target price to USD40 (51).
- Jørgen Lian
Dorian LPG (Buy, TP: USD51.00) - Rates primed to rebound
We believe the soft VLGC spot market will rebound, with demonstrated US terminal capacity to ramp up exports, raising vessel demand and improving the shipowner’s ability to capture more of the ~USD110k/day arbitrage. Thus, limited deliveries (4% of fleet by end-2025) should offer solid earnings potential, in our view, presented by a 12% yield for Dorian on the 1-year TC. We reiterate our BUY but have cut our target price to USD51 (52).
- Jørgen Lian
Dorian LPG (Buy, TP: USD52.00) - Appealing VLGC exposure
We expect the robust VLGC freight market to persist due to solid US production and exports (up 7% and 17% YTD YOY), fuelling the arbitrage, with the longevity of the cycle backed by slowing vessel deliveries in the next two years. Hence, we see upside potential to our USD45k/day spot rate for the next four quarters (for a 9% earnings yield). Increasing our spot rate equal to the arbitrage for the next two quarters and then to the 1-year TC rate, we calculate a 20% yield for the same period. We h...
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