reports
- Jørgen Lian
Avance Gas (Hold, TP: NOK172.00) - Set for Q1 beat, high 2024e DPS
Spot rates remain above USD50k/day, supported by US inventories c14% above the 5-year average. We believe this provides a solid outlook for 2024 VLGC earnings, backed by the FFA for the rest of the year at cUSD55k/day. We forecast a 2024 DPS of cNOK45, or 28% of the current share price. However, given the recent share price rise, we find the stock fully valued at a P/NAV of 1.05x. We have downgraded to HOLD (BUY), but have raised our target price to NOK172 (168).
Avance Gas Holding Ltd: Invitation to Earnings Presentation for the Fi...
Avance Gas Holding Ltd: Invitation to Earnings Presentation for the First Quarter of 2024 Bermuda, May 2, 2024, Avance Gas Holding Ltd. (ticker "AGAS") will on Wednesday May 15, 2024, release its unaudited results for the first quarter of 2024. In connection with the earnings release, an audio webcast and conference call will be held at 14:00 (CEST). The presentation and webcast link will be available from the Investor Relation section at Avance Gas' website prior the presentation and available by using the following links: Webcast: -server.com/mmc/p/qwb4tssb Conference call: /regis...
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
Avance Gas Holding Ltd: 2024 AGM Results Notification
Avance Gas Holding Ltd: 2024 AGM Results Notification Avance Gas Holding Ltd (the “Company”) advises that the 2024 Annual General Meeting of the Shareholders of the Company was held on April 29, 2024, at 14:45 hrs, at Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HMCX, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2023 were presented to the Meeting. In addition, the following resolutions were passed: 1. To set the maximum number of Directors to be not more than eight. 2. To resolve that vacancies...
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- Jørgen Lian
Yard response and dry bulk qualms
Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.
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.
- ABGSC Financials Research
- Albert Broock
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- ABGSC Financials Research
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- Nicolas McBeath
SEB (Buy, TP: SEK192.00) - Braced for NII downturn
We find SEB well positioned to cope with looming NII headwinds, with potential for a commission revival, capital optimisation and lower regulatory fees to cushion a c15% ROE throughout 2024–2026e. We have raised our 2025e EPS by c2% and reiterate our BUY and with a raised SEK192(190) target price.
- ABGSC Financials Research
- Albert Broock
- Jan Erik Gjerland
- Magnus Andersson
- Patrik Brattelius
- Nicolas McBeath
Q1 previews
While we believe the banks are past the NII peak, we forecast healthy and stable ROEs (c16% on average) in Q1, backed by rising commissions, good cost control and low loan losses. We still see attractive shareholder return potential in the sector, underpinned by robust earnings, attractive valuations (2025e average P/E 10% in 2024–2026e. We reiterate our positive sector view and BUYs on all four banks, with c30% average upside to our target prices. SHB remains our sector top pick.
Avance Gas Holding Ltd: Notice of Annual General Meeting 2024
Avance Gas Holding Ltd: Notice of Annual General Meeting 2024 Hamilton, Bermuda April 5, 2024 Avance Gas Holding Ltd (the "Company") announces that its 2024 Annual General Meeting will be held on April 29, 2024. A copy of the Notice of Annual General Meeting and associated information including the Company's Consolidated Financial Statements for 2023 can be found on our website at and attached to this press release. The Board of Directors Avance Gas Holding Ltd Hamilton, Bermuda This information is subject to the disclosure requirements pursuant to Section 5-12 th...
Avance Gas Holding Ltd: Annual Report and ESG Report 2023
Avance Gas Holding Ltd: Annual Report and ESG Report 2023 Hamilton, Bermuda April 5, 2024 Avance Gas Holding Ltd ("AGAS" or the "Company") today publishes its Annual Report for the financial year 2023. The report is attached in pdf and European Singel Electronic Format (ESEF) in accordance with ESEF regulations. The Company has also published the ESG Report for 2023. A copy of both reports is attached hereto and available on the Company's website at . For further information, please contact: Randi Navdal Bekkelund, CFO, Tel: ABOUT AVANCE GAS Avance Gas opera...
Avance Gas Holding Ltd (AGAS): Notice of Annual General Meeting 2024
Avance Gas Holding Ltd (AGAS): Notice of Annual General Meeting 2024 Hamilton, Bermuda March 26, 2024 Avance Gas Holding Ltd (OSE: AGAS) (“AGAS” or the “Company”) advises that the 2024 Annual General Meeting of the Company will be held on April 29, 2024. The record date for voting at the Annual General Meeting is set to April 2, 2024. A copy of the Notice of Annual General Meeting and associated information, including the Company’s Annual Report will be distributed and made available on the Company’s website at prior to the meeting. The Board of Directors Avance Gas Holding Ltd This i...
Avance Gas Holding Ltd (AGAS): Successfully completed the sale of our ...
Avance Gas Holding Ltd (AGAS): Successfully completed the sale of our fifth VLGC newbuilding Hamilton, BermudaMarch 19, 2024 Avance Gas Holding Ltd. («Avance Gas» or «Company») (OSE: AGAS) announce today the successful sale of newbuilding hull 2367 with intended name Avance Castor for a cash consideration of $120 million less broker commission as previously announced in a press release dated December 8, 2023. The Company expect to record a book gain on sale and cash release following repayment of bank financing of $36 million and $61 million respectively. The sale of the sister ship, n...
- Nicolas McBeath
Unveiling alpha
Our analysis concludes that adverse FX and valuation multiples trends have masked the banks’ superior underlying shareholder value creation versus other Swedish large caps in the past decade. Our scenario analysis, based on extrapolated underlying earnings, indicates 5%-points potential alpha per year versus the OMXS30 in the next 10 years, with further upside potential should banks’ valuation discounts narrow to historical levels. We prefer banks that can achieve balanced profitable growth to g...
- Jørgen Lian
A brewing challenge for the yards
Our 17th Annual Energy & Shipping Conference was well attended by investors and industry executives showcasing the still-growing interest for the sectors. Limited yard capacity is fuelling high newbuilding prices and raising freight rate expectations for the vast fleet renewal necessary in the coming decade. Long lead times underpin a bullish supply story for much of shipping in the coming years, albeit exposed to geopolitical risks affecting trade patterns. Our overall impression was general op...
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.
Avance Gas Holding Ltd: Presentation at the DNB Energy & Shipping Conf...
Avance Gas Holding Ltd: Presentation at the DNB Energy & Shipping Conference 2024 March 7, 2024 Hamilton, Bermuda Avance Gas Holding Ltd will be presenting today at the DNB Energy & Shipping Conference in Oslo. The presentation is enclosed hereto and is also available on our website, . For further queries, please contact: Media contact: Øystein Kalleklev, CEO Tel: Investor and Analyst contact: Randi Navdal Bekkelund, CFO Tel: ABOUT AVANCE GAS Avance Gas operates in the global market for transportation of liquefied petroleum gas (LPG). The Company is one of the world's leading ...
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