HCA Market Close 21.11.22

HCA Market Close 21.11.22 – Scandinavian Medical Solutions gains following its 2021/22 annual report, while Hafnia gains following its Q3 22 earnings.

Market Movements:

Denmark: OMX:C25 (-0.28%) ; Sweden: OMX:S30 (-0.23%) ; Norway: OBX:OSL (-0.58%) ; S&P 500 (-0.57%) ; Nasdaq (-1.10%); Stoxx 600 (-0.06%)
Market Drivers:

Markets fell today as rising Covid cases in China bring increased fears of renewed restrictions.

China continues to battle Covid-19 and still lacks an effective domestic vaccine. Increasing cases could bring tightening further squeezing global growth conditions.

The weakening global outlook saw Treasury yields come down on expectations that the Fed will be forced to pivot. However, counter to recent correlations, the dollar gained as investors seek safety. Oil prices fell against a stronger dollar and weakening global demand outlook.

Snacks from the HCA Platform:

Today, Scandinavian Medical Solutions (SMS) announced a strong annual report for 2021/2022, exceeding its initial revenue and EBITDA expectations from the IPO plan last year. Read more in Danish here: https://www.inderes.dk/analyst-comments/scandinavian-medical-solutions-overgar-ipo-forventninger-markant-med-staerkt-regnskab-for-20212022

This afternoon, it was also announced that CEO Jens Krohn has sold 2,725,000 shares at DKK 4.66 per share (10% of the share capital) to the investment company, Nordic Compound Invest A/S (managed by Jakob Have). Jakob Have is also on selection to become a new board member in SMS at the upcoming general meeting on 8 December 2022. After the transaction, CEO Jens Krohn holds (direct and indirect) 9,650,000 shares, corresponding to 35.4% of the total shares in SMS. The SMS share gained 11.9% in today’s trading.

Hafnia reported a strong Q3 2022 this morning, realising the best-ever income and earnings in the history of the company. Despite coming a bit short compared to consensus expectations, shares of Hafnia gain some 1.2%. Most likely, as the company also updated its dividend policy and if certain criteria are in place, the company can potentially pay out more than the 50% of net income that has been the standard. The strong report from Hafnia also seemed to have a positive effect on another shipping company with exposure to the product tanker market - NORDEN – that gained 2.3% today You can see our event from this morning with Hafnia here: https://www.youtube.com/watch?v=gSItmfHtnkU

Disclaimer: HC Andersen Capital receives payment from the companies for a #DigitalIR agreement./ Philip Coombes 18:25