【出版时间及名称】：2010年4月北欧海洋食品行业研究报告
        【作者】：RS PLATOU MARKETS
        【文件格式】：pdf
        【页数】：74
        【目录或简介】：
Increased expectations and end of
high season - salmon downgrade
We downgrade recommendation on all “large cap” salmon
companies but we make no changes to the target prices. The
downgrade is solely based on a strong share price performance
and as share prices are close to our target prices, we are
entering a neutral investment territory.
We find two reprising candidates in the salmon sector, Grieg
Seafood and Lighthouse Caledonia which we believe has better
operations than anticipated in the market, at the same time as
their production capacity is cheap.
We also reiterate our target prices for Copeinca and Austevoll
Seafood in the fishmeal sector, however we downgrade
recommendation from buy to neutral for Austevoll Seafood
based on share price performance. We reiterate buy
recommendation for Copeinca.
We have downgraded earnings for Norway Pelagic and changed
the recommendation from Add to Neutral.
We have increased our recommendation to neutral in Aker
Seafoods as we find it fairly probable that the company will be
able to increase profitability through restructuring or easing
regulations. We are still negative to COD due to the low cod
prices.

Contents
Salmon sector summing up ............................................................................ 3
Salmon supply 2010 going forward .................................................................. 7
Salmon price FOB Oslo NOK/Kg ...................................................................... 12
Biological issues in Norway ............................................................................ 14
Total - EBIT/Kg expectations .......................................................................... 16
Fishmeal and fishoil market ........................................................................... 21
Cod/whitefish market outlook ........................................................................ 24
1Q10 previews
MHG..........................................................................................................26
LSG...........................................................................................................29
SALM.........................................................................................................32
CEQ...........................................................................................................35
BAKKA.......................................................................................................38
GSF...........................................................................................................48
LHC-..........................................................................................................51
MAFA.........................................................................................................54
AUSS.........................................................................................................57
COP...........................................................................................................60
NPEL..........................................................................................................63
AKS...........................................................................................................66
COD...........................................................................................................69