Charm bracelet

[Zygimjani]

Hello, I was impressed how you guys managed to identify my silver jewellery so I want Share my another find and ask for your help. I have this Danish charm bracelet with 3 hallmarks. I can't identify the third one :(

1. Sterling 925 Denmark max standager
2. W.KR. Willy Jacob Krogmar
3. Two letters SH??? Maybe susanne hingelberg? Bellow the two letters there is a text but it's very blurry....

[AG2012]

Hi,
Not necessarily by the same maker; pendants collected by different makers.
The only SH without dots I can tell is Susanne Hingelberg.
Regards

[Traintime]

Might need to invert that one...there's a word above it that may be DENMARK, so the letters would be HS (or MS?).

[Traintime]

So the mouse charm and the bracelet come from the same maker?

[Zygimjani]

So the mouse charm and the bracelet come from the same maker?

Nope. Mouse is from the other maker. The mysterious words are on the bracelet clasp.

[Zygimjani]

Might need to invert that one...there's a word above it that may be DENMARK, so the letters would be HS (or MS?).

Omg you are right!!! The word is Denmark and the letters are MS :)))))) hahaha you are genius