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<Research>BofAS Adds PACIFIC BASIN (02343.HK) TP to $3.7, Keeps Neutral Rating Considering Valuation
Recommend 5 Positive 8 Negative 6 |
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PACIFIC BASIN (02343.HK)'s 2H25 results were mixed, with earnings performance weaker than expected, according to BofA Securities' research report. However, shareholder returns were surprising, as the dividend payout ratio was increased from 50% to 100%, supporting a 5.6% dividend yield in 2026, along with an additional US$40 million buyback room, in the broker's view. The management believed that the outlook for industry rates is improving under geopolitical disruptions, aligning with favorable rates already locked in for 1Q26 (with average daily charter rates up by US$1,500), BofA Securities added. As a result, the broker raised its 2026/ 2027 earnings forecasts for the Group by an average of 50%. Considering valuation factors, BofA Securities kept rating at Neutral, based on PACIFIC BASIN's current PB ratio of 1.25x, and added its target price from $2.75 to $3.7. AASTOCKS Financial News Website: www.aastocks.com |
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