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<Research>Daiwa Upgrades PACIFIC BASIN to Buy, Predicts Improved Geopolitical Environment to Benefit Freight
While the Baltic Dry Index (BDI) has decreased by around 35% YoY on average YTD, smaller vessel types, including Supramax and Handysize dry bulk carriers, have seen a slower declin...
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<Research>Daiwa Upgrades PACIFIC BASIN to Buy, Predicts Improved Geopolitical Environment to Benefit Freight
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STOCK INFO

While the Baltic Dry Index (BDI) has decreased by around 35% YoY on average YTD, smaller vessel types, including Supramax and Handysize dry bulk carriers, have seen a slower decline of 31% and 24% respectively, according to Daiwa's report.

PACIFIC BASIN (02343.HK)  +0.030 (+1.587%)    Short selling $4.35M; Ratio 18.654%   reported that the time charter equivalent (TCE) income for Handysize and Supramax dry bulk carriers in April was about 15% and 10% lower than last year. In Daiwa's estimate, the soft demand YTD will continue into 2H, though the risk of further deterioration will be limited. Meanwhile, Handysize and Supramax dry bulk carriers will remain profitable this year despite the anticipated decline in TCE.

Based on the current attractive valuation, improved investor confidence due to the geopolitical environment, and PACIFIC BASIN's active buybacks, Daiwa upgraded its rating for the company from Outperform to Buy but reduced the target price from HKD2.4 to HKD2.25.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-16 12:25.)

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