Morgan Stanley raises target price of The Pacific Shipping (02343) to HK$3.25, maintains "inline with the market" rating.

Morgan Stanley released a research report stating that it has raised its earnings forecasts for The Pacific Shipping (02343) for the years 2026 to 2028 by 14.3%, 13.1%, and 12.2% respectively, to reflect better-than-expected performance in the spot market. The firm has raised the company's target price from HK$3.07 to HK$3.25, maintaining a "in line with market" rating. Morgan Stanley mentioned that since the outbreak of the conflict in the Middle East, the spot market for small bulk carriers has gradually strengthened. The firm is optimistic about the risk-return profile of The Pacific Shipping in the short term, while expecting a more balanced outlook in the medium term.