CICC: Maintains "Outperform" rating on Pacific Basin Shipping (02343.HK) with a target price of HK$4.54

Zhitong Finance APP has learned that CICC issued a research report stating that it maintains its earnings forecasts for Pacific Basin (02343.HK) for 2026 and 2027 unchanged at US$241 million and US$257 million, respectively, and maintains an "Outperform" rating and a target price of HK$4.54, corresponding to 12.5x and 11.7x price-to-earnings ratios for 2026 and 2027, implying 20.7% upside from the current share price. The bank is optimistic about the subsequent performance of handysize freight rates, believes that the relatively high fourth-quarter freight rate coverage ratio will help enhance earnings certainty, and that uncovered vessel days still retain spot freight rate upside flexibility.