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<Research>HSBC Research Downgrades PACIFIC BASIN (02343.HK) to Underweight, Cuts TP to $1.7
Recommend 4 Positive 3 Negative 8 |
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The Baltic Dry Index (BDI) has risen by 26% since 8 April, primarily driven by a 57% increase in Capesize TCE rates, HSBC Global Research issued a research report saying. However, Panamax freight rates decreased by 13%, while Supramax and Handysize rates were down 4% and flat, respectively. HSBC Global Research expected PACIFIC BASIN (02343.HK) to record a profit of US$27 million in 1H25. With weak freight performance and supply-demand imbalance, the upside for the year is limited, which may lead to disappointing profit performance in 1H25. Recently, prices for new and second-hand Supramax and Handysize vessels have also declined, reflecting weak freight rate prospects. Therefore, the broker downgraded PACIFIC BASIN from Hold to Underweight, and cut its target price from $1.75 to $1.7. AASTOCKS Financial News Website: www.aastocks.com |
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