CICC: Raises Pacific Basin (02343.HK) target price by 33.5% to HK$4.54, maintains "Outperform" rating.

Zhitong Finance APP has learned that CICC issued a research report stating that, considering recent freight rates were better than the bank's expectations, it raised Pacific Basin Shipping's (02343.HK) 2026/2027 earnings by 37.1%/42.7% to USD 241 million/257 million, and the current share price corresponds to 11.4/10.7 times 2026/2027 price-to-earnings ratios. The bank maintained its "Outperform" rating and raised its target price by 33.5% to HKD 4.54 per share, corresponding to 12.5/11.7 times 2026/2027 price-to-earnings ratios, implying 9.66% upside from the current share price. The bank organized a non-deal roadshow for the company this Friday. Recently, minor bulk dry bulk freight rates have continued to rise. As of September 17, the BSI and BHSI freight rate indices rose 2.9% and 5.3% week-on-week, respectively, and increased 18.1% and 21.7% year-on-year, respectively. The bank is optimistic that the company will benefit from rising freight rates and achieve a relatively good profit performance for the full year.