Zhi Tong Cai Jing·2026-03-05 06:57Core Viewpoint - Morgan Stanley reports that Pacific Basin Shipping (02343) is expected to underperform in fiscal year 2025, but anticipates a significant reduction in relocation costs in fiscal year 2026, alongside a strengthening freight market in early 2026, suggesting that the current underperformance is unlikely to recur [1] Group 1: Company Performance - Pacific Basin Shipping remains the only Hong Kong/China-listed company focused on small bulk shipping, benefiting from fundamental improvements [1] - The firm maintains a positive outlook on the company, with net profit forecasts for fiscal years 2026, 2027, and 2028 projected to increase by 0%, 1%, and decrease by 5% respectively [1] Group 2: Valuation and Rating - The target price based on price-to-earnings ratio remains unchanged at HKD 4.1, with a rating of "Overweight" [1]