小摩：太平洋航运2025年业绩逊预期 惟基本面改善 维持“增持”评级

Core Viewpoint - Morgan Stanley's report indicates that Pacific Basin Shipping (02343) is expected to underperform in fiscal year 2025, but significant reductions in relocation costs and a strengthening freight market in early 2026 suggest that this underperformance is unlikely to recur. The mid-term investment thesis for the company remains intact [1] Group 1: Financial Performance - The company is the only Hong Kong/China-listed firm focused on small bulk shipping, benefiting from fundamental improvements in the sector [1] - Forecasted net profit after tax for fiscal years 2026 to 2028 is expected 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" maintained [1]