Company News - Pacific Shipping (02343.HK) plans to acquire four newly built small handy bulk carriers for USD 119 million [2] - Xinyi Energy (03868.HK) intends to acquire 100% equity of Jinzhai Xinyi Wind Power for HKD 62 million [2] - Tianjin Port Development (03382.HK) proposes to sell 60% equity of China Railway Storage and Transportation for HKD 22.5243 million, primarily engaged in coal sales [2] - Valiant Bio-B (09887.HK) announced the successful administration of LBL-024, a PD-L1/4-1BB bispecific antibody, to the first patient in the Phase Ib/II clinical trial for platinum-resistant ovarian cancer [2] - Shandong Xinhua Pharmaceutical (00719.HK) has received a drug registration certificate for its Oseltamivir phosphate dry suspension [2] - Ziyuan Yuan (08223.HK) signed a strategic cooperation framework agreement with Pengfeng Technology to explore digital transformation and asset value enhancement in the traditional Chinese medicine industry [2] - Jiaxing Gas (09908) terminated its agreement with concerted action persons [2] Financing and Buyback Activities - Yihua Tong (02402.HK) completed a placement of 8.88 million shares, raising HKD 198 million, primarily for repaying bank loans [2] - Rungao Interactive (02422.HK) plans to place up to 160 million shares at a discount of approximately 19.44%, aiming to raise about HKD 68.6 million [2] - Tencent Holdings (00700.HK) repurchased 1.051 million shares for HKD 636 million, with prices ranging from HKD 602.5 to 613.5 [3] - Kuaishou-W (01024.HK) repurchased 2.7176 million shares for HKD 174 million, with prices between HKD 63.7 and 64.65 [3] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for HKD 147 million, with prices from HKD 39.1 to 39.28 [4] - COSCO Shipping Holdings (01919) announced a repurchase of 4.7215 million shares for approximately HKD 65.4829 million [4] - Huaxin Cement (06655.HK) major shareholder Huaxin Group plans to increase its holdings in the company's A-shares by HKD 200 million to 400 million [4]

Core Viewpoint - Pacific Shipping (02343) has announced the acquisition of four new small handy bulk carriers for a total consideration of approximately $119 million, with expected delivery dates in 2028, which is seen as a strategic move to enhance fleet efficiency and meet growing customer demand [1][2][3] Group 1: Acquisition Details - The company’s indirect wholly-owned subsidiaries have entered into four similar contracts with Jiangmen Nanyang Ship Engineering Co., Ltd. for the purchase of the vessels [1] - The total consideration for the acquisition is approximately $119 million, which will be funded through the company's cash reserves and/or bank loans prior to delivery [1] - The expected delivery dates for the vessels are in the first quarter of 2028 for the first two ships and in the second quarter of 2028 for the latter two [1] Group 2: Fleet Enhancement Strategy - The new vessels feature advanced energy-saving designs, open hatches, and the capability to carry logs, providing greater cargo capacity and flexibility compared to earlier designs [2] - The acquisition aligns with the company's strategy to enhance operational efficiency and scale through rigorous fleet renewal, addressing strong customer demand and compliance with stricter fuel efficiency regulations [2] - The company aims to replace older, less efficient vessels with modern, high-performance designs, thereby maintaining cost competitiveness in the cyclical and seasonal dry bulk shipping market [2] Group 3: Market Context and Design Choices - The specifications, contract timing, and agreed price of the new vessels are considered attractive in the current market environment [3] - The company has re-established cooperation channels with shipyards in China and Japan for the construction of new vessels [3] - The decision to opt for traditional single-fuel designs over dual-fuel designs is influenced by the lack of proven dual-fuel designs for small handy bulk carriers and the postponement of the International Maritime Organization's net-zero emissions framework [3]

Group 1 - The company has entered into agreements to purchase four new small handy bulk carriers for a total consideration of approximately $119 million, with expected delivery dates in Q1 and Q2 of 2028 [1] - The new vessels are designed with enhanced cargo capacity and flexibility, allowing for more triangular trade opportunities, which is expected to improve revenue performance based on charter contracts [2] - The acquisition aligns with the company's strategy to enhance operational efficiency and scale through rigorous fleet renewal, addressing strong customer demand and compliance with stricter fuel efficiency regulations [2][3] Group 2 - The company has re-established cooperation channels with shipyards in China and Japan for the construction of new vessels, leveraging its familiarity with the seller and reputation among major shipowners [3] - The decision to opt for traditional single-fuel propulsion design for the new vessels is influenced by the lack of proven dual-fuel designs for small handy bulk carriers and the postponement of the International Maritime Organization's net-zero emissions framework [3] - The new vessels are expected to replace older single-fuel designs, contributing to the company's ongoing goal of improving fuel efficiency and environmental performance [3]

Core Viewpoint - Pacific Shipping (02343) shows a near 3% increase in stock price, with a current price of HKD 2.54 and a trading volume of HKD 25.52 million, following the release of its Q3 2025 operational data [1] Group 1: Operational Performance - The company's small handy-sized bulk carrier time charter equivalent (TCE) daily net rental decreased by 15% year-on-year to USD 11,680, while the ultra-handy-sized bulk carrier TCE increased by 10% year-on-year to USD 13,410 [1] - For Q4 2025, the company expects the daily net rental for small handy-sized bulk carriers and ultra-handy-sized vessels to improve to USD 12,380 and USD 14,060 respectively, with 72% and 87% of operational days already locked in [1] Group 2: Market Outlook - Daiwa Securities views the increase in port fees in China as a positive factor driving up bulk freight rates and acknowledges the company's proactive approach in dealing with uncertain operational environments [1] - Bank of America Securities notes that the Q3 performance of Pacific Shipping was generally in line with expectations, with slightly weak freight rates, but an improvement in locked freight rates for Q4 [1] - The company is expected to be exempt from paying port fees in the US and China, although regulatory uncertainties remain until further discussions with regulatory bodies are concluded [1] - Bank of America has raised the earnings per share forecast for Pacific Shipping for 2025 to 2027 by an average of 7% to reflect strong performance in the spot market for Q4 [1]

Group 1: Company Performance and Forecast - Daiwa has raised the earnings per share forecast for Pacific Basin Shipping (02343) by 5% to 13% for the next two years, maintaining a "Buy" rating due to low valuation and ongoing share buybacks [1] - The 12-month target price has been increased to HKD 3 from HKD 2.65, based on a price-to-book ratio of 1 times (previously 0.9 times) [1] - In Q3 2025, the average net charter rate for Handysize vessels decreased by 15% year-on-year to USD 11,680 per day, while Supramax vessels saw a 10% increase to USD 13,410 per day [1] Group 2: Market Trends and External Factors - Daiwa views the increase in port fees for US-related vessels announced by China on October 10 as a significant potential impact on the dry bulk market, given that China accounts for 40% of global dry bulk imports in 2024 [2] - The increase in port fees is seen as a positive factor for driving up dry bulk freight rates, and the company acknowledges the proactive measures taken by Pacific Basin Shipping in response to the uncertain operating environment [2]

Group 1 - Daiwa has raised Pacific Basin Shipping's (02343) earnings per share forecast for the next two years by 5% to 13%, reiterating a "Buy" rating due to low valuation and ongoing share buybacks [1] - The 12-month target price has been increased to HKD 3 from HKD 2.65, based on a price-to-book ratio of 1 times (previously 0.9 times) [1] - The company reported a 15% year-on-year decline in average net charter rates for Handysize vessels to USD 11,680 per day, while Supramax rates increased by 10% to USD 13,410 per day [1] Group 2 - Daiwa noted that China's announcement on October 10 to increase port fees for U.S. vessels could significantly impact the dry bulk market, as China accounts for 40% of global dry bulk imports in 2024 [2] - The increase in port fees is viewed as a positive factor for driving up dry bulk freight rates, and the company acknowledges the proactive measures taken to address the uncertain operating environment [2]

Core Viewpoint - Pacific Shipping reported its operational data for Q3 2025, highlighting a 15% year-on-year decline in daily net charter rates for small handy bulk carriers to $11,680, while ultra handy vessels saw a 10% increase to $13,410 [1] Group 1: Operational Performance - The daily net charter rate (TCE) for small handy bulk carriers decreased by 15% year-on-year to $11,680 [1] - The daily net charter rate for ultra handy vessels increased by 10% year-on-year to $13,410 [1] - For Q4 2025, the company expects the daily net charter rates to rise to $12,380 and $14,060 for small handy and ultra handy vessels respectively, with 72% and 87% of operational days already locked in [1] Group 2: Market Outlook - Increased port fees in China are viewed as a positive factor driving up bulk shipping rates [1] - The company is recognized for its proactive approach in addressing uncertainties in the operational environment [1] Group 3: Financial Projections - The earnings per share forecast for the company has been raised by 5% to 13% for the next two years [1] - The target price has been adjusted from HKD 2.65 to HKD 3 based on a revised price-to-book ratio of 1 times, up from the previous 0.9 times [1] - The "Buy" rating is reaffirmed due to low valuation and ongoing share buybacks [1]

Group 1 - The core business of Pacific Shipping (02343) achieved average daily charter rates for small and ultra-small bulk carriers of $11,680 and $13,410 respectively in Q3 2025, representing a year-on-year decrease of 15% and an increase of 10%, while compared to the first half of the year, there was an increase of 6% and 10% respectively [1] - In Q3 2025, the spot market average daily charter rates for small (BHSI 38,000 dwt) and ultra-small (BSI 58,000 dwt) bulk carriers were $11,590 and $14,310 respectively, with a year-on-year change of -1% and +4%, and a significant increase of 33% and 64% compared to the first half of 2025 [1] Group 2 - The company exercised purchase options for two existing small bulk carriers and one yet-to-be-delivered ultra-large bulk carrier under long-term charter agreements at attractive prices in Q3 2025 [2] - The company received delivery of two newly built 64,000 dwt ultra-small bulk carriers constructed in Japan under long-term charter agreements, which include options for fixed rent and price extensions [2] - The company is reviewing the 301 tariff plan announced by the U.S. Trade Representative in April 2025, taking proactive measures to protect its business and ensure competitive pricing and access to ports in China and the U.S. for global customers [2]

Group 1 - The core business of the company achieved average daily charter rates for small and ultra-small bulk carriers of $11,680 and $13,410 respectively in Q3 2025, representing a year-on-year change of -15% and +10%, and an increase of 6% and 10% compared to the first half of the year [1] - The spot market average daily charter rates for small (BHSI 38,000 dwt) and ultra-small (BSI 58,000 dwt) bulk carriers were $11,590 and $14,310 respectively in Q3 2025, with a year-on-year change of -1% and +4%, and a significant increase of 33% and 64% compared to the first half of 2025 [1] Group 2 - The company exercised purchase options for two existing small bulk carriers and one yet-to-be-delivered ultra-large bulk carrier under long-term charter agreements at attractive prices in Q3 2025 [2] - The company received delivery of two newly built 64,000 dwt ultra-small bulk carriers constructed in Japan under long-term charter agreements, which include options for fixed rent and price extensions [2] - The company is reviewing the 301 tariff plan announced by the U.S. Trade Representative in April 2025, taking proactive measures to protect its business and ensure competitive pricing and access to ports in China and the U.S. for global customers [2]