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<Research>JPM Cuts PACIFIC BASIN (02343.HK) TP to $2.7 on Unchanged Fundamentals; Rating Overweight
Recommend 6 Positive 7 Negative 5 |
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JPMorgan believed that the recent selling pressure on PACIFIC BASIN (02343.HK) seems excessive compared to its fundamentals. Therefore, the broker reiterated rating at Overweight, and cut its target price from $3.2 to $2.7, reflecting a flattish TCE and the outlook for continued fleet growth. JPMorgan also considered the recent stock weakness to be based on several factors, including the completion of the Company's buyback plan, weak 2025 outlook on market expectations of industry supply consistently exceeding demand, lack of visible short-term catalysts as Caravel slowed its pace of share collection and year-end profit-taking. However, these factors do not reflect any deterioration in the Company's competitive position or balance sheet. AASTOCKS Financial News Website: www.aastocks.com |
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