The Zhitong Finance App learned that Morgan Stanley released a research report stating that it maintains Pacific Shipping (02343)'s “in sync with the market” rating, with a target price of HK$4.22. The bank pointed out that Pacific Shipping management remains optimistic about the outlook for the fourth quarter of this year and 2027, favoring spot exposure rather than locking in forward freight rates with concessions; the bank believes that if current stocks continue to be strong, the bank and market may adjust profit forecasts for the whole year.

Damo mentioned that in 2027 the dry bulk fleet supply increased by 4.4%, higher than the 3% increase in demand. Pacific Shipping management expects stricter environmental regulations and operational inefficiency to help narrow the gap. In addition, management is still cautious about speeding up ship purchases when used ship prices are high. They prefer long-term leases with purchase options to preserve flexibility, and believe that the incentives for speeding up repurchases at current prices are limited, while the enhanced dividend policy allows a dividend payout ratio of up to 100%.

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