JPMorgan released a research report indicating that PACIFIC BASIN's (02343) earnings for the 2025 fiscal year fell short of expectations. However, the bank believes this underperformance is unlikely to recur significantly, citing anticipated substantial reductions in relocation costs for the 2026 fiscal year and a strengthening freight market expected in early 2026. JPMorgan maintains confidence in the company's medium-term investment case. The report stated that PACIFIC BASIN remains the only pure-play dry bulk shipping company listed in Hong Kong/China that is focused on minor bulk commodities and stands to benefit from improving fundamentals, with the bank's positive view remaining unchanged. JPMorgan adjusted its net profit after tax forecasts for the group for fiscal years 2026 to 2028, increasing the 2026 forecast by 0%, raising the 2027 forecast by 1%, and lowering the 2028 forecast by 5%. The price target, based on a price-to-earnings ratio, is maintained at HK$4.1, with an "Overweight" rating.