美银证券发布研报称,将太平洋航运(02343)评级由“买入”降至“中性”,目标价由2.85港元降至1.65港元。该行指,留意到干散货物在今年进入下行周期,公司今年首季的锁定运价同比下滑。该行料公司今年的盈利将同比下跌,并且与市场预期相比存在50%的下行空间。
该行亦提出,公司2024年没有宣派特别息令人失望,表明先前的回购实际上只是股息替代,而非额外回报。然而,该行认为大部分负面因素已被市场消化,目前的估值接近市净率0.55倍,处于公司历史交易范围的下限,下调其对太平洋航运今明两年的每股盈利预测50%,以反映今年首季的锁定运价疲弱以及今年干散货物下行周期的信号增多。
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