摩根士丹利研究报告指，太平洋航运(02343.HK) 在过去四个月表现出色，风险回报均衡。上半年及全年盈利预计将按年显著下降，但相信已反映在股价中。太平洋航运以每股资产净值(NAV)的估值折让、股东回报，以及Caravel Group持续的股份增持，均有助于缓解下行风险。
大摩表示，太平洋航运今年迄今现货市场表现疲弱，其经营的小灵便型(Handysize)和超灵便型(Supramax)干散货船运费分别平均按年下降22%和34%，一年期租赁运费自年初以来略有下降，且价格与现货运费基本持平，显示市场对未来12个月的现货表现缺乏乐观预期。太平洋航运股价自今年2月18日以来涨36%，跑赢恒指，大摩预计主要得益于其持续的股份回购以及Caravel Group的股份增持。大摩估计，截至今年7月3日，剩余的股份回购将带来约1.4%的回报，而2025年现金股息预计带来2.7%的股东回报。
鉴于过去四个月的出色表现，大摩将太平洋航运评级由“增持”调整至“与大市同步”，并对其今年至2027年的每股盈利预测，分别下调38.5%、31.2%及19.5%。目标价从2.1元上调至2.15元。(hc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-04 16:25。)
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