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2009-7-3 04:07:00 p.m. HKT, XFNA
DJ MARKET TALK: BOCI Ups Pacific Basin Target To HK$4 Vs HK$2.50
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| 1552 [Dow Jones] STOCK CALL: BOCI raises Pacific Basin (2343.HK) target price to HK$4.00 from HK$2.50 after raising 2009-10 earnings forecasts by 5.8%, 74.2% to US$110.5 million, US$38.4 million, respectively, on higher time-charter-equivalent rate assumptions. But keeps at Sell. "Although spot dry bulk shipping rates rebounded significantly in 2Q09, we believe Pacific Basin Shipping has not benefited much due to its relative high coverage ratio at end-1Q09. The huge upcoming supply of newbuildings will weigh on the market." Shares +0.4% at HK$4.91. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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