Stars Aligned in 1H26, but Balanced Risk-Reward

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M

Idea

August 7, 2026 02:33 PM GMT

Morgan Stanley Asia Limited+

Pacific Basin Shipping | Asia Pacific

Qianlei Fan, CFA

Equity Analyst

Stars Aligned in 1H26, but

Balanced Risk-Reward

Evan Chen

Research Associate

What’s Changed

Pacific Basin Shipping (2343.HK)

From

To

Price Target

HK$3.45

HK$4.22

Strong 1H26 execution and a firm 2H26 outlook support our

earnings estimate upgrades, but we see balanced upside and

downside risks after today's share price surge. Stay EW.

Pacific Basin Shipping (2343.HK, 2343 HK)

Hong Kong/China Transportation & Infrastructure | Hong

Kong

global geopolitical disruptions. PB paid out 100% of net profit excluding vessel

Stock Rating

Industry View

Price target

Shr price, close (Aug 7, 2026)

Up/downside to price target (%)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

disposal gains while maintaining a net cash position. Our revised estimates imply an

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

8.6% cash dividend yield for 2026, after a 13.8% share price surge on August 7, 2026

EPS (US$)**

Revenue, net (US$ mn)

EBITDA (US$ mn)

ModelWare net inc (US

$ mn)

P/E

P/BV

ROE (%)

EV/EBITDA

Div yld (%)

FCF yld ratio (%)

0.01

2,081

223

59

0.04

2,597

373

216

0.04

2,759

340

195

0.04

2,820

359

211

26.1

0.8

3.2

6.3

2.0

14.2

11.6

1.3

11.8

6.2

8.6

8.1

12.8

1.4

10.3

6.9

7.8

6.9

11.8

1.4

11.5

6.7

8.5

6.1

1H26 strong beat – stars aligned: PB's underlying profit reached US$94.9mn in

1H26, +333% YoY. The beat was driven by strong 2Q market TCE, PB's remarkable

outperformance vs. the market, as well as a surge in operating activity margins.

Costs are also well managed, with minimal YoY increase on a daily basis despite

(vs. HSI +0.5%).

Stronger HoH earnings likely in 2H26: PB maintained forward coverage around 10–

15ppt below last year's level to preserve spot exposure, per management. Handysize

and Supramax were at US$14.9k/day and US$17.5k/day, respectively, with covered

rates 27% and 30% higher YoY. Management does not necessarily view a reopening

of the Strait of Hormuz as negative – pent-up cargo demand could offset returning

…