The Zhitong Finance App learned that Pacific Shipping (02343) fell by more than 4%. As of press release, it fell 4.27% to HK$2.24, with a turnover of HK$686.97 million.

According to the news, Pacific Shipping previously announced its 2023 results, achieving revenue of US$2,297 million, a year-on-year decrease of 30.0%; net profit to mother was US$109 million, a year-on-year decrease of 84.4%. CICC pointed out that the company's performance was slightly lower than expected. Freight rates in the main 2H23 small bulk market declined year on year, and the BSI/BHSI index fell 30.7%/36.2% year on year, respectively.

Furthermore, Damo released a research report stating that it maintained Pacific Shipping's “gain” rating and lowered earnings forecasts per share by 18% and 14% for 2024 and 2025, mainly due to the 7% and 5% rate forecasts for ultra-portable bulk carriers and convenient bulk carriers, respectively. The target price was reduced by 1% to HK$2.96 from HK$3.