Pacific Shipping (02343) is now up more than 7%. As of press release, it is up 7.44% to HK$2.6, with a turnover of HK$39.4821 million.
The Zhitong Finance App learned that Pacific Shipping (02343) is now up more than 7%. As of press release, it has risen 7.44% to HK$2.6, with a turnover of HK$39.4821 million.
According to the news, Pacific Airlines announced a repurchase plan. The maximum capital to be used to repurchase shares is 40 million US dollars (equivalent to about HK$3.12); the period of the share repurchase plan is from April 25, 2024 to December 31, 2024. Furthermore, Pacific Shipping announced that in the first quarter of this year, the core business recorded average daily revenue of Xiaoling and Super Smart Dry Bulk Carriers was 11,050 US dollars and 13,610 US dollars, respectively. The average daily revenue of Xiaoling Portable Dry Bulk Carriers decreased by 18% compared to the day, while the average daily revenue of Super Flexible Dry Bulk Carriers did not rise or fall. In the first quarter, the average daily rent levels of Xiaoling and Super Handy dry bulk carriers in the spot market were US$10,510 and US$12,310 respectively, up 26% and 27%, respectively.
CICC released a research report saying that considering that the dry bulk transportation market cycle is expected to improve, it raised the company's profit by 38% to US$350 million in 2025, keeping the profit unchanged in 2024, and increasing the target price by 10.5% to HK$3.15. The bank assumes that in 2024, the company will pay dividends at the promised minimum dividend rate of 50%, corresponding to a dividend rate of 7.9%. If the dividend rate in 2024 remains at the level of 75% last year, corresponding to a dividend rate of 12.2%, the company's dividend is attractive.