In "Major Banks," CICC raises the target price of Taihang to 3.4 yuan, with an increased risk appetite

CICC published a research report indicating that PACIFIC BASIN (02343.HK) will underperform expectations in 2025, but believes the dividend is attractive, maintaining an "outperform industry" rating; given the increased risk appetite, the target price is raised by 41.67% to HKD 3.4, equivalent to a forecasted price-to-earnings ratio of 12.9 times and 12.5 times for this year and next year, respectively, with a potential upside of 8.63%.

CICC believes that the company's performance last year fell short of expectations, mainly due to time charter equivalent (TCE) earnings being below expectations. The net profit forecast for 2026 remains unchanged at USD 176 million, and a new net profit forecast for 2027 is introduced at USD 180 million