Zhitong Finance APP learned that Pacific Shipping will release its annual financial report tomorrow. Previously, Bank of America Merrill Lynch expected that the company would turn losses into profits in the second half of 2017 to obtain net profit of US$15 million, and it is poss

Zhitong Finance APP learned that Pacific Shipping (02343) will release its annual financial report tomorrow (February 28). Previously, Bank of America Merrill Lynch expected that the company would turn losses into profits in the second half of 2017 to obtain net profit of US$15 million, and it is possible to resume dividends suspended since 2014. Today, Pacific Shipping's stock price rose sharply, once rising to around HK$2.27, hitting a new high in the past three years. As of about 15:21, the stock price rose 5.29% to HK$2.19, with a turnover of HK$147 million.

Bank of America Merrill Lynch research report also predicts that Pacific Shipping will achieve a record high in 2018 profits since 2010, so it raises its earnings forecast by 71% to $58 million.

Bank of America Merrill Lynch also expects that the current ship price decline due to oversupply will rise by 30% in 2018, which can support the rise in Pacific shipping valuation. The bank raised Pacific Shipping (02343) rating from "under-market" to "buy", and its target price increased from 1.4 yuan to 2.9 yuan.