reports
Pacific Basin - Valuations appear attractive with debt repayment
Rights issue settles debt concerns; upgrade to Attractive Focus on minor bulks to benefit Improvement in 2H but weak first quarter will impact 1H16 Healthy balance sheet and fully covered capex We have upgraded the stock to Attractive and revised our fair value to HKD 1.5 per share (from HKD 2.8) pegging it at 2016 P/B of 0.7x, which is lower than the long-term P/B average of 0.9x.
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