Pacific Basin Ship

http://www.dhsec.com/NewsDetail.asp?StoryID=e-20071205DN00038341cos Hört sich gut an. Suche interessante Werte zur Langfristanlage. Ich denke in der Transportbranche kann man nicht allzu viel falsch machen. Überlege hier einzusteigen.

Die Aktie steigt in New York, und wir hier in den Keller geprügelt?? Gibt es einen fundamentalen Grund??

Klingt klasse... Wo ist das den her (Wer is "we",...d.h. wer bewertet denn da die Pacific Basin?)

Pacific Basin(2343, $13.56) 6M Target $19.0 Trading BUY Driven by strong demand for global dry bulk shipping and low supply of vessels, the Baltic Dry Index (BDI) has hit its high of 8,477 on September 10. Year-to-date BDI average stood at 5,847, 84% higher than that of 2006. We expect dry bulk rate to trend further up driven by: 1) robust demand for coal trade in China; 2) persistent port congestions in Australia and China; and 3) undersupply of handysize vessels until 2008. According to Clarkson, current one-year dry bulk time charter rate has reached US$30,000+ per day, 52% higher than the company’s realized time chartered earnings of US$19,750 in 1H07. We forecast Pacific Basin’s 2007 core earnings to surge 1.3x yoy to US$303mn, driven mainly by 22% increase in handysize revenue days and 39% growth in handysize rates. The company could post another 25% yoy earnings growth in 2008 on the back of 26% increase in handysize rates. We expect Pacific Basin to sell more vessels in the rest of 2007 and 2008. As most of the ships were acquired at low costs (averaged at US$18.3mn), vessel sale at current second hand price of ~US$38mn should realize the hidden value of the vessels and thus record disposal gains. Pacific Basin is currently trading at 9.0x and 7.2x 2007 and 2008 PERs with a two-year EPS CAGR of 71% between 2006 and 2008 that we think is attractive. The company’s bulk peers are trading at an average of 10x 2008 PER. We believe Pacific Basin possesses better earnings quality. that should justify a valuation at least inpar with its peers. We therefore set a 6-month target price of $19.0, representing 10x 2008 PER