[Click eStock] "Pan Ocean, Bulk Carrier Performance Amid Market Deterioration... Maintain Buy"

Mirae Asset Securities Report

"Pan Ocean, Bulk Carrier Performance Strong Despite Market Downturn"

Mirae Asset Securities analyzed on the 12th that Pan Ocean's bulk carrier performance is improving despite the market downturn. Accordingly, they maintained a 'Buy' investment rating and a target price of 8,000 KRW.

Pan Ocean's sales in the first quarter of this year were 996.4 billion KRW, down 31% compared to the same period last year, and operating profit decreased by 33% to 112.6 billion KRW. This decline was attributed to fuel surcharges and weak market conditions, although the operating profit slightly exceeded market expectations.

Researcher Ryu Je-hyun of Mirae Asset Securities stated, "In the case of bulk carriers, the performance of long-term contracted volumes remained solid, generating a profit of 65.2 billion KRW," and added, "Going forward, the bulk carrier segment is expected to maintain stable profits due to the expansion of large vessels."

Researcher Ryu also said, "The container segment maintained profitability with an operating profit of 12.5 billion KRW despite the worst market conditions," and noted, "Since this sector has relatively lower uncertainty in market conditions, we maintain a steady buy perspective."