Sharesin the Hong Kong-listed owner are up in excess of 30% in the period amidexpectations of a new phase of expansion.
Citianalyst Rigan Wong is now urging investors to cash in as the “optimism has beenoverdone”.
“Street and investorsmay have overlooked the earnings downside risks in 2H12-1H13 due to low freightrates arising from over-supply,” the analyst said.
PacBasin’s recent $124m fundraiser and the sale of its troublesome ro-ro fleethave perked investor interest in the owner, Wong says.
