Pan Ocean registered a 1Q22 earnings surprise, backed by fleet expansion, accurate market forecasts, and cost competitiveness. With the firm’s profit-generating power standing intact, we anticipate further OP expansion in 2Q22 amid improving market conditions. We raise our TP by 23% to W10,000. Boasts unparalleled cost competitiveness; bulk carrier market entering upward upcycle from 2Q22 …
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