BUSINESS BRIEFS
Bank of Hawaii rating lowered

Advertiser Staff

Piper Jaffray yesterday downgraded Bank of Hawaii to "underperform" from "market perform" due to the stock's valuation.

Analyst Kathleen Steinbrecher said the bank currently trades at 15 times her 2005 earnings-per-share estimate of $3.22, a slight premium to its mid-cap peer group.

Moreover, Bank of Hawaii's EPS growth is estimated at 9 percent for 2005, below the peer group average of nearly 12 percent. Shares of Bank of Hawaii closed at $48.98, up 27 cents.

Kobayashi is named to board

Hawaiian Holdings Inc.'s board of directors has elected Bert Kobayashi Jr. to the board.

Kobayashi

"Bert Kobayashi brings a great depth of experience to our board," said Lawrence Hershfield, Hawaiian Holdings' chief executive.

"His record as a leader in business and public life makes him immensely valuable to help ensure the continued success of Hawaiian Airlines."

Pasha to detail shipping service

Pasha Hawaii Transport Lines, which is set to begin ocean shipping service between Hawai'i and the mainland in March, has scheduled a news conference today to announce the members of its Hawaii Advisory Board, and provide details of its Hawai'i operations.

Pasha Hawaii will launch its Hawai'i service with the MV Jean Anne, a car-truck carrier that will provide roll-on, roll-off service for vehicles and oversized cargoes between the West Coast and Hawai'i.

Pasha Hawaii is a joint venture between The Pasha Group, a California-based transportation provider and Strong Vessell Operators, LLC, a Connecticut-based shipowner and operator.