SINGAPORE (Oct 26): DBS Group Research has raised its target price for Hutchison Port Holdings Trust by one US cent to 63 US cents and kept its recommendation at “buy” on margin improvements during 3QFY2015.

The brokerage says in a research note today that at current prices, HPH Trust is a defensive play with a dividend yield of 7.9%.

The export outlook remained mixed but there could be further upside from tariff hikes and greater cost efficiencies, it says.

Exports to the United States are expected to continue their momentum but Europe trade remains weak, it says.

HPH Trust, which owns container terminals in Hong Kong and Shenzhen, reported 3Q2015 earnings of HK$948.5 million ($170.1 million) on the back of higher tariffs and productivity improvements.

The counter is up 1.8% at 12.37pm.