SINGAPORE (Oct 29): OCBC Investment Research is maintaining Hutchison Port Holdings Trust (HPHT) at “buy” after management stuck to its full-year DPU guidance at 17-20 HK cents although the research house expects high volatility heading into the US mid-term elections as well as on the back of developing US-China trade tensions.

Management has noted an influx of rush orders in early 4Q18, presumably timed to beat the implementation of the US tariffs in early 2019. Meanwhile, Trump and Xi are due to meet during the G20 meeting, which is to be held on Nov 30 and Dec 1.

Looking ahead, OCBC expects more robust throughput figures in 4Q18 for both Yantian and Kwai Tsing, though it notes the front-loading of orders may result in weaker volumes for 1H19.

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