SINGAPORE (July 14): OCBC has maintained its “hold” call for Hutchison Port Holdings Trust (HPHT), with a fair value of 43 US cents. This comes on the back of a decline in its Hong Kong Port Container Throughput volume and a lack of clarity regarding the implications of Brexit, according to a report dated Thursday.

In a sign of slowing activity, HPHT’s Hong Kong Port Container Throughput has fallen 10.1% on a YTD basis, while China Shenzhen Container Throughput was up only a modest 0.7%.

While May figures indicated a 5.6% increase in Shenzhen’s volume, HK operations registered a 6.1% decline in the corresponding period. The research house believes that there is unlikely to be a sufficiently strong recovery in HPHT’s throughput in 2H16 to end the year flat for HK.

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