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OCBC and DBS maintain TPs for HPHT despite first-half overperformance, forecast earnings 'moderation' in the next half

Bryan Wu
Bryan Wu7/29/2022 01:03 PM GMT+08  • 3 min read
OCBC and DBS maintain TPs for HPHT despite first-half overperformance, forecast earnings 'moderation' in the next half
Chu: HPHT's outlook remains uncertain given global economic weakness and supply chain disruptions which could lead to a reduction in consumption
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OCBC Investment Research and DBS Group Research have maintained their “buy” calls and target prices (TP) for Hutchison Port Holdings Trust (HPHT) at 26 US cents (35.9 cents) and 37 US cents respectively.

In her report dated July 28, OCBC analyst Chu Peng writes that HPHT’s 1HFY2022 results were “broadly in line with expectations”, but looking into 2HFY2022, the outlook remains uncertain given global economic weakness and supply chain disruptions which could lead to a reduction in consumption.

She says that HPHT management has maintained its full-year distribution per unit (DPU) guidance of 14.5 to 15.5 HK cents (2.55 cents to 2.73 cents), which she believes is “achievable” but adds that she is keeping her full-year DPU estimate at 14.5 HK cents, on the lower end of management’s guidance.

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