Hutchison Port Holdings Trust

The unit price of this business trust is so low you might as well paint a target on it

SINGAPORE (Dec 8): DBS Group Research is maintaining its “buy” recommendation for Hutchison Port Holdings Trust (HPHT) with a target price of 48 US cents, even as the trust’s unit price fell to historic lows.

In a Thursday note, DBS analyst Paul Yong said the stock appears to be “oversold at the current price level” trading at 0.6 times its book value and offering a yield of over 8% for FY17.

Singapore stocks defensive in nature, geared to weather economic storm: UBS

SINGAPORE (Nov 22): UBS is upgrading Singapore equities to “neutral” in its Asia ex-Japan asset allocation, citing Singapore’s resilience due to its defensive nature.

Analyst Lee Wen Ching notes that Singapore equities are a beneficiary of a steepening yield curve with valuations are near decade lows.

“While valuations are inexpensive, we expect the market to trade range-bound in the absence of re-rating catalysts,” says Lee.


Hutchison Port forecast: Cloudy with little earnings visibility

SINGAPORE (Oct 26): Hutchison Port Holdings Trust’s (HPHT) is maintaining a “hold” call with fair value at 46 US cents after the port operator reported a 18.2% fall in 3Q earnings to HK$430.2 million ($77.1 million) on the back of a 7% drop in revenue despite lower cost of services.

(See also: HPH Trust’s 3Q earnings plunge 18.2% amid weak transshipment demand)

HPH Trust posts 14 HK cents DPU for 1H16

SINGAPORE (July 17): Hutchison Port Holdings Trust has declared a 14 HK cents distribution per unit for 1HFY2016, a 10.8% decline from the DPU of 15.7 cents in 1HFY2015.

For the half year period ended June, earnings rose 30.9% to HK$897.6 million

Hutchison Port not so smooth sailing

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%.

Hutchison Port fair value ‘cut’ by OCBC after weak April data

SINGAPORE (June 14): OCBC is keeping Hutchison Port Holdings Trust on “hold” but cutting its fair value estimate to US$0.41 (56 cents) from US$0.46.

The research house is also cutting its estimates on the trust's distribution per unit over the next two years, given little to indicate a recovery.

OCBC says the port operator is unlikely to register any strong improvement in its cargo handling in the second half of this year amid weak regional trade.

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