Stock Name: HPH Trust US$
Company Name: HUTCHISON PORT HOLDINGS TRUST
DBS Vickers Securities in a May 30 research report says: "Throughput volumes for the first four months of 2011 rose by 5.7% y-o-y at Yantian Port, 7.9% at COSCOHIT, and we believe by between 6%-8% at HIT, which means that operations at HPH Trust are on track to meet our expectations for FY2011.
"HPH Trust is due to report its interim results by mid-Aug, and we are expecting a dividend per share of c. 1.8 US cents to be declared. Given that HPH Trust seems to be well on its way to meet our projections in FY2011/2012, current FY2011/2012 yields look very attractive at 6.6%/7.2%; expect DPU CAGR of 10% up to 2013.
"Target price of US$1.15. This implies a total return potential in excess of 30% at current prices. MAINTAIN BUY."
Company Name: HUTCHISON PORT HOLDINGS TRUST
| Research House: DBS Vickers | Price Call: BUY | Target Price: 1.15 |
DBS Vickers Securities in a May 30 research report says: "Throughput volumes for the first four months of 2011 rose by 5.7% y-o-y at Yantian Port, 7.9% at COSCOHIT, and we believe by between 6%-8% at HIT, which means that operations at HPH Trust are on track to meet our expectations for FY2011.
"HPH Trust is due to report its interim results by mid-Aug, and we are expecting a dividend per share of c. 1.8 US cents to be declared. Given that HPH Trust seems to be well on its way to meet our projections in FY2011/2012, current FY2011/2012 yields look very attractive at 6.6%/7.2%; expect DPU CAGR of 10% up to 2013.
"Target price of US$1.15. This implies a total return potential in excess of 30% at current prices. MAINTAIN BUY."
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