Stock Name: HPH Trust US$
Company Name: HUTCHISON PORT HOLDINGS TRUST
DMG & Partners Research in an Oct 5 research report says: "HPH Trust's major assets are Hongkong International Terminals (HIT) (100%), COSCO-HIT (50%) and Yantian Ports (51.6-56.4%). HPH Trust has committed to pay out 100% of its distributable income.
"We forecast FY11F (annualised) and F12F DPU of US5.34 cents and US5.57 cents respectively. At current share price, HPH Trust offers 8.6% and 9.0% dividend yield for FY11F (annualised) and FY12F respectively.
"We like HPH Trust given: (1) the three deep-water container ports under its portfolio are strategically located in the Pearl Delta River (PRD) with dominant market share; (2) Sell-down in shares has more than reflected the slowdown in throughput volumes. We think FY12F yield at 9.0% is attractive. Target price of US 75 cents. BUY (initiating coverage)."
Company Name: HUTCHISON PORT HOLDINGS TRUST
| Research House: DMG | Price Call: BUY | Target Price: 0.75 |
DMG & Partners Research in an Oct 5 research report says: "HPH Trust's major assets are Hongkong International Terminals (HIT) (100%), COSCO-HIT (50%) and Yantian Ports (51.6-56.4%). HPH Trust has committed to pay out 100% of its distributable income.
"We forecast FY11F (annualised) and F12F DPU of US5.34 cents and US5.57 cents respectively. At current share price, HPH Trust offers 8.6% and 9.0% dividend yield for FY11F (annualised) and FY12F respectively.
"We like HPH Trust given: (1) the three deep-water container ports under its portfolio are strategically located in the Pearl Delta River (PRD) with dominant market share; (2) Sell-down in shares has more than reflected the slowdown in throughput volumes. We think FY12F yield at 9.0% is attractive. Target price of US 75 cents. BUY (initiating coverage)."
No comments:
Post a Comment