Hutchison Port kept at 'neutral' by Credit Suisse with US74 cents target price

Stock Name: HPH Trust USD
Company Name: HUTCHISON PORT HOLDINGS TRUST

Research House: Credit Suisse

Price Call: HOLD

Target Price: 0.74

SINGAPORE (Feb 17): Credit Suisse AG has lifted its target price on Hutchison Port Holdings Trust (HPHT) to US$0.74 from US$0.71 to take account of increased estimates and a 5.2% target 2015 yield.

However, Credit Suisse said that with HPHT realigning its pay-out targets, there will be continued room for yield pressure.

Hutchison Port Holdings cut to "sell", target cut to 66 US cents by Citi

Stock Name: HPH Trust USD
Company Name: HUTCHISON PORT HOLDINGS TRUST

Research House: Citigroup

Price Call: SELL

Target Price: 0.66

SINGAPORE (Feb 10): Citigroup has downgraded Hutchison Port Holdings Trust to "sell" from "buy" and cut its price target to 66 US cents from 75 US cents.

The changes reflect the port operator's decision to lower its 2015 distribution to between 33 and 36 Hong Kong cents a unit, down from its 2014 payout of 41 Hong Kong cents.

HPH Trust cited reduced demand and rising labour costs in Hong Kong as factors behind its more conservative outlook.

Tough operating conditions in Hong Kong led to a HK$19 billion impairment loss in 4Q2014.

Hutchison Port Holdings Trust cut to "hold" by Deutsche Bank

Stock Name: HPH Trust USD
Company Name: HUTCHISON PORT HOLDINGS TRUST

Research House: Deutsche Bank

Price Call: HOLD

Target Price: 0.70

SINGAPORE (Jan 28): Deutsche Bank has downgraded Hutchison Port Holdings Trust to "hold" from "buy" and cut its price target to 70 US cents from 74 US cents after lowering its 2015-2016 earnings estimates slightly to factor in expected higher operating costs and taxes.

While HPH Trust may be able to achieve its own distribution per unit target of 41 Hong Kong cents (7.15 Singapore cents) for 2014, its payout for this year could fall to 34 Hong Kong cents, according to Deutsche Bank analysts Sky Wong and Joe Liew.

Hutchison Port Holdings upgraded to "overweight" by JPMorgan

Stock Name: HPH Trust USD
Company Name: HUTCHISON PORT HOLDINGS TRUST

Research House: JP Morgan Chase

Price Call: BUY

Target Price: 0.86

SINGAPORE (Jan 26): JPMorgan has upgraded Hutchison Port Holdings Trust to "overweight" from "neutral" and raised its price target to 86 US cents from 75 US cents after increasing its earnings per share estimates by 4% for FY2015 and 8% for FY2016 to factor in expected tariff hikes in Hong Kong and Yantian, China.

Hutchison Port Holdings Trust maintained at 'buy' with 78 US cents price target by DBS

Stock Name: HPH Trust USD
Company Name: HUTCHISON PORT HOLDINGS TRUST

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.78

SINGAPORE (Oct 28): DBS Group Research is keeping its "buy" call on Hutchison Port Holdings Trust with a 78 US cents target price.

In an Oct 28 note, DBS believes HPH Trust should be able to maintain its FY14 DPU at levels similar to FY13, despite strong EPS growth.

In 3Q ended Sept, HPH Trust reported net profit of HK$491 million ($80.6 million), down 9% from a year ago. DBS says this was expected as effective tax rates in Yantian increased in FY14 as tax concessions had expired. More encouragingly, operating profit was up 3.5% and PBT was up about 5% as costs stabilised.

Hutchison Port Holdings cut to "neutral" by Credit Suisse

Stock Name: HPH Trust USD
Company Name: HUTCHISON PORT HOLDINGS TRUST

Research House: Credit Suisse

Price Call: HOLD

Target Price: 0.74

SINGAPORE (Oct 28): Credit Suisse has downgraded Hutchison Port Holdings Trust to "neutral" from "overweight" and cut its price target to 74 US cents from 80 US cents, saying payouts to investors will likely fall after this year.

The new price target implies a 2015 distribution yield of 7%.

"This is what we believe it should yield relative to other SGX-listed business trusts given earnings growth and the near-term reliance on debt to fund 2014 payouts," Credit Suisse analyst Timothy Ross said in a note today.