Hutchison Port Holdings Trust

08 Apr 2021 07:44 - 08 Apr 2021 07:45 #25691 by Sharpshooter
China pushing for ‘early implementation’ of RCEP trade deal in January 
  • 15 Asia-Pacific economies, including China, Japan, South Korea, Australia, New Zealand, and 10 members of the Association of Southeast Asian Nations (Asean), formed the world’s largest free trade bloc, covering nearly a third of the global population and about 30 per cent of its global gross domestic product
Last edit: 08 Apr 2021 07:45 by Sharpshooter.

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08 Apr 2021 09:09 #25692 by Sharpshooter
Recommend BUY with raised TP of US$0.32 after HPH Trust (HPHT) smashed our FY20 earnings and dividend forecasts. 2H20 earnings more than doubled y-o-y to help HPHT post a 57% y-o-y increase in FY20 net profit to HK$831m on lower interest costs, greater cost efficiencies and government support. FY20 DPU of 12 HKcts was 33% above our forecast.

This higher level of profitability is sustainable. We expect FY21F earnings to be flat from FY20 due to much lower government support offset by some improvement in throughput volumes. That said, the majority of the improvements seen in FY20 should be sustainable as they stem from greater cost efficiencies as well as lower finance costs, especially with interest rates expected to remain low in FY21.

Huge room to raise dividends beyond FY21. While HPHT is likely to maintain a DPU of 12 HKcts for FY21F with a flattish earnings outlook, we believe there is room for DPU to be raised as the Trust’s gearing is now substantially lower than a few years ago. Even if earnings stay flat, this is a higher level of core profitability than in FY18 when DPU was 17 HKcts, and when the debt repayment programme was already ongoing.

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09 Apr 2021 09:01 #25695 by Sharpshooter

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10 Apr 2021 11:59 #25696 by Sharpshooter
In March, major Chinese coastal hub ports’ cargo throughput increased 10.9% comparing with the same period of last year. Container volume at eight major ports increased 14.5%.

According to the statistics released by China Ports and Harbors Association, export container volume increased 8.7% while the domestic volume increased 18% in late March. Among which, the port of Ningbo-Zhoushan and Shenzhen posted a growth rate of over 30%.


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