Hutchison Port Holdings Trust - OCBC Investment 2023-02-09: Expecting Flat Throughput Volume Growth

• Hutchison Port Holdings Trust's FY22 DPU was HK$0.145.
• Total container throughput of HPHT declined 7% y-o-y in FY22.
• Full-year DPU guidance of HK$0.14 to HK$0.15 in 2023.

HPHT's FY22 PATMI dropped 37.1% y-o-y

• - Read this at SGinvestors.io -
• Hutchison Port Holdings Trust’s operating performance in 2H22 was impacted by the closure of borders due to China’s zero-COVID policy, surging COVID-19 cases, supply chain disruption, and weaker outbound cargo to the US and Europe.
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Throughput of YICT and Kwai Tsing fell 4% and 11% y-o-y

• The container throughput of Hutchison Port Holdings Trust declined 7% y-o-y in FY22, with the throughput of YICT decreasing by 4% y-o-y while the combined throughput of HPHT Kwai Tsing was down by 11% y-o-y. The decline of throughput of HPHT Kwai Tsing was mainly due to lower local and transhipment cargos. Throughput at YICT was also impacted by lower US, Europe and transhipment cargos.
• Overall, outbound cargos to the US and Europe were 12% and 13% lower y-o-y respectively in 2022.

Expecting a flattish throughput volume growth in 2023

• Read more at SGinvestors.io.

Chu Peng OCBC Investment Research | https://www.iocbc.com/ 2023-02-09 SGinvestors.io

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