- Hutchison Port Holdings Trust (HPHT, SGX:NS8U) reported 1H23 net profit of HK$94.9m, which makes up 8% of our full-year forecast. Hutchison Port Holdings Trust's announcement dated 25 Jul 2023.
- - Read this at SGinvestors.io -
- significantly lower storage income as congestion at the terminals eased; and
- RMB depreciation.
- HPHT saw higher expenses on cost initiatives, partially offset by the reduction of throughput volumes and the relaxation of COVID-19 measures, as well as higher interest costs that was mitigated by its debt repayment programme. Meanwhile, taxation increased after the pandemic as some of the tax benefits at Yantian expired.
Interim dividend of HK$0.055 in 1H23 (vs 1H22: HK$0.065).
- - Read this at SGinvestors.io -
- We adjust our DPU estimates downwards to HK$0.145/HK$0.160 in FY23F/24F (previously:HK$0.15/HK$0.20), implying attractive yields of 9.6%/10.6% respectively. We believe that that there is still capacity for the Trust to pay out more dividends as the Trust deleverages to an all-time low.
2H23 to see pick-up in throughput volumes.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Paul YONG DBS Group Research | Tabitha FOO DBS Research | https://www.dbs.com/insightsdirect/ 2023-07-26
Read also DBS's most recent report:
2024-08-27 Hutchison Port Holdings Trust - Overlooked Beneficiary Of Upcoming Rate Cuts; FY24 Yield Of 13% Very Attractive.
Price targets by other brokers at Hutchison Port Holdings Trust Target Prices.
Listing of research reports at Hutchison Port Holdings Trust Analyst Reports.
Relevant links:
Hutchison Port Holdings Trust Share Price History,
Hutchison Port Holdings Trust Announcements,
Hutchison Port Holdings Trust Dividends & Corporate Actions,
Hutchison Port Holdings Trust News Articles
