- 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.
