- Hutchison Port Holdings Trust reported a net profit of HKD 650mil for FY24, exceeding Bloomberg consensus and our forecast by 82% and 76%, respectively, representing a 178% y-o-y increase.
Robust FY24 performance.
- - Read this at SGinvestors.io -
- The strong performance was further supported by stringent cost controls, reflected in a 0.7% y-o-y decline in the cost of services and a 3% y-o-y reduction in total operating expenses.
Volume resilience and mild ASP growth to support FY25 top-line growth.
- Despite a high base and the impact of US tariffs, the company has guided for low single-digit throughput growth of 1-2% at Yantian in FY25, while the decline in Hong Kong port throughput (-6% y-o-y in FY24) could stabilize.
- - Read this at SGinvestors.io -
- For average revenue per TEU (ASP), we expect slight growth in FY25, as Yantian's limited capacity expansion supports pricing leadership and CPI-based adjustments.
DPU declined 8% in FY24; further pressure expected in FY25.
- 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/.
Maggie WANG DBS Group Research | Paul YONG CFA DBS Group Research | https://www.dbs.com/insightsdirect/ 2025-02-10
Previous report by DBS:
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 Dividend Payout Dates & Corporate Actions,
Hutchison Port Holdings Trust News
