- 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.
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- 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.
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- 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.
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