HUTCHISON PORT HOLDINGS TRUST
NS8U.SI
Hutchison Port Holdings Trust - HK Kwai Tsing throughput down 1.5%; Shenzhen down 1.3%
- Hong Kong Kwai Tsing Container Terminals throughput fell 1.5% YoY to 1.3m TEU in Aug. This was an improvement over Jul’s 4.5% YoY decline and May’s 4.9% decline.
- The smaller YoY decline in Aug is in part due to a comparison with lower base as the decline in throughput at Kwai Tsing started in 2H15 (-2.1% YoY in 3Q15, and - 6.3% YoY in 4Q15). Year-to-date (YTD), throughput at Kwai Tsing has fallen 7.7% YoY. That said, our throughput growth forecast for Hutchison Port Holdings Trust’s (HPHT) Hong Kong ports remains at -8% for FY16 and -4% for FY17.
- Shenzhen container throughput was down 1.3% YoY in Aug, compared to 0.4% up in Jul and -4.3% in Jun. YTD throughput growth was flat at 0.0% YoY. Our throughput growth forecast for YICT is 0% for FY16 and 2% for FY17.
- We maintain our HOLD rating on HPHT with a fair value of US$0.46.
Deborah Ong
OCBC Investment
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http://www.ocbcresearch.com/
2016-10-04
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