Hutchinson Port Holdings

Hutchinson Port Holdings: CS initiates at UnderPerform with $0.80 TP (note that CS was not part of the mega IPO book running team, which involved a slew of well-known investment banks). Tip Trust as an expensive pure PRD port play with less attractive growth outlook. Add that Trust offers an annualised 6.4% and 7% FY11-12 div yield, slightly below the average yield of SG-listed REITs or listed shipping trusts.