Hutchinson Port Holdings: UBS maintains Buy, but reduces TP to $1.10 from $1.17. Note that Trust has stable business with high div payouts and has maintained good growth in 4M11 as Yantian delivered 6% yoy growth in 4M11. Major advantages over its peers are:
1) stronger cash flow control, as evidenced by its high payouts and few minority investments;
2) its tariff leadership in the PRD, with the ability to charge a premium;
3) having the best waterway conditions in the region.
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