HPH Trust

HPH Trust: DBS maintains Buy but lowers to TP$0.85 from US$0.95. Throughput at Yantian is currently up 0.3% yoy. House est 2.3% growth for US GDP and 0% for Eurozone in 2012, hence volumes in HK and Yantian are expected to show modest growth and not decline in 2012. With strong operating profit margins and cash flows, HPH Trust is expected to payout 6 US cents in div nxt yr which is not lower than 2011. At current prospective yield of 10%, house believes co is undervalued.