HPH TrustL Deutsche has key take away from its China Conference in Beijing.
Note that in 2012, HPHT expects throughput vol to grow 6-7% mainly driven by transhipment and intra-Asian cargo. Co. states that 4Q11 throughput vol has been better than its 3Q11 vol, which typically is the peak season for port operators. Thus, see very little risk for HPHT to miss its 2011 dividend payout guidance.
Add that absolute tariffs are unlikely to increase in 2012 given the current challenging environment in the West. However, Co. still expects a slight increase in effective ASP – though noting any increase is not a given.
Overall, house maintain Buy Call on HPHT as believe risk/reward remains attractive, with more than 8% yield in forecast years.
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