HPHT: Results slightly above consensus. FY11 DPU at HK37.7c (IPO forecast was HK37.4c). Net profit was approx HK$2.0b on cost savings and higher contribution from JV.
Throughput growth at 4% was lower than IPO target of 7-8% mainly due to weaker trade flows with US and Europe, though HPHT ports gained mkt share most notably in HK.
Co has guided that DPU target of HK$0.51 will be maintained for FY12 (approx 11% yield at last done price). Though demand from Western world is expected to remain soft, transshipment, emerging mkts and intra-Asia trades could offset weakness.
Deutsche maintains Buy with TP$0.83. JP Morgan maintains Buy with TP$0.80. HSBC downgrades to Neutral with unchanged TP$0.76.
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