HPH Trust

HPH Trust: UBS adds HPH Trust to Most Preferred post TP upward revision to US$0.88. Prefer HPH Trust for its 100% focus on ports, and an attractive dividend yield of 8%+ in 2012E. Moreover, it is the best beneficiary of US economic recovery as Yantian has the highest US route exposure among all Chinese ports. Despite Yantian’s flattish volume in Q112, expect volume to recover from Q2 onwards, with better-than-expected volume growth during peak season to be stock catalysts.