HPH Trust

HPH Trust: DMG maintains Neutral with US$0.78TP. Note that latest throughput data released by Cosco Pacific for Yantian and COSCO-HIT contained no major surprises and YTD volume growth were within estimates. Yantian saw stronger growth of +5.1% YoY in May 2012, lifting its YTD May volume growth to +2.1% YoY. At COSCO-HIT, throughput rose +1.7% YoY in May 2012, slightly higher than the overall throughput growth at Kwai Tsing terminals, which came in at +0.6% YoY. Overall, maintain Neutral on HPH Trust with an unchanged DCF TP of US$0.78. FY12F DPU estimate (6.07US¢) is 8% below mgt’s guidance and implies a yield of 8.37% based on its last closing price