HPH Trust

HPH Trust: 3Q12 results below expectations. Revenue rose 2.6% yoy to HK$3.3b, but net profit was down 15% yoy to HK 602m, on higher costs of service and FX losses. Mgt guided for a cautious 4Q outlook, but maintained its DPU guidance of HK51.24 cts, which will translate into a yield of 8%.