Tuesday, August 20, 2013

HPH Trust

HPH Trust: Barclays maintains Equalweight, but lowers TP to US$0.78 from US$0.86, notes the group is reaching maturity with limited growth opportunities, given weak container volumes in Southern China and limited expansion inherent in the trust structure. Barclays lowers 2013-15 earnings forecasts and TP, on the back of lower volume forecasts. Prefers COSCO Pacific (OW) in the event of the removal of the parent overhang.

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