HPH Trust

HPH Trust: SCB maintains O/p with TP US$0.75. Notes that despite a poor throughput performance, believe the 2013 dividend of HK$0.40 guided by management is achievable. Believe HPHT’s throughput should grow in 2014 due to increased international transhipments via Yantian, the low base of 2013, and improving global trade in 2014. Recent share price pullback has made valuations attractive. A 2014E dividend yield of 8.4% is close to 1 SD above the company’s historical average.