HPH Trust

HPH Trust - No co. specific news today, although note that yield stocks are coming under pressure, on renewed speculations / fears that the Fed Tapering could come earlier than expected. Note also that recently the Capital Group has ceased to be a significant shareholder after paring down its stake to 4.5% from 5.1%, via open market sales at an average US$0.68 per share. In its latest 3Q13 results, revenue grew to HK$3.46b (+1% y/y, +10.9% q/q), as lower throughput was offset by higher revenue per box . Net profit however, came in at HK$539.2m (-8.4% y/y, +28.2% q/q), slightly below consensus of HK$543m, due to higher interest and other finance costs, and lower contributions from joint ventures. Management remains confident it can deliver FY13 DPU of HK$0.40, which translates to an ~7.1% forward yield.