HPH Trust

HPH Trust: On the recent share price decline, mgmt commented that operations remained normal and they were not aware of any company specific issues. To some extent, the decline might be due to position cut by some major shareholders. DB believes the cautious guidance by mgmt post 3Q results could be a contributing factor, further exacerbated by comments that the cashflow/earnings could not support paying out 40¢ DPU this year. At current share price of US$0.61, DB maintains a BUY with US$0.83 TP. Dividend yield is extremely attractive, even with downside risk on DPU. Plus, from an operational perspective, HPH Trust could potentially see stronger output growth given the G3 recovery ahead.