HPH Trust

HPH Trust - Note that China had just rejected the P3 alliance proposal by Maersk, MSC and CMA, highlighting that once of the reasons was that the P3 alliance could increase their bargaining power against ports. The latest move could be seen as being mildly positive for port operators. UBS however did reiterate their Sell call on HPH Trust to reflect its concern in dividend downside in 2015/16, preferring China Merchants as their top port operator pick.