HPH Trust

HPH Trust: China container throughput slightly decelerated in July to 3% (vs 5% in Jun), and daily volume decreased 2% mom. Foreign/ domestic trade y/y growth was 4% /0.4% in Jul, vs 5% / 4% in Jun. For HPHT, Yantain port's Jul volume growth was 4%, down from 8% y/y in Jun. UBS is looking for growth recovery in Aug, esp at Yangtze River Delta, whose Jul volume is being temporarily affected by a typhoon. Expects additional profit growth from tariff hikes by some key hub ports.