HPH Trust:
- 3Q16 results missed, net profit HK$430.2m (-18.2%)
- 9M16 core earnings HK$1.01b (-17.4%), met 64% of full year consensus estimate
- 3Q16 revenue HK$3.27b (-6.8%)
- lower container throughput and average revenue per TEU in HK and Yantian
- 3Q16 Operating margin 35.5% (-2.5ppt)
- bad debt provision for Hanjin, and high depreciation
- Management expects structural changes to shipping industry
- continue to focus on cost improvements- offers indicative yield of 8.6% and trades at 0.74x P/B
- Street is not bullish: - 2 Buy, 7 Hold, 2 Sell, Consensus TP US$0.47
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