HPHT: Citi maintains Sell with TP cut from US$0.80 to US$0.78. Throughput at Yantian is below expectations but sees modest downside risks as yields and transshipment mix appear stable and volume have been tracking inline with mgmt guidance…
House believes that near-term volume migration at neighbouring MTL terminal will weigh on HK ports as a whole and believe other China ports will capture a larger share over time. At 24.6x 2012e earnings HPHT is trading over twice of Cosco and China Merchants’ avg which is still rich despite being more palatable. Co expects 7.3% annualized yield in 2011 at current lvls.
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