HPH Trust: UBS note that first interim result on 3 Aug. House maintain Buy with TP US$1.10. Expect exdividend date to be in mid-Aug and payable date before end Sept, following normal practise.
Volume is weaker than expected, while ASP should be in line. Confident on the HK$0.13/unit div due to better than expected cost savings (especially from interest expense). Current yield is attractive at >8% in 2012E, and believe it is not likely for
dividends to miss although volume missed.
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