HPH Trust: Deutsche maintains Buy but trims TP to $0.80. House note that despite the start of the peak season, 3Q container throughput growth decelerated from 2% yoy in 2Q to negative 3% yoy in Shenzhen, and from 7% yoy in 2Q to 2% in Hong Kong. Thus, trim throughput growth forecasts for HPH Trust from 4% yoy to 2% yoy in 2011 and from 5% yoy to 2% yoy in 2012.
Add that current share price already reflects an expected slowdown and at the current price, the Trust is offering a prospective DPU yield of 8.2% in FY12.
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