HPH Trust

HPH Trust: Yantian Port vol pick up in Apr. Yantian Port data for Apr looked more encouraging, with vol, +6% YoY to 822.5k TEU. YTD vol growth at Yantian Port turned positive for the first time this year, at 1.2%. Over at HK Port's Kwai Tsing terminals, Apr vol was slightly higher YOY, and YTD vol growth now stands at 3.6% YOY. HK International Terminals vol was the most stellar, growing close to 9% in 1Q12. The higher growth at HIT is partly from higher transhipment vol handled, and thus, lowers average ASPs for HPHT. DBSV highlights potential catalysts to stock price from better Yantian Port data and expect a more sustainable YOY recovery in vol to be noticeable from Apr12 onwards. During discussions, mgt has indicated that vol have started to pick up in April and May, and export bookings to the US are looking better, though EU mkt still remains weak. At current price, grp trades at 9% yield and 0.7x P/B. DBSV TP at US$0.85.