Hutchison Port Holdings Trust
Despite the significant run-up in the past year (up 113%), we believe the stock of Hutchison Port Holdings Trust (HPHT or the company) still has the potential to move upwards. The company, after consolidating its position in the Hong Kong market, has sensed a long-term opportunity in China and opted to expand its operating capacity. In the past three quarters, Chinese container volumes have surged benefitting from the robust demand recovery (especially from the developed world). We believe this trend will roll over to 2H21, but the pace of growth should start to flatten out as the low-base effect of 2020 starts to phase out. Also, ports (in general) should also benefit from the current upcycle in the liners’ industry with a lag of 6 to 12 months. Furthermore, compared to its peers, HPHT’s stock trades in undervalued territory. Cumulatively, these points highlight the upside potential for the investors to capitalize on.Hutchison Port Holdings Trust is a container port business trust. Co. is engaged in investing in, developing, operating and managing deep-water container ports in the Guangdong Province of the People's Republic of China, Hong Kong and Macau. Co. may also invest in other types of port assets including river ports, which are complementary to the deep-water container ports owned by Co., as well as undertake certain port ancillary services including, trucking, feedering, freight-forwarding, supply chain management, warehousing and distribution services. As of Dec 31 2014, Co. owned interests in four deep-water container ports located in Kwai Tsing in Hong Kong and Shenzhen in China.
Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.
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