HPHT briefly underperformed the broader Drewry port equity index in 2H21, but thereafter the stock resumed its relative outperformance. Despite the recent outperformance, the company’s stock remained in the undervalued territory, based on its current EV/EBITDA multiple, which is below compared to its peers and its long-term average. We continue to believe that at the current price the stock is value accretive for mid-to-long term investors. We reiterate our Attractive rating on HPHT with a fair ...
HUTCHISON PORT HDG.TRUST (SG), a company active in the Transportation Services industry, sees its general evaluation downgraded to Neutral on account of a double requalification. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour has also deteriorated and is evaluated as moderately risky. theScreener believes that the loss of a star(s) and the increased risk justifies the general evaluation downgrade, which passe...
Until mid-2020, the stock price of Hutchison Port Holding Trust was on a downward trajectory, eroding about 90% of investors’ wealth in nine years of its listing in 2011. However, after the receipt of the Hong Kong Competition Commission’s approval for Hong Kong Seaport Alliance in 2H20, the stock witnessed a strong price reversal. From mid-2020 - to date, the stock is up whopping 147.5% vs Drewry’s equity index gain of 19.6%. On 9 February 2022, stock touched our previously estimated fair value...
The container ports and terminals sector is witnessing increased adoption of innovative technologies such as automation and digitalisation. Higher automation reduces labour costs, which in turn lowers operating leverage and can make operating profit more resilient. However, this may lead to strained relations with the trade union. Currently, terminal operators are opting for varying degrees of automation, depending on their financial and technical resources. We are optimistic about the current a...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
On 26 July 2021, Hutchison Port Holdings Trust (HPHT or the company) announced strong 1H21 financial results. Robust demand from the developed countries (especially the US and Europe), and a lower base of 1H20 helped the company report significantly higher volumes (+13%) and top-line (+25%) in 1H21. Consequentially, the company’s EBITDA jumped by 30% translating into a higher margin of 61.7% (vs 59.2% in 1H20). Moving forward, we expect the current positive trend to continue but the pace of grow...
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 ...
Since its IPO in 2011, Hutchison Port Holdings Trust (HPHT or the company) stock has been on a downward trend (down ~90%). In the more recent years, the company’s equity market performance has been battered by a number of adverse events including i) Hong Kong’s inability to cope with increased competition from its Chinese counterparts, ii) the US-China trade war, and finally iii) COVID-19-led trade disruptions. However, in the past two months the stock has jumped more than 60% from its lows repo...
Based on our quantitative analysis, we anticipate two significant movements in the FSSTI review for Sep 19: a) exclusion of Hutchison Port Holdings Trust (HPHT), and b) inclusion of Mapletree Commercial Trust (MCT) from the FSSTI. This was due to the 31.7% fall in the market cap of HPH Trust in the past three months, creating a window for MCT whose market cap has risen 4.7%. While SPH’s market cap had fallen by 15.4% in the same time frame, its market cap ranking of 36th is still well above th...
Hong Kong, February 14, 2017-- Moody's Investors Service says that Hutchison Port Holdings Trust's full-year 2016 results were in line with Moody's expectations and support its Baa1 issuer ratings and stable outlook. "HPHT's softened operating performance in 2016 was consistent with our view of the challenging operating environment for the overall port industry," says Osbert Tang, a Moody's Vice President and Senior Analyst. HPHT's total throughput volume fell by 6%...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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