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Last target price by DBS was 33 cent, share price was around 0.235/0.24 for a long time! With a revised 37 cents upgrade, how much can the share price go up? Now share price is 0.265 max cum dividend, just a thought! Vested dyodd
DBS raises HPH Trust target price to US$0.37
DBS Group Research maintained its " buy" call on Hutchison Port Holdings Trust (HPH Trust) and raised its target price to US$0.37 from US$0.33 on strong FY2021 earnings and a resilient outlook.
In a research note on Thursday (Feb 10), analyst Paul Yong lifted estimates for FY2022 by 25 per cent after HPH Trust reported a net profit growth of 110 per cent year on year to HK$1.75 billion (S$301.7 million), 58 per cent above DBS' s forecast.
He noted that higher storage income was the main contributor to the trust' s strong performance and expects this to continue into the new financial year.
" While it remains to be seen if the same magnitude of storage income can be recorded in FY2022, we think that this revenue stream will remain significant in FY2022, given the still ongoing port congestions and Covid outbreaks in China and globally," the analyst said.
Yong predicts FY2023 earnings will remain similar to FY2022 on the back of higher container handling rates and lower costs offsetting lower storage income.
HPH Trust' s earnings are anticipated to stay " resilient" in the next few years despite short-term volume uncertainty and higher interest rates, the analyst said. He attributes this to the trust' s cost management programmes that have helped it to lower its cost base and reduce debt by nearly HK$5 billion in the last 5 years.
According to the analyst, HPH Trust would not be greatly affected by the expected increase in the Federal Reserve' s funds rate as 80 per cent of its debt is on fixed rates.
Yong sees more upside to the distribution per unit guidance of 14.5-15.5 Hong Kong cents in FY2022. He believes there is room for a raise in dividends because of the trust' s " strong cash flow generation, resilient earnings, and a rapidly improving balance sheet" .
This comes after HPH Trust declared a final dividend of 8 Hong Kong cents, which brought full year dividends to 14.5 cents, 0.5 cent higher than DBS' s estimate.
With a 7.9 per cent prospective yield, the stock is attractive in Yong' s view.
recovery in place
Brokers' take: DBS raises HPH Trust target price to US$0.37
Hutchison Port Holdings Trust raises H2 DPU to HK$0.08
HUTCHISON Port Holdings Trust (HPH Trust) HPH Trust USD: NS8U +10.64% posted a distribution per unit (DPU) of 8 Hong Kong cents for its second half ended Dec 31, 2021, up 3.9 per cent from 7.7 cents a year ago.
This brings its DPU for the full year to 14.5 cents, from 12 cents in the year-ago period, HPH Trust said in a bourse filing on Wednesday (Feb 9).
For the full year, HPH Trust posted a profit of HK$1.75 billion (S$301.7 million), a 110.1 per cent increase from the HK$831.4 million posted in FY2020.
This was driven by higher storage income and lower interest expenses at some of its terminals.
Its revenue and other income for FY2021 was up 24 per cent to HK$13.24 billion, from HK$10.7 billion a year ago.
HPH Trust said full-year throughput of its ports was 4 per cent higher than the previous year.
Throughput from Yantian International Container Terminals was up 6 per cent, largely due to an increase in outbound cargoes to the US and Europe as well as empty cargoes.
Meanwhile, the combined throughput of HPHT Kwai Tsing - which comprises Hongkong International Terminals (HIT), Asia Container Terminals (ACT) and Cosco-HIT - was comparable, although marginally lower.
Additionally, HPH Trust also recorded a 116.3 per cent on-year increase in its other operating income to HK$417.9 million for FY2021, which it attributed to higher government subsidies.
Distributable income for the half year was up at HK$696.9 million, from HK$670.8 million a year ago.
As for FY2021, the total distribution for the year was HK$1.26 billion, from HK$1.05 billion a year ago.
The distribution will be paid out on Mar 25, after books closure on Feb 17.
HPH Trust noted that 2021 was " a challenging but rewarding year" , as it posted improved financial results amid increased volume and cost control.
For 2022, it expects the shortage of empty containers may exert future pressure on the global supply chain as manufacturing in China picks up after Chinese New Year. Supply chain disruptions and global port congestions will also likely linger for an extended period of 2022, HPH Trust added.
Good run and vested
but wondering if the good DPU will sustain in 2022 as well
2021 was great because of the shutdowns in the China ports etc.. port congestion..
we are still in Jan 2022 and wondering if the port congestion, warehousing demand will subside
dividend 0.0138
Barcalo ( Date: 09-Feb-2022 17:06) Posted:
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How much is the dividend per share this round?
Hang on first....the results just came out...wait till all the financial bloggers rerating it...Paul Yong says TP is 0.33....if you don' t want to take risk....maybe sell it one day before XD
alexmay34 ( Date: 09-Feb-2022 15:51) Posted:
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Yeah...seems like today alone already make another 10% gain on paper....in the first place this stocks has been trading under value for so long....ka ka hoot!!!
Those we hold from Sep 2021 to now already made 10% capital gain with about estimated 8-9 % dividends ( basing on at least 2 US cents for year 2021).
Hpht is recommended for mid /long term investors as dividends payout should be higher and higher for at least the next two years! Stock price should ram up even faster every each year !
Oldbird ( Date: 29-Sep-2021 22:41) Posted:
DBS report on HPHT on 29/9
Brief summary:
Higher dividend within reach
Recommendations buy with TP 0.33 usd on the back of strong throughput growth and resilient earnings ....
2021E Dividend payout highest in three years. With more room to grow in medium term. (Projected 11-14 hkd cents, admitted being Conservative among consensus)
Undemanding valuations good time to buy.
At 0.225 paying a dividend of 8%, but has potential of paying much higher dividend following sharp improvements in earnings and significant Lower gearing level.
Please check the full report, vested dyodd.
Oldbird ( Date: 17-Sep-2021 21:57) Posted:
13.3 M share last minutes bought up to 0.23 cents probably caused by shortlist cover back their positions. ( most who shorted down from 0.225 to 0.192 recently probably got their fingers burned today) !
Shortists had been enjoying shorting this stock since a year after IPO , 2012 till 2019 when the DPU declining from 6 US Cents to1.4 cents. Stock price plunged from USD 1 dollar to as low as 9 cents !
Year 2020 saw the first increase of DPU from 1.4 to 1.53 US cents and this year projected to be 1.8 ~2 cents ( XD 0.083 cents first half). As stock price always project the future, price should likewise rise much faster than the increase in DPU in the next few years.
I think this stock is going to Pro the long term value investors than the shortists at least for the next several years.
Vested dyodd
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Looks like the market likes the results
Very stingy. Lots of cash.
sure.can.work ( Date: 09-Feb-2022 14:21) Posted:
No good, considering the profits that they made and the cash on hand they had.....last year they already gave 0.77.....on the other hand...if your entry price is low....then this Trust beats many other stocks.....ask yourself how many profit making company paying more than 8% div annually? I buy this for my retirement and hedging against inflation
alexmay34 ( Date: 09-Feb-2022 13:58) Posted:
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No good, considering the profits that they made and the cash on hand they had.....last year they already gave 0.77.....on the other hand...if your entry price is low....then this Trust beats many other stocks.....ask yourself how many profit making company paying more than 8% div annually? I buy this for my retirement and hedging against inflation
alexmay34 ( Date: 09-Feb-2022 13:58) Posted:
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The presentation slides are so awful!
For 2HFY2021
alexmay34 ( Date: 09-Feb-2022 13:58) Posted:
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8 hk cents dpu any good?
Judging from the trade volume and price risen the last few days...high chance
Personally I think it will be very good, because despite Yantian close in May, the first half already stellar, there wasn' t negative news in second half and the ports are as busy as they are.....also noticed there are lots of cash balance in the half year balance, whether they use that to pair down the debt or give out to us extra div this time....it will be positive news to us
Results are coming out today. Hopefully it is good!
China&rsquo s big Shenzhen plans aim to transform the Greater Bay Area, and Hong Kong&rsquo s role is critical
https://www.scmp.com/economy/economic-indicators/article/3165178/chinas-big-shenzhen-plans-aim-transform-greater-bay?utm_source=copy_link& utm_medium=share_widget& utm_campaign=3165178
