Goldman Starts Hutchison Port At Buy , US$1.16 Target-投资理财-新加坡狮城论坛

Goldman Starts Hutchison Port At Buy, US$1.16 Target

Goldman Sachs initiates coverage of Hutchison Port Holdings Trust (NS8U.SG) at Buy rating, with a US$1.16 target price. "We think HPHT is attractively valued, offering 6.4% 2011E DPU yield versus 5%-6% for high-yield Hong Kong/Singapore stocks," Goldman says. It expects a 10% growth in annual revenue CAGR and EBITDA CAGR for Hutchison Port in the FY10-FY14 period, driven by 7% port volume growth and a 1%-3% tariff increase each year. It sees growth potential in the portfolio ports from "pricing power on trade recovery", "limited new supply in the Pearl River Delta region", "gradual expansion of the catchment area outside Guangdong" and "accelerated intra-Asia trade, driving port volumes and tariff increases, as a more balanced trade flow means fewer empty containers." Hutchison Port is +0.5% at US$0.945.([email protected])
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(END) Dow Jones Newswires
April 24, 2011 22:19 ET (02:19 GMT)

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发表于 25-4-2011 11:24:46 | 显示全部楼层

UBS Initiates Hutchison Port Holdings At Buy
4/25/2011 10:18:00 AM

0218 GMT [Dow Jones] STOCK CALL: UBS starts Hutchison Port Holdings (NS8U.SG) at Buy, with a US$1.17 target, on the trust's commitment to a high dividend payout, and its nature as a pure and mature container port operator. "We believe HPH Trust's focus, strategy and long history provide it with a competitive advantage over peers," the house says. It notes the trust has committed to payout 100% of its distributable income as dividends, and forecasts a payout ratio of 139% in 2011, 171% in 2012. "The high payout ratio is supported by HPH Trust's mature container assets and low future capex requirement," UBS says. "In addition, the trustee manager has an incentive to provide higher dividends, as it will receive a performance fee if actual dividends are above forecasts." It says its price target implies a 5.8% dividend yield in 2012 vs 6.2% and 6.9% for Singapore-listed REITs, infrastructure trusts respectively, and 2.7% for listed port operators. The stock is up 0.5% at US$0.945. ([email protected])