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Hutchison Port Holdings Trust | Underweight

April 19 close: US$0.465

Target price: US$0.39

JP Morgan, April 19

Hutchison Port Holdings Trust (HPHT) announced Q1 FY2016 adjusted net profit after tax of HK$210 million (-26 per cent year-on-year) after excluding one-offs, which includes a one-off, after-tax, cash refund of HK$357 million (S$61.6 million) from the government. This decline was driven primarily by an 8 per cent/7 per cent year-on-year drop in total throughput/revenue. Hong Kong volumes fell...

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