Brokers' take

Hutchison Port Holdings Trust | Hold (upgraded) Feb 25 close: US$0.235 Target price: US$0.22 OCBC Investment Research, Feb 25

SINCE our downgrade to "sell", Hutchison Port Holdings Trust's (HPHT) share price has fallen 9.6 per cent till Feb 22's closing. Including dividends, HPHT posted a total return of -5.6 per cent, 7.7 percentage points below the STI's total return for that period.

At Feb 22's closing price, as FY18's large non-cash impairment has reduced net asset value per unit to HK$3.07 or ~US$0.39, HPHT is trading at a historical price/book of 0.6 times, which is relatively unattractive. Our forecasted dividend yield for FY19F is 7.1 per cent as at Feb 22's close.