DBS Vickers Securities in a Feb 22 research report says: "4Q11 revenue came in at HK$3,089 million, slightly ahead of our estimates as throughput growth held up well on the back of a delayed peak season. Operating costs were again well controlled, with staff costs tracking below IPO estimates.
"Overall, net profit and free cash flows were well within guidance and the Trust declared 23.4 HK cents or 3.0 US cents DPU for 2H11, as expected. We expect free cash flow growth of c.4% in FY2012, and our revised FY2012 DPU estimate of 6.3 US cents is about 5% off IPO guidance, which the management remains committed to.
"Yield remains attractive at ~8.5% at current prices. Coupled with c.5% growth in DPU over the near to medium term, HPH Trust offers good value. Target price of 85 US cents. MAINTAIN BUY."
"Overall, net profit and free cash flows were well within guidance and the Trust declared 23.4 HK cents or 3.0 US cents DPU for 2H11, as expected. We expect free cash flow growth of c.4% in FY2012, and our revised FY2012 DPU estimate of 6.3 US cents is about 5% off IPO guidance, which the management remains committed to.
"Yield remains attractive at ~8.5% at current prices. Coupled with c.5% growth in DPU over the near to medium term, HPH Trust offers good value. Target price of 85 US cents. MAINTAIN BUY."
No comments:
Post a Comment