HPHT reported 1HFY2023 net profit of HK$94.9 million ($16.1 million), forming only 8% of the analysts’ full-year forecast. Revenue fell by 20% y-o-y to HK$5,183 million for the period from HK$6,472 million in 1HFY2022.
DBS Group Research analysts have maintained their “buy” call for Hutchison Port Holdings Trust (HPHT) (SGX:P7VU
) with a lower target price of 32 cents from 37 cents previously as they look forward to a “more promising” 2HFY2023 ending Dec 2023.
In their report dated July 26, analysts Paul Yong and Tabitha Foo note that 1HFY2023 was a “challenging period” for the leading port operator in Hong Kong and Shenzhen with lower throughput volumes, significant loss in storage income, a weaker Chinese Yuan and higher interest rates during the period.
