According to Ng, writing in his June 24 note, HPH Trust's FY2025 results reaffirmed that its terminals in mainland China have shown operational resilience. Revenue, operating profit and profit attributable to unitholders all indicated improvements.
Ng Xin Yang of uSmart Securities has downgraded his call for Hutchison Port Trust Holdings to "hold" from "buy", along with a lower target price of 19 US cents, down from 25 US cents, after forming a view that operational improvements and better cash flow generated by the terminals owned by the trust may not necessarily translate to better payout for unitholders.
From his perspective, the key investment issue for HPH Trust is therefore cash-flow pass-through.
