On a m-o-m comparison, the container throughput improved by 4% in November 2022 for Shenzhen. Similarly, Kwai Tsing’s throughput improved by 3% m-o-m in November and December 2022. Overall, Kwai Tsing’s throughput was 15% below its Covid-19 levels in December 2022.
OCBC Investment Research is reiterating its “hold” call on Hutchison Port Holdings Trust (HPHT) with a love fair value estimate of 20 US cents from 26 US cents previously, as analyst Chu Peng has noticed weaker performance at Kwai Tsing and recessionary pressures likely to impact throughput volume.
According to latest industry date, the throughput volume of Shenzhen’s sea port softened 2% y-o-y in November 2022 while the throughput at Kwai Tsing fell 22%/14% y-o-y in November/December 2022.
