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Monday, March 11, 2013
HPH Trust
HPH Trust: DMG notes that Group's recent acquisition of Asia Container Terminal (ACT) at a total enterprise value of HKD3.917b, to be funded by debt (increases net gearing from 27.7% to 32%), is expected to be EPU and DPS accretive. The accretion is due to the resulting higher market share and enlarged liner clientele base, which would boost economies of scale and cost synergies on improvements in operating efficiencies. House increases earnings by 2%/ 0.5% for FY13/ FY14, consequently, this raises its DPU projections from HKD0.46/share for FY13 and FY14 to HKD0.47 per share respectively, translating to a yield of 7%-8% for FY13-FY14. DMG upgrades HPH Trust to a BUY, with TP of US$0.85.
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