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Hutchison Port Holdings stock on 'hold' rating by OCBC Investment Research
GIVEN the "vulnerable" shipping industry outlook, OCBC Investment Research is keeping its "hold" call for Hutchinson Port Holdings Trust (HPHT) with an unchanged fair value of US$0.46.
It expects HPHT's throughput volumes this year and next to be dragged down by rationalisation of port usage, reported The Edge Markets, with throughput numbers in February already showing a deteriorating environment.
During the month, HPHT's Kwai Tsing terminals recorded an 18 per cent year on year drop to 973,000 TEU, the first time volumes fell below the one-million-TEU mark in two years. Its Shenzhen throughput volumes also declined 13 per cent in February to 1.6 million TEU.
In a related development, OCBC anticipates the three mega shipping alliances of CKYHE, the Ocean Three and G6 to undergo a restructuring, following their merger and acquisition activities.
It expects HPHT's throughput volumes this year and next to be dragged down by rationalisation of port usage, reported The Edge Markets, with throughput numbers in February already showing a deteriorating environment.
During the month, HPHT's Kwai Tsing terminals recorded an 18 per cent year on year drop to 973,000 TEU, the first time volumes fell below the one-million-TEU mark in two years. Its Shenzhen throughput volumes also declined 13 per cent in February to 1.6 million TEU.
In a related development, OCBC anticipates the three mega shipping alliances of CKYHE, the Ocean Three and G6 to undergo a restructuring, following their merger and acquisition activities.
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