UOBKayhian on 12 Feb 2014
FY14F PE (x): 27.1
FY15F PE (x): 25.4
Revenue softened 0.8 % yoy in 4Q13 and 0.3% yoy in 2013. Revenue including other income was HK$3,122m in 4Q13, -0.8% yoy, and HK$12.4b in 2013 (-0.3% yoy). Throughput in 4Q13 decreased 11.6% in HIT but increased 4.7% yoy in Yantian. The yoy decline in 4Q13 ASP in Hong Kong was due to the concession given to ship liners as compensation for the impact from a strike. ASP in YICT slightly suffered from adverse throughput mix of containers from liners.
Maintain BUY but cut target price to US$0.80 from US$0.88, based on a 3-stage DCF model and on our revised earnings estimates. 2014F dividend yield of 8.1% looks attractive among Singapore-listed trust/REITs with large market caps.
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