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Hutchison Port Holdings Trust
20-08-2018, 09:50 PM.
Post: #231
RE: Hutchison Port Holdings Trust
(02-02-2018, 02:55 PM)sykn Wrote: Does any VB know why this stock has become so unloved today?

The drop in price to this level is unprecedented and quite sudden.

Any news on latest happening out there to share? Thanks so much.

Is it sudden? Their price has been on a steady decline for past few years, matching their shrinking profit especially for past few quarters.

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21-08-2018, 02:46 PM.
Post: #232
RE: Hutchison Port Holdings Trust
(20-08-2018, 09:50 PM)choonlim Wrote:
(02-02-2018, 02:55 PM)sykn Wrote: Does any VB know why this stock has become so unloved today?

The drop in price to this level is unprecedented and quite sudden.

Any news on latest happening out there to share? Thanks so much.

Is it sudden? Their price has been on a steady decline for past few years, matching their shrinking profit especially for past few quarters.

Hi Sykn, Choonlim is right. The slight is not sudden. It slights from day One.

Date                      Price

IPO                       $1.00 +/-
July 2011              $0.85 +/-
July 2012              $0.78 +/-
July 2013              $0.73 +/-
July 2014              $0.72 +/-
July 2015              $0.60 +/-
July 2016              $0.46 +/-
July 2017              $0.43 +/-
July 2018              $0.28 +/-

Today you can get it for $0.26

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22-08-2018, 08:58 AM.
Post: #233
RE: Hutchison Port Holdings Trust
i still remember that the HKSE rejected this listing; only our local exchange is so hungry and greedy for fees to take in this counter. The same goes for the many penny china stocks they accepted for listing from 2005-2007, seriously are they so desperate for fees?

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22-08-2018, 09:46 AM. (This post was last modified: 22-08-2018, 09:50 AM by weijian.)
Post: #234
RE: Hutchison Port Holdings Trust
hi money,
The "rejection" by HKEX came about because at the point of listing, HKEX did not have the business trust structure that Superman Li would have wanted (pay out of FCF, require 75% to vote out the manager etc). Subsequently, HKEX changed its rules in the same year and attracted Superman Jr to list on HKEX using a similar structure with HKT Trust. This is no different from HKEX and SGX losing to NYSE on Alibaba and Manchester United respectively, due to the former's lack of a dual class structure.

Looking at the uproar in HK then and HKEX's subsequent actions to introduce something similar, probably the rejection was the other way around i suppose?

In March 2011, Hong Kong lost a US$5.5 billion IPO when Hutchison Port Holdings Trust, controlled by Asia’s richest man, Li Ka-shing, listed in Singapore as Hong Kong did not allow business trusts. Trusts come with unique shareholding structures that Hong Kong opposed for years, though they have been welcomed in markets from Bangkok to Kuala Lumpur.

That loss prompted heated debate among bankers, government officials and legislators concerned that Hong Kong was losing a competitive edge on listings. Months later, officials were able to create a structure similar to business trusts – called a single investment – and in November of that year PCCW, headed by Li’s son, raised US$1.2 billion with the listing of HKT Trust.

https://www.scmp.com/business/companies/...ting-rules

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22-08-2018, 10:34 AM.
Post: #235
RE: Hutchison Port Holdings Trust
The reality is many big blue chips chose HKSE over SGX , the giant banks /Companies from China . Even our own listed OSIM also applying to list there after taking private . It seems our World-class SGX  can only take what they don't want .
“risk comes from not knowing what you’re doing.”
I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.

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22-08-2018, 03:36 PM.
Post: #236
RE: Hutchison Port Holdings Trust
hi cfa,
If you have your business in China, you will most probably be courting criticism (like Jack Ma did) by not listing in China or HK. You are right that the reality is the big boys from China (and others like Prada and AIA) choose HKEX. But we gonna also recognize the reality without a hinterland like HK has, SGX never had a chance. In UFC terms, it is like squaring up Frank Mir (heavyweight) against TJ Dillashaw (bantam weight).

We probably should stop here about the contrast between HKEX and SGX to risk been out of topic.

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13-02-2019, 05:00 PM.
Post: #237
RE: Hutchison Port Holdings Trust
[b]Temasek/PSA keep averaging down non stop  after IPO . The loss is even more now . [/b]
[b]PSA is diving  deeper into this quick sand but Li Ka Sing is laughing to the banks.[/b]



[b]Brokers' take: OCBC downgrades HPH Trust to ' sell' DBS maintains ' hold' [/b]
WED, FEB 13, 2019 - 11:54 AM

OCBC Investment Research has downgraded its call on  Hutchison Port Holdings Trust (HPH Trust) from " buy" to " sell" , on the back of an unexpected HK$12.3 million (S$2.1 million) non-cash impairment loss, while DBS Group Research has maintained its " hold" rating on the counter, with a target price of US$0.26.  

OCBC' s current fair value estimate of US$0.22 represents a 9 per cent downside from the counter' s Feb 12 close of US$0.26.  

In a research note released on Wednesday, DBS noted that the trust' s non-cash impairment charges reflected an " uncertain outlook" and other structural changes within the shipping industry.  

" The non-cash impairment reduces NAV (net asset value) per unit by 31 per cent quarter on quarter to HK$3.07 or about US$0.39, which in turn means HPH Trust is trading at a historical P/B (price-to-book ratio) of 0.66x, using Feb 12' s closing price. " While this figure is still below the five-year average of 0.73 times, we no longer find HPH Trust&rsquo s price levels attractive, given the macro uncertainties," said OCBC analyst Deborah Ong.  


https://www.businesstimes.com.sg/companies-markets/brokers-take-ocbc-downgrades-hph-trust-to-sell-dbs-maintains-hold

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