SINGAPORE Feb 12 Hutchison Port Holdings Trust
slumped to a more than seven-week low on Wednesday
after weak quarterly results, lagging behind the Singapore
market, which was headed for a fifth day of gains.
Unit price of the port container business trust fell as much
as 2.3 percent to $0.645, its lowest since Dec. 20.
The benchmark Straits Times Index was up 0.4
percent at 3,040.27 points as of 0348 GMT, while MSCI's broadest
index of Asia-Pacific shares outside Japan
gained more than 1 percent.
HPH Trust said net profit in the Oct-Dec quarter dropped
46.9 percent from a year earlier. Its 2013 net profit fell 25.1
percent, amid the slump in the shipping market and weighed down
by costs due to a strike by port workers in Hong Kong last year.
Barclays Research maintains a neutral rating on the trust
with a target price of $0.78, citing limited growth
"We view the company as having limited growth opportunities,
given weak container volumes in Southern China, and limited
expansion inherent in the trust structure," Barclays said in its
Barclays prefers competitors COSCO Pacific Ltd and
China Merchants for their better growth outlook their
recent overseas expansion.