One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

One-Stop Financial Services

uSMART Securities Pte Ltd

Equity Bottom-Up

Hutchison Port Holdings / Equity Bottom-Up

<ul><li>Hutchison Port Holdings Trust is a Singapore-listed container port business trust investing in, developing, operating and managing deep-water container port assets in Guangdong Province, Hong Kong and Macau.</li><li>Its key assets are Hong Kong’s Kwai Tsing terminals and YANTIAN in Shenzhen, with YANTIAN now the core operating engine and Chinese Mainland contributing most of the group revenue.</li><li>We downgrade HPH Trust to HOLD as limited upside to our revised TP no longer supports a BUY rating.</li></ul>

Hutchison Port Holdings Trust is a Singapore-listed container port business trust investing in, developing, operating and managing deep-water container port assets in Guangdong Province, Hong Kong and Macau.Its key assets are Hong Kong’s Kwai Tsing terminals and YANTIAN in Shenzhen, with YANTIAN now the core operating engine and Chinese Mainland contributing most of the group revenue.We downgrade HPH Trust to HOLD as limited upside to our revised TP no longer supports a BUY rating.

Hutchison Port Holdings Trust (Earnings Update)