HPH Trust's profit to grow 10.38% to $175.97m in 2018

But higher interest rates may drag expected earnings.

DBS Group Research reported its forecast for Hutchison Port Holdings Trust (HPH Trust)’s profit attributable to unitholders, increasing by 10.38% from $159.62m in 2017 to $175.97m this year.

Singapore Business Review also previously reported that its profit for the year fell 24.9% YoY to $347.87m last year, from $499.37 in 2016.

Further, its revenue is expected to increase from $1.95b in 2017 to $2.02b this year.

“HPHT’s share price could re-rate if throughput volumes can more than offset a decline in average tariff rates in the quarters ahead,” DBS Research said.

However, higher finance costs and interest rates may drag core pre-tax earnings.

“In a rising interest rate environment, we project higher interest costs for HPHT ahead, which would drag core pre-tax earnings growth in FY18F and FY19F. We project HPHT’s finance costs to rise by 10% in FY18 and FY19F as we factor in higher interest rates, and despite a reduction in debt,” DBS Research said.

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