Hutchison Port Trust IPO - Updates

Some key figures:
- Indicative pricing = US0.91 to US 1.08

- 2010 profit margin = 26.46%. Proforma for unitholders around 18.8%

- 2010 EPS = US$0.0315. Thus PE Ratio (using US1.08) = 34.29. 2011

- Current Asset = US 937M. Current Liability = US 1447. Net current liability.

- Total Debt = US 5469M. Total unitholders = Us 9405M

- Expected payout ratio for 2012 about 150% of profits

- Total TEU handled by listed entities = 21.174M

- Base Fee is a fixed fee of US$2.5 million per annum, which is subject to increase each year by such percentage representing the percentage increase (if any) in the Hong Kong Composite Consumer Price Index. This is about 3.6%. The Trustee-Manager has elected to receive 100.0% of the Base Fee in cash for the Forecast Period 2011 and the Projection Year 2012

- The Trustee-Manager is entitled to receive a Performance Fee in relation to the Forecast Period 2011 and the Projection Year 2012 as follows when the DPU of HPH Trust exceeds the seasonally annualised 20111 forecast DPU of HK45.88 cents (the “Base DPU”):
a) a fee of 3.0% of the first 25.0% of excess DPU as compared to the Base DPU;
b) an additional fee of 6.0% of the next 25.0% of excess DPU as compared to the Base DPU (i.e. excess DPU above 25.0% and up to 50.0% of the Base DPU);
c) a further fee of 12.0% of the next 25.0% of excess DPU as compared to the Base DPU (i.e. excess DPU above 50.0% and up to 75.0% of the Base DPU); and
d) an additional further fee of 18.0% of any excess DPU above 75.0% of the Base DPU.



Previous post:
http://sgretailinvestor.blogspot.com/2011/02/hutchison-port-trust-ipo.html