Comment / Analysis: bears get that sinking feeling as HPH Trust gets into deep water

Six years ago, Hutchinson Port Holdings (HPH) Trust’s IPO grabbed the headlines. Not only was its orderbook oversubscribed, but its prospects as a spin-off of Hutchinson Port Holdings, the world’s biggest port operator by throughput, seemed rosy.

But the high hopes were short-lived.

The value of the trust – floated in the heyday of the post-credit crisis boom in Singapore – plunged 30% in eight months; and now, a full business cycle later, analysts remain bearish, despite a depressed valuation for the ...