Readers would know that I have accumulate HPHT, when the price is beaten down recently. Let us look at the numbers again.
Capex
Capex for 2012 and 2013 thus far.
~598 mio HKD and 584 mio HKD
From prospectus,
“West Port Phase II has incurred approximately HK$0.2 billion in construction costs, with approximately HK$3
billion more required to complete construction., to be completed by 2015″, and
“The Trustee-Manager anticipates that the total capital expenditure of HPH Trust in 2011 and 2012
will be approximately HK$1,986.9 million and HK$1,172.1 million”
Given Yantian phase 3 is completed by mid-2011, we can assume development capex is for West Port Phase 2 and they are still about 1.8 billion HKD short to complete it in 2015. (Maintenance capex is in the low of 150 million only )
At such, my preliminary estimate of 1.3 billion of capex every ......