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SHIPPING & MARINE | Staff Reporter, Hong Kong
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Hutchison Whampoa's big-time losses at 3-Australia to offset strong gains

Recurring profit is $23b.

According to Nomura, stripping out one-off items, FY12 recurring profit of HKD23bn (+10% y-y) is broadly in line with our (HKD23bn) and consensus (HKD23.2bn) estimates.

"We believe consensus estimates might move up slightly on stronger earnings from 3 Group Europe and property, but partially offset by larger losses at 3-Australia and more conservative forecasts for retail and ports," it said.

One disappointment was that Hutch kept its final dividend unchanged, although Nomura still expects a stable progressive DPS going forward as FCF should continue to grow.

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