TRANSPORTATION
[%ZYVQ%] $KLSE-FREIGHT [%tZey%] [%rOcW%]
Research by RHB
Overweight (Maintained)

“4Q23 Earnings Wrap”

Of the four companies under our coverage that reported results – Westports exceeded expectations, MAHB came in line, while FM Global and TASCO fell below estimates. We like MAHB as an evident recovery play, and our preference for TASCO within the logistics sector is premised on its diversified client base and business segments that will sustain earnings base, and the Integrated Logistics Services (ILS) tax incentives that offer a buffer against sector headwinds. 

Analyst(s):
Nai Wan Yan
[%xNZc%]

TRANSPORTATION
$KLSE-TASCO $KLSE-FREIGHT $KLSE-WPRTS $KLSE-AIRPORT
Research by RHB
Overweight (Maintained)

“4Q23 Earnings Wrap”

Of the four companies under our coverage that reported results – Westports exceeded expectations, MAHB came in line, while FM Global and TASCO fell below estimates. We like MAHB as an evident recovery play, and our preference for TASCO within the logistics sector is premised on its diversified client base and business segments that will sustain earnings base, and the Integrated Logistics Services (ILS) tax incentives that offer a buffer against sector headwinds. 

Analyst(s):
Nai Wan Yan
nai.wan.yan@rhbgroup.com

$AIRPORT / 5014 (MALAYSIA AIRPORTS HOLDINGS BERHAD)

$WPRTS / 5246 (WESTPORTS HOLDINGS BERHAD)