[%KprZ%] 
Research by Kenanga
Market Perform – TP of MYR5.90

“Tariff Hikes on the Horizon” 

Upon commissioning in 2028, two large-scale hydrogen plants in Bintulu will generate green energy cargoes for BIPORT. Sarawak state’s takeover of the Bintulu Port Authority (BPA) could hasten Bintulu Port’s tariff hikes. We raise our FY25F net profit forecast by 14%, lift our TP by 6% to RM5.90 (from RM5.55) but maintain our MARKET PERFORM call.

Analyst(s):
Wan Mustaqim Bin Wan Ab Aziz
[%TrpK%]

$KLSE-BIPORT 
Research by Kenanga
Market Perform – TP of MYR5.90

“Tariff Hikes on the Horizon” 

Upon commissioning in 2028, two large-scale hydrogen plants in Bintulu will generate green energy cargoes for BIPORT. Sarawak state’s takeover of the Bintulu Port Authority (BPA) could hasten Bintulu Port’s tariff hikes. We raise our FY25F net profit forecast by 14%, lift our TP by 6% to RM5.90 (from RM5.55) but maintain our MARKET PERFORM call.

Analyst(s):
Wan Mustaqim Bin Wan Ab Aziz
wanmustaqim@kenanga.com.my

$BIPORT / 5032 (BINTULU PORT HOLDINGS BERHAD)