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Research by Apex
Buy – TP RM5.08

“Riding onto International Trade Growth"

• Westports manages Port Klang operations, handling container and conventional cargo. In addition, the Group offers a comprehensive array of port services, encompassing marine services, rental services, and various ancillary services.
• We project core net profit to grow by approximately 8% and 4% yoy in FY24F and FY25F, driven by (i) prospects of recovery in external and international trade, (ii) resilience of the domestic economy and (iii) influx of FDI supporting gateway volumes.
• Westports is valued at RM 5.08 (21.2% potential upside from the current price) with BUY recommendation. This valuation is based on the DCF-TP method, with key assumption of WACC at 5.8%.

Analyst:
Jayden Tan
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$KLSE-WPRTS
Research by Apex
Buy – TP RM5.08

“Riding onto International Trade Growth"

• Westports manages Port Klang operations, handling container and conventional cargo. In addition, the Group offers a comprehensive array of port services, encompassing marine services, rental services, and various ancillary services.
• We project core net profit to grow by approximately 8% and 4% yoy in FY24F and FY25F, driven by (i) prospects of recovery in external and international trade, (ii) resilience of the domestic economy and (iii) influx of FDI supporting gateway volumes.
• Westports is valued at RM 5.08 (21.2% potential upside from the current price) with BUY recommendation. This valuation is based on the DCF-TP method, with key assumption of WACC at 5.8%.

Analyst:
Jayden Tan
kdtan@apexsecurities.com.my

$WPRTS / 5246 (WESTPORTS HOLDINGS BERHAD)