[%CqrX%] 
Research by CGS
Hold – TP of MYR 4.01

“Further upside depends on size of tariff hike” 

We had downgraded our rating on Westports to Reduce on 13 Dec 2023 after it signed on 8 Dec 2023 a new concession agreement for the new ‘Westports 2’ (W2) expansion project that extended the concession period to 2070F, amid our concerns over whether future tariff hikes will be sufficient for a reasonable return on the W2 project. In contrast, the market largely held an opposing view, resulting in Westport’s share price gaining 17% since then.

Analyst(s):
Raymond YAP, CFA
[%RLnR%]

$KLSE-WPRTS 
Research by CGS
Hold – TP of MYR 4.01

“Further upside depends on size of tariff hike” 

We had downgraded our rating on Westports to Reduce on 13 Dec 2023 after it signed on 8 Dec 2023 a new concession agreement for the new ‘Westports 2’ (W2) expansion project that extended the concession period to 2070F, amid our concerns over whether future tariff hikes will be sufficient for a reasonable return on the W2 project. In contrast, the market largely held an opposing view, resulting in Westport’s share price gaining 17% since then.

Analyst(s):
Raymond YAP, CFA
raymond.yap@cgsi.com

$WPRTS / 5246 (WESTPORTS HOLDINGS BERHAD)