[%Ffwo%] 
Research by Maybank 
BUY – TP RM5.38
"2Q24: Robust gateway volume unaffected by congestion”

Westports’ 1H24 core net profit (CNP) of MYR408m met both ours and consensus projections at 49% of FY24E. We maintain our forecasts, but raised our DCF-TP by 21% to MYR5.38 (WACC: 5.8%) from MYR4.43 (WACC: 6.7%). Maintain BUY. Our new TP of MYR5.38 implies FY24E PER of 22x, which is inline with Westports' hist. PER mean. Westports achieved a +3% YoY increase in container volume growth in 1H24, aligning with guidance of +0-5% growth, and is slightly below our +4% YoY forecast.
Analyst:
Loh Yan Jin
[%bIQr%]

$KLSE-WPRTS 
Research by Maybank 
BUY – TP RM5.38
"2Q24: Robust gateway volume unaffected by congestion”

Westports’ 1H24 core net profit (CNP) of MYR408m met both ours and consensus projections at 49% of FY24E. We maintain our forecasts, but raised our DCF-TP by 21% to MYR5.38 (WACC: 5.8%) from MYR4.43 (WACC: 6.7%). Maintain BUY. Our new TP of MYR5.38 implies FY24E PER of 22x, which is inline with Westports' hist. PER mean. Westports achieved a +3% YoY increase in container volume growth in 1H24, aligning with guidance of +0-5% growth, and is slightly below our +4% YoY forecast.
Analyst:
Loh Yan Jin
lohyanjin.loh@maybank-ib.com

$WPRTS / 5246 (WESTPORTS HOLDINGS BERHAD)