[%tyMy%] 
Research by HLIB 
BUY – TP RM4.89

" Results within expectations”

Westports reported 2Q24 core PATAMI of RM203.8m, which brought 1H24 sum to RM408.4m (+9.3% YoY). The results were within our and consensus expectations, forming 51.0% and 49.5% of full-year forecasts respectively. The group experienced yard congestion in 2Q24 resulting in higher VAS revenue during the quarter. Nonetheless, this has started easing from July onwards. Maintain forecasts and BUY rating with a higher DCF-derived TP of RM4.89 (from RM4.30) as we impute a lower risk premium. We anticipate a brighter outlook ahead on the back of sustained strong gateway volume due to strong FDIs flows while there should be a gradual recovery in transhipment volume as global trade picks up once central banks start to cut rates 

Analyst:
Tan Kai Shuen, CFA
[%DzZo%]

$KLSE-WPRTS 
Research by HLIB 
BUY – TP RM4.89

" Results within expectations”

Westports reported 2Q24 core PATAMI of RM203.8m, which brought 1H24 sum to RM408.4m (+9.3% YoY). The results were within our and consensus expectations, forming 51.0% and 49.5% of full-year forecasts respectively. The group experienced yard congestion in 2Q24 resulting in higher VAS revenue during the quarter. Nonetheless, this has started easing from July onwards. Maintain forecasts and BUY rating with a higher DCF-derived TP of RM4.89 (from RM4.30) as we impute a lower risk premium. We anticipate a brighter outlook ahead on the back of sustained strong gateway volume due to strong FDIs flows while there should be a gradual recovery in transhipment volume as global trade picks up once central banks start to cut rates 

Analyst:
Tan Kai Shuen, CFA
kstan@hlib.hongleong.com.my

$WPRTS / 5246 (WESTPORTS HOLDINGS BERHAD)