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Research by CGS
Reduce – TP RM4.01

“A lot of optimism already in the share price"

■ 1H24 core net profit of RM408m was broadly in line at 49% of our full-year forecast; 2H24F could be slightly stronger as volumes could pick up hoh.
■ Downgrade from Hold to Reduce with an unchanged DCF-based TP of RM4.01; the share price may be subject to profit taking after a strong run.
■ Investors need to contend with elevated market expectations of an imminent container tariff hike announcement, increasing the risks of holding the shares.

Analyst:
Raymond YAP, CFA
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$KLSE-WPRTS
Research by CGS
Reduce – TP RM4.01

“A lot of optimism already in the share price"

■ 1H24 core net profit of RM408m was broadly in line at 49% of our full-year forecast; 2H24F could be slightly stronger as volumes could pick up hoh.
■ Downgrade from Hold to Reduce with an unchanged DCF-based TP of RM4.01; the share price may be subject to profit taking after a strong run.
■ Investors need to contend with elevated market expectations of an imminent container tariff hike announcement, increasing the risks of holding the shares.

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

$WPRTS / 5246 (WESTPORTS HOLDINGS BERHAD)