[%kaPw%]
Research by Kenanga
Market Perform - TP RM6.30

"Riding on Samalaju Port Growth"

BIPORT’s 1HFY24 results met expectations. Its 1HFY24 core net profit almost doubled YoY driven by strong cargo volumes and lower
finance cost and tax. Meanwhile, the setting up of the new Bintulu Port Authority Sarawak (BPAS) which is under the purview of Sarawak government is on track to be completed by year-end. Barring any further revisions in tariffs structure thereafter, earnings growth in 2025 is likely to be relatively muted. We maintain our forecasts, TP of RM6.30 and MARKET PERFORM call.

Analyst:
Wan Mustaqim 
[%enYT%]

$KLSE-BIPORT
Research by Kenanga
Market Perform - TP RM6.30

"Riding on Samalaju Port Growth"

BIPORT’s 1HFY24 results met expectations. Its 1HFY24 core net profit almost doubled YoY driven by strong cargo volumes and lower
finance cost and tax. Meanwhile, the setting up of the new Bintulu Port Authority Sarawak (BPAS) which is under the purview of Sarawak government is on track to be completed by year-end. Barring any further revisions in tariffs structure thereafter, earnings growth in 2025 is likely to be relatively muted. We maintain our forecasts, TP of RM6.30 and MARKET PERFORM call.

Analyst:
Wan Mustaqim 
wanmustaqim@kenanga.com.my

$BIPORT / 5032 (BINTULU PORT HOLDINGS BERHAD)