BIPORT
Bintulu Port Holdings Berhad
Company Background
$BIPORT / 5032 (BINTULU PORT HOLDINGS BERHAD)
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
8 Stocks in the Logistics Sector!
The Logistics Sector, which includes land, sea, and air transportation, is crucial to the global supply chain and is often said to be the lifeblood of the economy. When logistics are disrupted, inflation tends to follow as importers and exporters tend to pass through the costs to their customers. Today, we've highlighted eight companies who are key players in the logistics sector. Interestingly, one is currently undergoing a privatization exercise highlighting corporate interest in this area.
Did any of these companies catch your interest? Let's discuss in the comment section below!
$MISC / 3816 (MISC BERHAD) $AIRPORT / 5014 (MALAYSIA AIRPORTS HOLDINGS BERHAD) $TASCO / 5140 (TASCO BERHAD) $WPRTS / 5246 (WESTPORTS HOLDINGS BERHAD) $BIPORT / 5032 (BINTULU PORT HOLDINGS BERHAD)
$BIPORT / 5032 (BINTULU PORT HOLDINGS BERHAD)
Research by Kenanga
Market Perform – TP RM6.30
“A Strong Start to FY24"
BIPORT’s 1QFY24 results beat expectations. Its 1QFY24 core net profit doubled YoY driven by strong cargo volumes and lower finance cost and tax. We raise our FY24-25F net profit forecasts by 20% and 7%, respectively, lift our TP by 7% to RM6.30 (from RM5.90) but maintain our MARKET PERFORM call.
Analyst:
Wan Mustaqim
wanmustaqim@kenanga.com.my
BIPORT - Notice of Book Closure
Quarterly rpt on consolidated results for the financial period ended 31/03/2024
First Interim Dividend
General Meetings: Outcome of Meeting
$BIPORT / 5032 (BINTULU PORT HOLDINGS BERHAD)
Research by Ambank
Buy - TP of MYR6.50
“Beneficiary of prolific projects in Sarawak”
We maintain BUY on Bintulu Port (BiPort) with an unchanged DCF-derived fair value (FV) of RM6.50/share (WACC: 9%, TG; 3.5%). Our FV implies a FY24F PE of 23x, a 1.5 standard deviation above its 5-year average PE of 15x. There is no FV adjustment for ESG based on our 3- star rating.
Analyst(s):
AmInvestment Bank
Team Coverage
KUCHING: Bintulu Port Holdings Bhd (BPHB) will invest in a fully-integrated and state-of-the-art port operating system for Bintulu Port.
General Meetings: Notice of Meeting
Annual Report & CG Report - 2023
KUALA LUMPUR: Kenanga Investment Bank Bhd (Kenanga IB) has raised its financial year 2025 (FY2025) net profit forecast for Bintulu Port Holdings Bhd by 14 per cent on “stronger prospects” of a hike in tariffs for the port.
© New Straits Times Press (M) Bhd
$BIPORT / 5032 (BINTULU PORT HOLDINGS BERHAD)
Research by Kenanga
Market Perform – TP of MYR5.90
“Tariff Hikes on the Horizon”
Upon commissioning in 2028, two large-scale hydrogen plants in Bintulu will generate green energy cargoes for BIPORT. Sarawak state’s takeover of the Bintulu Port Authority (BPA) could hasten Bintulu Port’s tariff hikes. We raise our FY25F net profit forecast by 14%, lift our TP by 6% to RM5.90 (from RM5.55) but maintain our MARKET PERFORM call.
Analyst(s):
Wan Mustaqim Bin Wan Ab Aziz
wanmustaqim@kenanga.com.my
Change in Nomination and Remuneration Committee - DATO' SHARIFAH HALIMAH BINTI TUANKU TAHA
Change in Boardroom - DATUK DYG SADIAH BINTI ABG BOHAN
Change in Risk Committee - DATUK DYG SADIAH BINTI ABG BOHAN
Change in Nomination and Remuneration Committee - DATUK DYG SADIAH BINTI ABG BOHAN
SEAPORT & LOGISTICS
$WPRTS / 5246 (WESTPORTS HOLDINGS BERHAD) $BIPORT / 5032 (BINTULU PORT HOLDINGS BERHAD) $POS / 4634 (POS MALAYSIA BERHAD) $SWIFT / 5303 (SWIFT HAULAGE BERHAD)
Research by Kenanga
Neutral
“Red Sea Conflict Disrupts Asia-Europe Trade”
We maintain NEUTRAL on the sector. The prolonged war in the Middle East with no immediate sign of the Red Sea conflict de-escalating is weighing down on the Asia-Europe trade. The World Trade Organisation (WTO) said in end-Feb 2024 that it is cutting its current projection of 3.3% growth in global merchandise trade volume in CY24, also quoting lower water levels in Panama Canal due to an extreme drought, which is disrupting the movement of shipping liners. We also acknowledge that global trade will have to navigate stricter regulations on carbon emissions. However, we continue to see a bright spot in the domestic logistics sector, which is a beneficiary of the booming e-commerce. We do not have any top pick for the sector.
Analyst(s):
Wan Mustaqim Bin Wan Ab Aziz
wanmustaqim@kenanga.com.my
SEAPORT & LOGISTICS
$BIPORT / 5032 (BINTULU PORT HOLDINGS BERHAD) $POS / 4634 (POS MALAYSIA BERHAD) $SWIFT / 5303 (SWIFT HAULAGE BERHAD) $WPRTS / 5246 (WESTPORTS HOLDINGS BERHAD) $PMETAL / 8869 (PRESS METAL ALUMINIUM HOLDINGS BERHAD)
Research by Kenanga
Neutral
“4QCY23 Report Card: Red Sea Raises Red Flag”
The sector’s earnings delivery (against our expectations) was more subdued sequentially in the recently concluded 4QCY23 results season. We downgrade our sector call to NEUTRAL from OVERWEIGHT as a prolonged war in the Middle East, particularly, the escalating Red Sea conflict of late, is weighing down on the Europe-Asian trade. The World Trade Organisation (WTO) said in end-Feb 2024 that it is cutting its current projection of a 3.3% growth in global merchandise trade volume in CY24, also quoting lower water levels in Panama Canal due to an extreme drought, which is disrupting the movement of shipping liners. We also acknowledge that global trade will have to navigate stricter regulations on carbon emissions. However, we continue to see a bright spot in the domestic logistics sector as it is: (i) driven internally and less directly exposed to external headwinds, and (ii) a beneficiary of the booming e-commerce. We do not have any stock picks for the sector.
Analyst(s):
Wan Mustaqim Bin Wan Ab Aziz
wanmustaqim@kenanga.com.my
$BIPORT / 5032 (BINTULU PORT HOLDINGS BERHAD)
Research by Kenanga
Market Perform – TP of RM5.55
“Green Shoots of Recovery”
BIPORT’s FY23 results met expectations. Its 4QFY23 core net profit jumped 19% QoQ on a pick-up in cargo volumes, which could be signs of green shoots of recovery. We continue to like BIPORT for its stable income stream from handling LNG cargoes. We maintain our forecasts, TP of RM5.55 and MARKET PERFORM call.
Analyst(s):
Wan Mustaqim
wanmustaqim@kenanga.com.my
BIPORT - Notice of Book Closure
Quarterly rpt on consolidated results for the financial period ended 31/12/2023
Fourth Interim Dividend
Change in Nomination and Remuneration Committee - DATO' SHARIFAH HALIMAH BINTI TUANKU TAHA
Change in Audit Committee - DATO' SHARIFAH HALIMAH BINTI TUANKU TAHA
Change in Boardroom - DATO' SHARIFAH HALIMAH BINTI TUANKU TAHA
Change in Boardroom - DATUK NASARUDIN BIN MD IDRIS
Notice of Person Ceasing (Section 139 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD