We maintain Westports at HOLD as 9M24 core net profit (CNP) came within expectations at 77% consensus forecasts. YTD container throughput growth was dismal but within management’s guidance of low-single-digits. We expect 4Q24 container throughput to rebound on the back of front-loading cargoes ahead of a new tariff regime in the US and seasonal demand. We perform housekeeping adjustments and raise earnings by 2-3% over our forecast period but cut our FV to RM4.50/share (from RM4.93/share) as we exercise prudence over its long-term expansion plans.
Source: AmInvest Research - 11 Nov 2024
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WPRTSCreated by AmInvest | Nov 21, 2024