Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 4): CIMB IB Research has maintained its “Add” rating on Westports Holdings Bhd at RM3.75 with a higher target price of RM4.14 (from RM4.11) and said Westports said on Jan 3 that its FY17F liftings came to 9 million teus, down 9% year-on-year (y-o-y) as CMACGM and UASC transferred cargoes to Singapore, coinciding with our own forecast.

In a note Jan 3, the research house said tis suggests that 4Q17F liftings were up 3% sequentially from the 3Q low, clearly showing that the worst has already passed.

“Westports’ preliminary estimate for volume growth in FY18F is 2-3% y-o-y, potentially more. This is higher than our current forecast for marginal 0.2% y-o-y expansion.

“We maintain Add, with a slightly higher DCF-based target of RM4.14 (Ke: 7.6%),” it said.

 

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