Mix Reviews From Westports Latest Earnings Report
Mix Reviews From Westports Latest Earnings Report
Westports Holdings Berhad anticipates higher container volumes in the second half of 2024 as port congestion eases, according to reports by MIDF Amanah Investment Bank (MIDF), Maybank Investment Bank (Maybank), CGS International Stock Broking House (CGS), and Kenanga Investment Bank (Kenanga).
根據MIDF Amanah投資銀行（MIDF）、馬來亞銀行投資銀行（Maybank）、CGS國際股票經紀公司（CGS）和肯南加投資銀行（Kenanga）的報告，西港控股有限公司預計，隨着港口擁堵的緩解，2024年下半年集裝箱量將增加。
MIDF Amanah Investment Bank (MIDF) maintains a NEUTRAL stance on Westports, with an unchanged target price of RM4.30. Westports' 2QFY24 results met expectations, with a core profit after tax (PAT) of RM203.7 million for the quarter, totalling RM408.2 million for the first half of the fiscal year. Container revenue grew by 6.6% year-on-year (YoY) in 2QFY24, supported by higher value-added services and a 6.2% YoY increase in gateway volume. Despite a 3.2% YoY decline in transhipment volume, the overall core PAT saw a 4.6% YoY increase. MIDF's rating reflects a stable outlook amid easing port congestion and steady operational performance.
MIDF阿瑪納投資銀行（MIDF）對西港保持中立立場，目標價保持不變，爲4.30令吉。Westports的 2QFY24 業績符合預期，該季度的核心稅後利潤（PAT）爲20370萬令吉，本財年上半年的總額爲4082萬令吉。在 2QFY24 中，集裝箱收入同比增長6.6％，這得益於更高的增值服務和網關量同比增長6.2％。儘管轉運量同比下降了3.2％，但整體核心PaT同比增長了4.6％。在港口擁堵緩解和運營表現穩定的情況下，MIDF的評級反映了穩定的前景。
Maybank Investment Bank (Maybank) has raised its target price for Westports by 21% to RM5.38, maintaining a BUY rating. The bank highlights Westports' strong 1HFY24 results, which align with expectations. The 7% YoY increase in container revenue and improved gateway cargo mix are positive indicators. Maybank remains optimistic about Westports due to sustained intra-Asia trade growth and increasing foreign direct investments (FDIs) in Malaysia, supporting its bullish outlook.
馬來亞銀行投資銀行（Maybank）已將西港的目標股價上調了21％，至5.38令吉，維持買入評級。該銀行強調了韋斯特波特強勁的 1HFY24 業績，該業績符合預期。集裝箱收入同比增長7％，門戶貨物結構改善是積極的指標。由於亞洲區內貿易持續增長以及對馬來西亞的外國直接投資（FDI）的增加，馬來西亞銀行仍然對Westports持樂觀態度，這支撐了其看漲前景。
CGS International Stock Broking House (CGS) has downgraded its rating from HOLD to REDUCE, with a target price of RM4.01. CGS's cautious stance is attributed to potential profit-taking following recent share price gains. The report notes that Westports' 2QFY24 core net profit was flat compared to 1QFY24. While container and conventional revenues grew due to increased volumes and higher storage revenues, CGS is concerned about the impact of normalising port congestion. The yard occupancy rate fell to mid-80% in July 2024, and although a 10% increase in container liftings is anticipated for 2HFY24, uncertainties remain.
CGS國際股票經紀公司（CGS）已將其評級從持有下調至降低，目標價爲4.01令吉。CGS的謹慎立場歸因於近期股價上漲後的潛在獲利回吐。報告指出，與 1QFY24 相比，韋斯特波特的 2QFY24 核心淨利潤持平。儘管集裝箱和常規收入的增長是由於容量的增加和存儲收入的增加而增長的，但CGS對正常化港口擁堵的影響感到擔憂。2024年7月，貨場佔用率降至-80％左右，儘管預計 2HFY24 的集裝箱起重量將增加10％，但不確定性仍然存在。
Kenanga Investment Bank (Kenanga) maintains an UNDERPERFORM rating on Westports with a target price of RM3.80. Kenanga's cautious outlook is influenced by prolonged geopolitical conflicts and disruptions in shipping routes. Despite an 8% YoY growth in core net profit for 1HFY24, Kenanga highlights challenges such as a 3% decline in transhipment volume and intermittent port congestion. Delays in key projects like the Westports 2 expansion and rising finance costs also weigh on the outlook.
肯南加投資銀行（Kenanga）維持對Westports的表現不佳的評級，目標價爲3.80令吉。Kenanga的謹慎前景受到長期地緣政治衝突和航線中斷的影響。儘管 1HFY24 的核心淨利潤同比增長了8％，但肯南加強調了轉運量下降3％和間歇性港口擁堵等挑戰。Westports 2擴建項目等關鍵項目的延誤和財務成本的上漲也打壓了前景。