Research houses stay positive on Westports after favourable 1Q 2024 results

KUALA LUMPUR, May 3 ― Research houses have maintained their positive call on Westports Holdings Bhd after reporting a favourable first quarter performance ending March 31, 2024 .

Kenanga Research noted that Westports’ 1Q 2024 results met expectations after its core net profit grew 12 per cent year-on-year driven by a five per cent increase in container throughput, slightly better yields, and lower finance cost.Westports registered a higher net profit for the quarter at RM204.51 million from RM183.59 million registered in the same quarter last year while revenue increased to RM543.15 million from RM512.92 million previously.

“However, its container volume growth is limited as the Middle East conflicts persist,” Kenanga said.Meanwhile, MIDF Research maintained a 'buy' call on Westports with a TP of RM4.30 per share as the company's core profit was in line with what the research house anticipated, constituting 24 per cent of its estimates and 25 per cent of consensus full-year estimates.

“This is expected to benefit Westports through higher charges for gateway containers. Our expectation remains unchanged with a forecast of +4.2 per cent y-o-y overall container volume growth for financial year 2024,” it noted.

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