Quick Note - Westports (WPRTS MK) (Buy) - 1Q26 earnings boosted by tariff hike

研报英文原文证据摘录

Quick Note - Westports (WPRTS MK) (Buy) - 1Q26 earnings boosted by tariff hike

Global Markets Research

Westports WPHB.KL WPRTS MK 17 May 2026

EQUITY: TRANSPORT/LOGISTICS

Rating1Q26 earnings boosted by tariff hike Remains Buy

Target price MYR 6.37 RemainsQuick Note

Closing price MYR 5.75 14 May 20261Q26 earnings review

Westports reported 1Q26 core earnings of MYR339mn (+53%y-y, +21% q-q), accounting

for 36% of our full-year forecast. We deem this to be slightly ahead of our forecasts, noting

that in the ensuing quarters we should expect higher fuel and electricity costs to see a Research Analysts

substantial increase due to the Middle East conflict. 1Q core earnings were driven by the Malaysia Transport/Logistics

first and second phases of tariff adjustments of 15% and 10%, implemented with effect Ahmad Maghfur Usman - NSM

from 15 July 2025 and 1 January 2026, respectively. Container throughput (2.66mn TEUs) ahmad.maghfurusman@nomura.com

declined by 1% y-y, contributed by gateway (-3% y-y) due to fewer exports, while +603 2027 6892

transshipment TEUs grew slightly only by 1% y-y. On a PBT basis, 1Q26 earnings were Research Associates

up by +50% y-y. 1Q26 revenue increased to MYR753mn (+27% y-y, +11% q-q), coming in

Malaysia Transport/Logisticsat 29% of our FY26F forecast.

Mishu Agarwal - NSFSPL

On the cost front, there was a notable decrease in electricity cost in 1Q26 (-38% y-y, -11%

q-q), mainly due to a decrease in total kWh drawn from the electrical grid by 17%, as on-

premises solar installations accounted for 18% of total electricity consumption in 1Q26.

Manpower costs increased (+6% y-y and +6% q-q) due to higher headcount, annual

salary increments with higher EPF deductions and higher allowances and bonus provision.