Strong throughput lifts earnings outlook: Reiterate Buy; TP raised to MYR7.38

研报英文原文证据摘录

Strong throughput lifts earnings outlook: Reiterate Buy; TP raised to MYR7.38

Global Markets Research

Westports WPHB.KL WPRTS MK 19 July 2026

EQUITY: TRANSPORT/LOGISTICS

RatingStrong throughput lifts earnings outlook Remains Buy

Target price

Increased fromReiterate Buy; TP raised to MYR7.38 MYR 7.38 MYR 6.37

Global container throughput outlook Closing17 July 2026price MYR 6.15

Global container demand remains resilient, particularly on Asia-US routes. The strength

is primarily driven by businesses rushing to expedite deliveries ahead of anticipated Implied upside +20.0%

tariff hikes, creating a front-loading effect that has kept terminals busy. For instance, the

Port of Los Angeles reported a 12%y-y increase in container throughput in 2Q26 (Fig. 5 Market Cap (USD mn) 5,167.3

). Similarly, the Port of Singapore posted a 3.3%y-y increase in 2Q26 (Fig. 4 ). ADT (USD mn) 6.1

According to the Ministry of Transport, China, growth of weekly container throughput at

major ports edged up marginally to 4.3% y-y on a month-to-date basis (as of 21 June) Relative performance chart

from 4.2% in May (see Report ). Malaysia’s exports surged 45.3% y-y in May 2026,

recording the highest monthly record to date (article). The encouraging exports growth

was mainly contributed by increased domestic exports and re-exports. Malaysia's

economic momentum points to sustained export activity that should translate into

stable-to-growing container volumes for Westports through the remainder of 2026, in

our view

Raising FY26F/FY27F earnings by 28% on resilient container growth

We raise earnings forecasts for Westports following our upward revisions to throughput growth and

yields. Our new assumptions reflect: (1) stronger container volume trajectory, with overall