Westports Holdings (WPHB.KL): JunQ-26 Core earnings +56% YoY; strong tariff and VAS offset softer throughput

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Westports Holdings (WPHB.KL): JunQ-26 Core earnings +56% YoY; strong tariff and VAS offset softer throughput

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23 Jul 2026 07:37:25 ET │ 12 pages

Westports Holdings (WPHB.KL)

JunQ-26 Core earnings +56% YoY; strong tariff and VAS offset softer

throughput

CITI'S TAKE Buy

Price (23 Jul 26 17:00) RM6.69 WPRTS reported JunQ-26 core profits of RM362mn, +56% YoY, +11%

Target price RM6.34 QoQ. 1H26 core earnings accounted for 62%/58% of Citi/Street full-year

estimates. Overall JunQ-26 throughput -1.4% YoY (Gateway +5.0% Expected share price return -5.2%

helped by services returning from Northport as congestion eased; Expected dividend yield 4.0%

Transshipment -6.0% primarily due to lower Middle East volumes) and Expected total return -1.3%

+6.8% QoQ. On pricing, effective revenue per TEU +36.7% YoY following Market Cap RM22,990M

1st and 2nd phases of tariff adjustments of 15% and 10% on gateway US$5,625M

throughput, implemented from 15th July 2025 and 1st January 2026 as

well as elevated value-added-services revenue. Operating cash costs excl.

construction were +18% YoY. EBITDA increased +46% YoY leading to core

earnings +56% YoY with operating leverage. Kaseedit ChoonnawatAC

+66-2-079-3606

kaseedit.choonnawat@citi.comKey points from briefing — (i) Throughput outlook improving. Jul26 was up around

7-8% YoY, with shipping lines constructive on SepQ peak yet limited visibility on Eric Lau

DecQ. WPRTS sees 2026E throughput growth at flat to +5%. (ii) The exceptional +852-2501-2726

component of value-added-services ie long-stay waste related boxes should eric.h.lau@citi.com

decline substantially in 2H26 and largely normalize by 2027, to be partly offset by a

further 5% storage tariff increase in Jan27. (iii) Discussions on a fuel pass-through Jate Jaturanpinyo