Westports Holdings Bhd: 2Q26 results beat; value offsets volatility

研报英文原文证据摘录

Westports Holdings Bhd: 2Q26 results beat; value offsets volatility

J P M O R G A N Asia Pacific Equity Research

23 July 2026

Westports Holdings Bhd Overweight

WPHB.KL, WPRTS MK

2Q26 results beat; value offsets volatility Price (23 Jul 26):RM6.69

▲Price Target (Dec-27):RM7.40

Prior (Dec-27):RM7.00

WPRTS 1HFY26 PAT (+51% YoY) came in slightly ahead (56%/58% of JPMe/

consensus), driven by stronger-than-expected VAS (31% of container revenue) Head of Malaysia Research,

Healthcare, Construction, Consumerwhile the 10% tariff revision more than offset flattish container throughput (-1%

and Conglomerates

YoY). Key briefing takeaways: i) FY26 throughput guidance maintained at 0-5%

(vs. our +1.5%), ii) July volumes already tracking +7-8% YoY on improving Yen Voo, CFA, CA AC

throughput demand, and iii) WP2 remains on schedule with 63% reclamation (60-3) 2718 0914

yen.voo@jpmorgan.com

completed. We raise FY26E earnings by 10% on a higher normalised VAS JPMorgan Securities (Malaysia) Sdn. Bhd. (18146-

assumption to 27% (from 24%) and raise our DCF-based TP to RM7.40. Results X)

reinforce our view that earnings are becoming increasingly value-driven rather Karen Li, CFA

than merely a volume story. Maintain OW. (852) 2800-8589

karen.yy.li@jpmorgan.com

• 1H26 volumes down, but expect a stronger 2H26. Container throughput J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

declined 1% YoY as transshipment volumes (-6% YoY) were affected by

Nigel Ng

Middle East disruptions (~7% of FY25 TEUs) and alliance normalisation, (60-3) 2718 0962

although resilient gateway growth (+5% YoY) provided partial support. nigel.ng@jpmorgan.com

However, management is positive on 3Q26, with July volumes already JPMorgan Securities (Malaysia) Sdn. Bhd. (18146-