1H26 earnings: strong tariff-driven beat Quick Note

研报英文原文证据摘录

1H26 earnings: strong tariff-driven beat Quick Note

Global Markets Research

Westports WPHB.KL WPRTS MK 23 July 2026

EQUITY: TRANSPORT/LOGISTICS

Rating 1H26 earnings: strong tariff-driven beat Remains Buy

Target price MYR 7.38 RemainsQuick Note

Closing price MYR 6.55 22 July 20261H26 earnings above expectations

1H26 core earnings of MYR694mn (+53% y-y) accounted for 58% of our FY26 forecast

and Bloomberg consensus estimate, which we deem a beat. This was driven by first and

second phases of tariff adjustments of 15% and 10%, implemented with effect from 15 Research Analysts

July 2025 and 1 January 2026, respectively. On a PBT basis, earnings rose 53% y-y. On Malaysia Transport/Logistics

the cost side, electricity costs eased (-37% y-y) in 1H26 due to a tariff reclassification to Ahmad Maghfur Usman - NSM

Medium Bulk Voltage, adoption of the Green Energy Tariff, and 11.2% lower grid ahmad.maghfurusman@nomura.com

consumption with on-site solar covering 15% of total usage. This was offset by fuel costs, +603 2027 6892

which came in 39% y-y higher with 2Q26 fully capturing the impact of the fuel cost Research Associates

escalation amid the ongoing tensions in the Middle East. Finance income increased by

Malaysia Transport/Logistics27% y-y due to higher cash placement in money market funds, while finance costs rose by

Mishu Agarwal - NSFSPL16% y-y from interest on service concession obligations, linked to higher lease payments

following tariff hikes.

2Q26 core earnings came in at MYR355mn (+53% y-y, +5% q-q). Handling a throughput

volume of 2.84mn TEUs (-1% y-y, +7% q-q), 2Q26 revenue increased to MYR808mn

(+33% y-y, +7% q-q), largely driven by an increase in revenue per TEU (+2% q-q, 37% y-

y). Value-Added Services (VAS) income ratio increased to 30.7%, exceeding the 29.0%