Westports - 1Q18 Update - Acquisition of Land for Terminal Expansion, Investors Remain Unimpressed

Westport: Expansion Plans Hinge on Seamless Funding

DMER - Port Operators - Long ICTSI ( ICTSI PM), Short WESTPORTS (WPRTS PM)

Westports(WPRTS MK) - 2Q16 Results - Earnings Unsustainable

DFRS Trading Idea 2017 #4-Westports - Testing Conviction but Momentum Building for Further Downside

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

Results in line: Westports Holdings Bhd reported its 2Q17 results, which are in line with our expectations. On the back of throughput weakness and a change in accounting standards, the revenue slipped 6.3% y/y to MYR 421.0m (USD 98.4m). The Malaysian-listed terminal operator handled 2.23m teu in the quarter, representing a contraction of 10.8% over the same period last year.Dual-hubbing strategy hurts: Had it not been for a record quarterly gateway throughput, the net earnings could have been…

Results in line: Westports Holdings Bhd reported its 2Q17 results, which are in line with our expectations. On the back of throughput weakness and a change in accounting standards, the revenue slipped 6.3% y/y to MYR 421.0m (USD 98.4m). The Malaysian-listed terminal operator handled 2.23m teu in the quarter, representing a contraction of 10.8% over the same period last year.Dual-hubbing strategy hurts: Had it not been for a record quarterly gateway throughput, the net earnings could have been…

Westports 2Q17 – Throughput Guidance Boosts Our Unattractive Call