Report

Westports Holding Berhad - 2021 result update

Westports Holdings Berhad recently announced its 2021 results which indicated resilient operational performance, despite the pandemic-led adversities. On a YoY basis, container throughput declined marginally to 10.4 mteu from 10.5 mteu in 2020 and 10.9 mteu in 2019. Despite this, consolidated operating revenue increased by 7.7%. Consequentially, EBITDA increased by 9.4% translating to a margin of 64.4%. In 2021, the company stock has underperformed the Drewry port equity index with a significant margin of 25.7 percentage points. We rate the company’s stock Neutral with a fair value of RMB 4.4, which translates to an upside of 11.6%.
Underlying
Westports Holdings Bhd

Provider
Drewry Maritime Equity Research
Drewry Maritime Equity Research

Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. 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.

Analysts
Ankush Kathuria

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