reports
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 4QFY25: Address Yard Congestion For Me...
4QFY25: Address Yard Congestion For Medium-Term Growth Highlights 2025 profits beat consensus forecasts (and in line with ours). While a 3% volume growth and container yield/VAS income expansion (due to tariff hike) were expected, WPRTS demonstrated resilient cost control despite encountering unprecedented port congestions, where yard density in end-Dec 25 surged to 102% (2025: 85%; vs terminal utilisation of 82%) Growth depends on addressing yard congestion. Westports Holdings (WPRTS) maint...
- Audrey Celia
- Benjaphol Suthwanish
- Damon Shen
- Gigi Cheuk
- Jieqi Liu
- Johnny Yum
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Thailand Research Team
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, February 03, 2026
Greater China Sector Update | China Property CRIC data show that the top 100 developers’ contracted sales fell 24.7% yoy in Jan 26, while new-home sales in 28 major cities declined 36% yoy. Second-hand transactions in three Tier 1 cities rose 1% yoy. Maintain UNDERWEIGHT but deepening industry downturn leads to rising possibility of policy support, supporting selective exposure. CR Land remains our top pick, with P/B at 1SD below the five-year mean, and PE and yield near the five-year average....
KTC KRUNGTHAI CARD PCL
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
FCT FRASERS CENTREPOINT TRUST
01109 CHINA RESOURCES LAND LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
MYOR MAYORA INDAH
C6L SINGAPORE AIRLINES LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
PTTEP PTT EXPLORATION & PRODUCTION PLC
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
WPRTS MAPLETREE INDUSTRIAL TRUST
06088 WESTPORTS HOLDINGS BHD
ICBP FIT HON TENG LIMITED
RATCH INDOFOOD CBP SUKSES MAKMUR T
UHU RATCH GROUP PUBLIC CO. LTD.
CRPU UNITED HAMPSHIRE US REIT
CICT SASSEUR REIT (S CHIP)
SCGP CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP SCG PACKAGING PCL
OXMU LENDLEASE GLOBAL COMMERCIAL REIT
HMN PRIME US REIT
CLCT ASCOTT RESIDENCE TRUST
KORE CAPITALAND CHINA TRUST
BBNI KEPPEL PACIFIC OAK US REIT
GOTO BANK NEGARA INDONESIA PERSER
CMRY GOJEK TOKOPEDIA TBK PT
MXNU PT CISARUA MOUNTAIN DAIRY TBK
CLAR ELITE COMMERCIAL REIT MGNT PTE LTD
DCRU CAPITALAND ASCENDAS REIT
DIGITAL CORE REIT MANAGEMENT PTE. LTD.
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 2026: Look Beyond Congestion For Long-...
2026: Look Beyond Congestion For Long-term Positioning Highlights Achieved commendable 2025 volume growth (+3.4%) despite losing market share. Port statistics showed Westports Holdings (WPRTS) lost market share to other renowned SOM ports such as PTP (2025 growth: 14%) and PSA (11M25 growth: 8%). An unexpected surge in port congestion towards Dec 25 may extend this competitive disparity, during which WPRTS executed countermeasures by deploying maximum resources (in other words, effective capac...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 3QFY25: Results In Line, With Room For...
3QFY25: Results In Line, With Room For M&A Lookout Highlights Westports Holdings’ (WPRTS) 9M25 performance was on track. At the same time, the yard congestion had eased to 80-85% (from 90-95% in 1H25). The structural growth theme of ASEAN and “China +1” remains intact, to justify WP2 progress (CT10-CT13 reclamation is 35% completed) and M&A lookout (unlikely a near-term catalyst). About 16% of WPRTS 2014 volume originated from/to China. Retain HOLD with a target price of RM5.55 at this junct...
- Andrew Agita Buntoro
- Arsit Pamaranont
- Audrey Celia
- Chong Lee Len
- Jonathan Koh
- Kasemsun Koonnara
- Kong Ho Meng
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, November 05, 2025
Greater China Company Results | COSCO SHIPPING Holdings (1919 HK/HOLD/HK$13.67/Target: HK$14.54) CSH’s 3Q25 net profit fell 55% yoy to Rmb9.5b but beat expectations on resilient freight rates and higher volumes. The recent rebound in freight indices and suspension of US-China port fees should support 4Q25 earnings. While oversupply risks remain in 2026, accelerated scrapping could ease pressure. Its strong net cash position (63% of market cap) should allow CSH to navigate the downcycle with ...
CK CH. KARNCHANG PCL
IRPC IRPC PUBLIC CO. LTD.
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
NETLINK NETLINK NBN TRUST
WPRTS WESTPORTS HOLDINGS BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
KORE KEPPEL PACIFIC OAK US REIT
PEKAT PEKAT GROUP BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
- Kong Ho Meng
Westports Holdings (WPRTS MK) - Addressing Congestions With Automation
Addressing Congestions With Automation Highlights 2025 global container volumes expected to revert to growth. After months of uncertainty and negative expectations on container volume growth in 2Q25, the effective US import tariff averaged a palatable 18.2%. In essence, the tariff is able to dampen but not halt global trade. Alongside strong readings of 1H25 cargo front-loading, major forecasters’ 2025 global container volume growth expectations are now aligned to WPRTS’ low single-digit guida...
- Arsit Pamaranont
- Benyamin Mikael
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Gigi Cheuk
- Heidi Mo Jinghui
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Philip Wong
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, September 25, 2025
Greater China Strategy | China’s 15th Five-Year Plan: Unlocking Domestic Consumption The 15th Five-Year Plan (2026-2030) targets 4.5-5% yoy GDP growth toward 2035 modernisation. Priorities include boosting services-led consumption via subsidies, tax reforms, and consumer credit; advancing innovation in semiconductors, EVs, robotics, and biotech; and extending anti-involution reforms to consolidate sectors with excess capacity. Green transition shifts focus to grid efficiency, storage, and nu...
ROTH BRITISH AMERICAN TOBACCO BHD
FNH FRASER & NEAVE HOLDINGS BHD
WPRTS WESTPORTS HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
MNHB MYNEWS HOLDINGS BHD
2633 JACOBSON PHARMA CORP LTD
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
MRDIY MR DIY GROUP M BHD
FFB FARM FRESH BHD
LHN LHN LTD
BTG BETAGRO PUBLIC COMPANY LIMITED
99SMART 99 SPEED MART RETAIL HOLDINGS BHD
KOPI MK ORIENTAL KOPI HOLDINGS BHD
ECOSHOP MK ECO-SHOP MARKETING BHD
DEWA IJ DARMA HENWA (DEWA IJ)
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 2Q25: Beat Expectations On Opex, Tarif...
2Q25: Beat Expectations On Opex, Tariff Hike To Lift 2H25 EBITDA WPRTS recorded impressive EBITDA margins in 1H25 (due to high VAS and optimal opex structure), and the port tariff hike of Jul 25 supports the case for stronger 2H25 earnings. As we expected, the 2Q25 transshipment rebound capitalising on the tariff holiday helped WPRTS remain on track vs the low single-digit volume growth guidance. Given its defensive position, we upgrade our forecasts by 17-25%. Maintain HOLD with adjusted target...
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Ejann Hiew
- Gigi Cheuk
- Johnny Yum
- Jonathan Koh
- Kate Luang
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Llelleythan Tan Tan
- Malaysia Research Team
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Thailand Research Team
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Monday, August 4, 2025
GREATER CHINA Sector Macau Gaming: Jul 25 GGR beat consensus by 5%, hitting post-pandemic high; raise full-year GGR forecast to 7% yoy growth. Results Xinyi Solar Holdings (968 HK/BUY/HK$3.09/Target: HK$3.60): 1H25: Results in line. Policy boost and supply discipline drive re-rating potential; upgrade to BUY. Update Plover Bay Technologies (1523 HK/BUY/HK$6.91/Target: HK$7.83): Takeaways from luncheon: Growing the Peplink ecosystem. INDONESIA Strategy Alpha Picks: Underperformance In July: Our ...
N2IU MAPLETREE COMMERCIAL TRUST
0968 XINYI SOLAR HOLDINGS LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
MINT-R MINOR INTERNATIONAL PCL NVDR
INRI INARI AMERTRON BHD
NETLINK NETLINK NBN TRUST
WPRTS WESTPORTS HOLDINGS BHD
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Kong Ho Meng
Westports Holdings (WPRTS MK) - Volume Growth Intact; No Catalysts In ...
Volume Growth Intact; No Catalysts In Sight As Tariff Hike Is Priced In Signs of transshipment recovery can be observed in WPRTS’ 4M25 container volume data. By anticipating a resurgence in trade during the 90-day tariff cooldown, WPRTS can meet its unchanged volume growth guidance. Aside from the conclusion of the MSC-Huchitson deal, we do not foresee other catalysts, and think that the tariff hikes are fully priced in – regardless of whether they materialise or are deferred. MMC Port’s impendi...
- Anas Fitri Bin Ahmad
- Benyamin Mikael
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Singapore Research Team
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, June 10, 2025
GREATER CHINA Economics Inflation: Upstream deflationary pressures intensify. Trade: May data weighed down by higher tariffs. Sector Property: Shenzhen taps HPF for down payments to stabilise the property market; land market sees divergence among cities. INDONESIA Update Aneka Tambang (ANTM IJ/BUY/Rp3,450/Target: Rp4,600): Capitalising on gold’s momentum despite environmental headwinds. MALAYSIA Sector Plantation: 1Q25 results largely met expectations. We expect 2Q25 earnings to be supported b...
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Jonathan Koh
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Krit Tanarattananon
- Llelleythan Tan Tan
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thailand Research Team
Regional Morning Notes - Tuesday, May 13, 2025
GREATER CHINA Strategy China And Hong Kong Property: Channel check of Shanghai’s primary residential market; closer look at Hong Kong properties’ rental yields. MALAYSIA Results Westports Holdings (WPRTS MK/HOLD/RM4.53/Target: RM4.40): 1Q25: Results in line. WPRTS believes global acclimation towards tariff impact will rebalance trades; maintaining its 0-5% volume growth expectation. SINGAPORE Sector Banking: 1Q25 round-up: First-order direct impact assessed to be manageable. Upgrade to OVERWE...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 1Q25: Delivery Of Profits Intact, Unpe...
1Q25: Delivery Of Profits Intact, Unperturbed By Tariffs WPRTS delivered commendable 1Q25 profits despite some weakness in volumes, while costs remain in check. While WRPTS has yet to analyse in detail the impact of the tariffs on its container earnings and is mindful of downside risks, the company is maintaining its 0-5% volume growth target. We also highlight that WPRTS is fully on board should MSC complete the deal to enter as a new strategic shareholder, replacing Hutchison. Retain forecasts...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - Inevitable Downside Risks On Tariff Un...
Inevitable Downside Risks On Tariff Uncertainties, But Not All Is Bad PKA’s data showed that WPRTS’ volume momentum slowed sharply, and gateway volume contracted in Feb 25. A result of the inevitable downside risks of the tariff uncertainties, investors may consider taking profit. While the CK Hutchison deal may not work out, we think WPRTS has available avenues to earn geopolitical leverage while remaining politically neutral, via WPRTS 2 concession or Cruise Terminal. We cut our forecasts by 4...
- Ejann Hiew
- Jonathan Koh
- Kong Ho Meng
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
Regional Morning Meeting Notes: Monday, April 07, 2025
GREATER CHINA Results Chongqing Brewery (600132 CH/BUY/Rmb59.82/Target: Rmb71.30) 2024: Net profit misses but core profit in line due to lawsuit provision; focus on off-premise channel expansion in 2025. MALAYSIA Sector Consumer ESG assessment of the top 10 largest F&B companies; Nestle comes out tops. Maintain MARKET WEIGHT. Update Westports Holdings (WPRTS MK/HOLD/RM4.75/Target: RM4.40) Advise taking profit...
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
GCB GHANA COMMERCIAL BANK
FNH FRASER & NEAVE HOLDINGS BHD
WPRTS WESTPORTS HOLDINGS BHD
HEIM HEINEKEN MALAYSIA BHD
CAB CARLSBERG BREWERY MALAYSIA B
NESZ NESTLE (MALAYSIA) BERHAD
QLG QL RESOURCES BHD
FFB FARM FRESH BHD
DLM DEL MONTE FOODS CO
- Bella Lu Yifei
- Benyamin Mikael
- Carol Dou Xiao Qin
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Willinoy Sitorus
Regional Morning Notes - Wednesday, March 19, 2025
GREATER CHINA Results China Resources Beer (291 HK/BUY/HK$28.50/Target: HK$39.90): 2024: Results miss; a strong start and positive outlook for 2025. KE Holdings Inc (2423 HK/BUY/HK$67.20/Target: HK$80.00): 4Q24: Solid top-line beat; earnings miss; expecting stabilised outlook in 2025. WuXi AppTec (2359 HK/BUY/HK$72.35/Target: HK$90.00): 2024: Results satisfactory; targets continued operations for accelerated revenue growth of 10-15% yoy in 2025. Xiaomi Corp (1810 HK/BUY/HK$57.65/Target: HK$63.90...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - Potential Trading Upside Based On Hutc...
Potential Trading Upside Based On Hutchison Deal Metrics Hutchison’s planned US$22.8b exit of its global ports business to Blackrock-MSC (which includes its 24% stake in WPRTS) is valued at a 13.5x EV/EBITDA, a premium vs the 10x peer average. For the past year, WPRTS’ share price appreciation had partially factored in tariff hikes. While our forecasts remain unchanged, we see trading upside based on recent events (Hutchison) and a proposed material adjustment on storage charges. Retain HOLD; ad...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 2024: Beat Expectations On VAS Revenue...
2024: Beat Expectations On VAS Revenues WPRTS surprised on the upside for both 4Q24 earnings and EBITDA (~RM0.4b). Although container volume growth was flattish (as per guidance), this was underpinned by resilient gateway growth and VAS revenues. In 1H24, the sporadic port congestions did help WPRTS to benefit moderately in terms of VAS; however, VAS may be at a high base in 2H24. In our revised forecast, we expect the "one-off” VAS to taper off by 2Q25. Retain HOLD. Target: RM4.20.
- Bella Lu Yifei
- Claire Wang Kelai
- Jo Yee Ng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Thanawat Thangchadakorn
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, January 24, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales up 14% yoy and 30% wow. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao and Desay. Renewable Energy: Solar energy equipment: Prolonged industry consolidation, moderation of global installation growth and rising protectionism challenge survivability. Results TAL Educational Group (TAL US/BUY/US$11.07/Target: US$14.00): 3QFY25: Strong earnings beat; profit turnaround amid investment in learning devices. INDONESIA Results Bank Negara Indonesia...
- Kong Ho Meng
Westports Holdings (WPRTS MK) - 2024 Preview: Volume Within Expectatio...
2024 Preview: Volume Within Expectations Despite Below-peer Growth WPRTS is scheduled to release its 2024 results by the end of next week. We expect 2024 container volume to be flattish, in line with its guidance. Although it clearly indicates a loss of market share compared with SMA peers (PSA and PTP), note that WPRTS is placing increased focus on boosting its high-yield gateway business. We believe as 2025 is set to reignite the spirit of ASEAN, the SMA ports will benefit more via collaborati...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.