Subdued Market Conditions And Shifts Affecting Westports' Container Volume
Subdued Market Conditions And Shifts Affecting Westports' Container Volume
"Notably, container revenue increased by 6.6% YoY, supported by growth in value-added services (VAS), which accounted for 24.6% of the revenue, up from 21.6% in the previous quarter," MIDF Research said in a note.Despite Westports Holdings Bhd's core profit after tax (PAT) of RM230.9 million for the third quarter financial year of 2024 (3QFY24) represented 76%-77% of both MIDF Investment Bank Bhd's (MIDF Research) and consensus full-year projections, the research house maintained a NEUTRAL call on the port operator with a target price (TP) of RM4.30.
儘管西港控股有限公司2024財年第三季度的核心稅後利潤（PAT）爲23090萬令吉（3QFY24）佔MIDF投資銀行有限公司（MIDF Research）和全年共識預測的76％-77％，但該研究機構維持對港口運營商的中立看法，目標價格（TP）爲4.30令吉。
The research house noted that Westports' 3Q performance was marked by contrasting trends across its business segments.
該研究機構指出，Westports第三季度的業績以各業務板塊的趨勢形成鮮明對比。
"While gateway volume rose by 8.7% year-on-year (YoY), its transshipment volume experienced a 9.9% YoY decline due to reduced movement of empty containers.
“雖然網關量同比增長8.7％，但由於空集裝箱的流動減少，其轉運量同比下降了9.9％。
"Notably, container revenue increased by 6.6% YoY, supported by growth in value-added services (VAS), which accounted for 24.6% of the revenue, up from 21.6% in the previous quarter," MIDF Research said in a note.
MIDF Research在一份報告中表示：「值得注意的是，集裝箱收入同比增長6.6％，這得益於增值服務（VAS）的增長，佔收入的24.6％，高於上一季度的21.6％。」
MIDF Research added that Westports' conventional revenue also demonstrated robust growth of 30.3% YoY, driven by a 22% increase in the break and dry bulk segments.
MIDF Research補充說，受散裝和幹散貨板塊增長22％的推動，Westports的常規收入也顯示出同比30.3％的強勁增長。
"Sequentially, its core PAT was also up 13.3% quarter-on-quarter despite a slight 1.1% dip in container volume due to a continued rise in conventional volume and the strong performance of VAS," the research house noted.
該研究機構指出：「儘管由於常規貨運量的持續增長和VAS的強勁表現，集裝箱容量略有下降1.1％，但其核心PaT同比增長了13.3％。」
Looking ahead, Westports' management expects container volume for FY24 to end flat, reflecting subdued market conditions and shifts in transshipment congestion. This outlook aligned with MIDF Research's projected growth of 1.2% YoY.
展望未來，Westports的管理層預計，24財年的集裝箱量將持平，這反映了疲軟的市場狀況和轉運擁堵的轉變。這一前景與MIDF Research預計的同比增長1.2％一致。
"The company forecasts low single-digit growth in FY25, driven by strong gateway volume and a recovery in transshipment traffic, an estimated 3.3% growth," MIDF Research said.
MIDF Research表示：「該公司預測，受強勁的門戶量和轉運量恢復的推動，25財年將出現低的個位數增長，估計增長3.3％。」
With its discounted cashflow-derived TP of RM4.30, MIDF Research has indicated that Westports' valuation remains close to its five-year historical mean, based on a WACC of 7.2% and a growth rate of 3%.
MIDF Research的折扣現金流衍生目標爲4.30令吉，根據7.2％的WACC和3％的增長率，西港的估值仍接近其五年曆史平均值。
The stock's key potential upsides include higher-than-expected tariff hikes and an upward revision in container volume forecasts from management.
該股的主要潛在上漲空間包括高於預期的關稅上調以及管理層向上修訂集裝箱容量預測。
譯文內容由第三人軟體翻譯。
