Westports to see weaker throughput in 3Q
KUCHING: Westports Holdings Bhd (Westports) could see a weaker third quarter of 2017 (3Q17) as container volume in 3Q17 could be softer on a quarteron-quarter (q-o-q) basis, analysts say.
The research arm of Maybank Investment Bank Bhd (Maybank IB Research) believed Westports’ container volume in 3Q17 could be softer as transhipment volume could be weaker as UASC fully moved out its transhipment volume in Jun 2017 while the new Eastbound services from Ocean Alliance only fully came through in August 2017.
It also pointed out that the port operator’s performance could be affected by weakness in transhipment volume.
“Overall, we believe volume would pick up again in 4Q17 as all of Westports’ customers (exCMA CGM and UASC) are seeing growth, particularly in the intraAsia lane,” it opined.
Nevertheless, it believed that the detailed studies of CT10-19 might be completed in the first half of 2019 (1H19) and this could provide some upside to its discounted cash flow (DCF) if the expansion is approved by the government.
“We see high possibility for the expansion going through as it requires zero-to-minimal funding from the government.
“After that, they are often left on their own and not given the support that they really need to continue their journey.
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