Company Update � Westports (HOLD,
downgrade)
- Trimming volume growth expectations
Westports reported a 9% decline in container volume
in April-May 2017, post the commencement of the new shipping alliance. The
lower ad hoc calls and regional competition also affected inorganic container
volume growth. The stronger gateway volume is a welcome respite, but is
unlikely to offset the decline in transhipments. We trim our container volume
assumption to -3% for FY17 and downgrade Westports to HOLD from Buy with a
lower TP of RM3.95.
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