Company Update � Westports (HOLD, downgrade)

Top Calls

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.

Other Calls

Economic Update - Malaysia � Manufacturing PMI - Manufacturing PMI fell unexpectedly to 48.7 in May

Economic Update - ASEAN Weekly Wrap - Asean PMI loses some of its growth momentum in 2Q17

Results Note � KESM Industries (BUY, maintain) - 9MFY17 earnings up 39% yoy

Flash Note � Tiong Nam - Firmer growth expected in FY18

Morning News and Market Summary

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