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Kenanga Research positive on Westports’ long-term growth
by Cals Wed 16 Oct 2013, 13:53
| Kenanga Research positive on Westports’ long-term growth |
| Business & Markets 2013 |
| Written by Jeffrey Tan of theedgemalaysia.com |
| Wednesday, 16 October 2013 10:31 |
In a note today, the research house said at a target price of RM2.90 based on the dividend discount model, it believed that the stock gives a decent dividend yield (FY14: 3.5%) with sustainable long-term growth.
“We believe that WHB offers a long term investment proposition,” said the Kenanga research team.
“It has higher than average operational efficiency which also results in superior margins coupled with a favourable shift in the container industry.”
Kenanga said it expects the Far East region and the Southeast Asian container trade to grow above the global growth rate as the ASEAN Economic Community goes on line in 2015.
Having said that, the research house also mentioned that WHB is well poised to grow further in the long-term with plans to potentially bump up their capacity to 16 million twenty-foot equivalent units (TEU).
It said this would be done annually in the next 10 years, which represents a 68% increase in capacity.
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