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Stock Watch Westports flat due to P3 overhang
by Cals Tue 29 Apr 2014, 22:22
| Stock Watch Westports flat due to P3 overhang |
| Business & Markets 2014 |
| Written by Bernama |
| Tuesday, 29 April 2014 14:24 KUALA LUMPUR (April 29): Westports' share price was flat at RM2.51 as at lunch break today, after opening at RM2.50 and with 250,000 shares transacted. In a note, Maybank Investment Bank (IB) Research said the stock had been flattish since listing in October 2013, due to the P3 overhang. The P3 alliance, comprising CMA CGM Group, Maersk Line and Mediterranean Shipping Co, is supposed to commence operation in mid-2014. "CMA CGM believes that approximately 200,000 twenty-foot equivalent units (TEUs) or two per cent of Westports’ total volume, will be transferred out to the Port of Tanjung Pelepas or PSA ports in Singapore. "However, the net impact on Westports will be negligible as CMA CGM is expected to introduce new non-P3 services from the first half 2014 onwards for the growing intra-Asia, Asia-Middle East and Asia-Africa markets," the research firm said. The alliance has been approved by the US Federal Maritime Commission (FMC), but is still pending approval from other regulatory bodies in the European Union, China and South Korea. |
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