Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/westports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3954:1" rel="noopener">Westports Holdings (WPRTS MK), </a>along with <a href="https://www.smartkarma.com/entities/mmc-port-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45442:1" rel="noopener">MMC Port Holdings Berhad (2436494D MK)</a>, are the two largest container port terminal operators in Malaysia.</li>
<li>With a stranglehold on Port Klang, where it holds a 75% market share, the company will be the beneficiary of significant tariff hikes of 30% over the next 1.5 years.</li>
<li>Despite the recent rally, the stock trades at 18x/15x FY25e/26e earnings and a dividend yield of 4%. Following the pricing-led growth, the company is embarking on an expansion plan post-2028. </li>
</ul>



Westports Holdings (WPRTS MK), along with MMC Port Holdings Berhad (2436494D MK), are the two largest container port terminal operators in Malaysia.
With a stranglehold on Port Klang, where it holds a 75% market share, the company will be the beneficiary of significant tariff hikes of 30% over the next 1.5 years.
Despite the recent rally, the stock trades at 18x/15x FY25e/26e earnings and a dividend yield of 4%. Following the pricing-led growth, the company is embarking on an expansion plan post-2028. 


Westports Holdings (WPRTS MK): A Steady Pricing Growth Led Story

<ul>
<li>The <a href="https://www.smartkarma.com/entities/mmc-port-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45442:1" rel="noopener">MMC Port Holdings Berhad (2436494D MK)</a> IPO is <a href="https://theedgemalaysia.com/node/773085" target="_blank" rel="noopener">being delayed until 2026</a> to allow for more comprehensive disclosures that reflect <a href="https://theedgemalaysia.com/node/759068" target="_blank" rel="noopener">recent developments</a> in the industry and its operations.  </li>
<li>This has a positive read-through for <a href="https://www.smartkarma.com/entities/westports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3954:1" rel="noopener">Westports Holdings (WPRTS MK)</a>, where tariff hikes are expected to have a positive impact on results through 2025-2027. </li>
<li>Read our initiation of coverage on <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a> in our insight, <a href="https://www.smartkarma.com/insights/ictsi-ict-pm-terminal-operator-serial-grower-with-pricing-power-20-roce-30-net-margins" target="_blank" data-smartkarma-citation="insights:182122" rel="noopener">ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins</a> </li>
</ul>


The MMC Port Holdings Berhad (2436494D MK) IPO is being delayed until 2026 to allow for more comprehensive disclosures that reflect recent developments in the industry and its operations.  
This has a positive read-through for Westports Holdings (WPRTS MK), where tariff hikes are expected to have a positive impact on results through 2025-2027. 
Read our initiation of coverage on ICTSI (ICT PM) in our insight, ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins 


Container Port Terminal Screener October 2025: Delay of The MMC Port IPO

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we had a look at a number of deals that are in the pipeline.</li>
<li>On the placements front, it was a relatively quiet week with a few primary raisings.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we had a look at a number of deals that are in the pipeline.
On the placements front, it was a relatively quiet week with a few primary raisings.


ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma</li>
<li>In this cut, we compare Japanese insurers versus banks, look at the Chinese EV sector and explore how tariff hikes benefit Asian port operators</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma
In this cut, we compare Japanese insurers versus banks, look at the Chinese EV sector and explore how tariff hikes benefit Asian port operators
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Japan Insurers Vs Banks, the State of the Chinese EV Sector & Asian Ports in Focus

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the previous week was another busy week for listings, with mixed results.</li>
<li>On the placements front, we looked at the possible placements for <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN).</a>
</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the previous week was another busy week for listings, with mixed results.
On the placements front, we looked at the possible placements for Meituan (3690 HK) and State Bank Of India (SBIN IN).



ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

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MMC Port Holdings Berhad (2436494D MK)

Westports Holdings (WPRTS MK): A Steady Pricing Growth Led Story

We present a thesis on Westports Holdings (WPRTS MK), a high-quality container port terminal operator with 25% ROE, 50% operating margins and a...

Sameer Taneja

Container Port Terminal Screener October 2025: Delay of The MMC Port IPO

We provide updates on the container port terminal companies, which we believe have pricing power and are primed to steadily increase their earnings...

Sameer Taneja

ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Curator's Cut: Japan Insurers Vs Banks, the State of the Chinese EV Sector & Asian Ports in Focus

This Curator's Cut issue compares Japanese insurers vs banks amidst rising yields, the state of the Chinese EV sector and how Asian port operators...

Pranav Rao

ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Westports Holdings (WPRTS MK): A Steady Pricing Growth Led Story

We present a thesis on Westports Holdings (WPRTS MK), a high-quality container port terminal operator with 25% ROE, 50% operating margins and a...

Sameer Taneja

Container Port Terminal Screener October 2025: Delay of The MMC Port IPO

We provide updates on the container port terminal companies, which we believe have pricing power and are primed to steadily increase their earnings...

Sameer Taneja

ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Curator's Cut: Japan Insurers Vs Banks, the State of the Chinese EV Sector & Asian Ports in Focus

​This Curator's Cut issue compares Japanese insurers vs banks amidst rising yields, the state of the Chinese EV sector and how Asian port operators...

Pranav Rao

ECM Weekly (14 July 2025) - Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

This Curator's Cut issue compares Japanese insurers vs banks amidst rising yields, the state of the Chinese EV sector and how Asian port operators...