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

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<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> reported a solid Q3 FY25, with both operational revenue/profits up 16% YoY, driven by improving TEU Yields due to recent tariff hikes.</li>
<li>Volumes were up only 4% YTD (6.3% in Q3FY25), but container rates are set to <a href="https://lom.agc.gov.my/act-view.php?type=pua&amp;language=BI&amp;no=P.U.%20(A)%20180/2025" target="_blank" rel="noopener">increase by 30% in a phased manner through Jan 2027, </a>leading to margin expansion/profitability. </li>
<li>With the recent pullback, the stock trades at 17.3x/14x FY25e/26e and a 4% dividend yield. This is another solid name to explore in our <a href="https://www.smartkarma.com/insights/initiation-of-a-container-port-terminal-product" target="_blank" rel="noopener">container port terminal coverage</a>. </li>
</ul>



Westports Holdings (WPRTS MK) reported a solid Q3 FY25, with both operational revenue/profits up 16% YoY, driven by improving TEU Yields due to recent tariff hikes.
Volumes were up only 4% YTD (6.3% in Q3FY25), but container rates are set to increase by 30% in a phased manner through Jan 2027, leading to margin expansion/profitability. 
With the recent pullback, the stock trades at 17.3x/14x FY25e/26e and a 4% dividend yield. This is another solid name to explore in our container port terminal coverage. 


Westports Holdings (WPRTS MK): Solid Q3 FY25 Driven By Tariff Hikes

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<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

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<li>
<a target="_blank">ICTSI (ICT PM)</a> and <a target="_blank">Westports Holdings (WPRTS MK)</a> have reported strong results, which we will summarize. </li>
<li>
<a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> made three large share buyback transactions in August, which we will highlight. The company is due to report its Q2 results soon. </li>
<li>Our preference is, in order of priority, <a target="_blank">Asian Terminals (ATI PM)</a>/<a target="_blank">ICTSI (ICT PM)</a> and <a target="_blank">Westports Holdings (WPRTS MK)</a>.</li>
</ul>



ICTSI (ICT PM) and Westports Holdings (WPRTS MK) have reported strong results, which we will summarize. 

Asian Terminals (ATI PM) made three large share buyback transactions in August, which we will highlight. The company is due to report its Q2 results soon. 
Our preference is, in order of priority, Asian Terminals (ATI PM)/ICTSI (ICT PM) and Westports Holdings (WPRTS MK).


Container Port Terminal Screener August 2025: Strong Q2 Results Season

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Five stocks remain, nine new join the fray</li>
<li>Since its inception, it has generated a before-fee total return of 295% versus the MSCI ASEAN's  59%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since its inception, it has generated a before-fee total return of 295% versus the MSCI ASEAN's  59%


<ul>
<li>We strongly recommend looking at container port terminal companies with monopoly/ duopoly, or oligopoly dynamics, as pricing power appears strong there. </li>
<li>After their 30% tariff hike, <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> reported a strong Q3, and <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>, following tariff hikes across most of its ports, also reported 25% earnings growth. </li>
<li>We like <a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> for its cheap valuation/duopoly and <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> for its strategy of acquiring terminals with a monopolistic presence. </li>
</ul>


We strongly recommend looking at container port terminal companies with monopoly/ duopoly, or oligopoly dynamics, as pricing power appears strong there. 
After their 30% tariff hike, Westports Holdings (WPRTS MK) reported a strong Q3, and ICTSI (ICT PM), following tariff hikes across most of its ports, also reported 25% earnings growth. 
We like Asian Terminals (ATI PM) for its cheap valuation/duopoly and ICTSI (ICT PM) for its strategy of acquiring terminals with a monopolistic presence. 


Container Port Terminal Screener November 2025: Strong Structural Future Growth And Great Q3 Results

Malaysia

Westports Holdings Berhad provides port services. The Company offers container and cargo services, marine services, rental services and other ancillary services. Westports provides its services to the import and export industries.

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Westports Holdings (WPRTS MK)