MIDF Research maintains Neutral on Westports, ups target price to RM3.11

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KUALA LUMPUR (Nov 7): MIDF Research has maintained its Neutral rating on Westports Holdings Bhd at RM2.90 with a higher target price of RM3.11 (from RM2.95) and said the port operator’s results were above expectations.

In a note Friday, the reserach house said the improved result was due to higher throughput and lower effective tax rate.

“3Q14 container throughput grew robustly by 11.3% y-o-y to 2.16 million TEUs.

“CT8 expansion plan to cater for future demand.

“Maintain Neutral with revised target price of RM3.11 after rolling forward valuation to FY15,” it said.