(WPRTS MK/HOLD/RM3.74/Target: RM3.90)

9M17 core profit was in line with our forecast, though above consensus, given that we factored in a significant tax boost towards 4Q17. Downside risk is limited, as most of the volume growth decline has been priced in given management’s guidance on 3Q17 transshipment volume being a new base moving forward. Nevertheless, we do not foresee a rerating yet, unless volumes and cost management improve. Maintain HOLD. Raise target price to RM3.90. Entry price: RM3.65.

Source: UOB Kay Hian Research - 13 Nov 2017