AmInvest Research cuts Westports net profit forecasts, retains ‘hold’

The research house said based on Westports

KUALA LUMPUR: AmInvestment Bank Research has cut Westports Holdings Bhd net profit forecasts by 8% and 5% for financial year 2018 and 2019 respectively and reduced its fair value by 2% to RM3.74 from RM3.82, but maintained its “hold” call.

It said the new fair value was based on 21 times revised fully diluted FY2019F earnings per share at about 10% discount to Westports’ average historical forward price-to-earnings (P/E) of 23 times.