Kenanga ‘neutral’ on seaports and logistics sector FMTNews FMTBusiness
Kenanga Investment Bank Bhd predicted that firms in the seaports and logistics sector will face challenges this year due to the slowing global trade and a slew of new carbon emission regulations.
“This does not augur well for seaport operators like Westports Holdings Bhd,” said Kenanga, which has placed a “market perform” call with a target price of RM3.65 on the counter. Under the new IMO rules, effective from January, all ships must report their carbon intensity and will be rated accordingly.
During the transition period between October 2023 and December 2025, EU importers must report embedded emissions in goods imported on a quarterly basis as well as any carbon price paid in a third country. Around 18% of containers throughout the Asia-Europe trade could be affected, especially those originating from China, which is a major exporter of iron, steel and aluminium to the EU.Whilst seaports are expected to struggle, Kenanga believes the local logistics sector will remain robust as it is domestically driven and riding on booming e-commerce.
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