Weaker LNG volume weighs on Bintulu Port
PETALING JAYA: Kenanga Research is slashing its forecasts for Bintulu Port Holdings Bhd 's (BPHB) net profit for this year and next year.
The research house said it is cutting its forecast net profit for both years by 23%, taking into account weaker-than-expected liquefied natural gas (LNG) cargo volume due to difficulties at the LNG complex, following a scheduled maintenance shutdown in the second quarter of this year (2Q25).
'BPHB's 1Q25 results came in below expectations at 19% of our full-year forecast, and 18% of consensus' full-year estimates. The key variance was due to the weaker-than-expected LNG cargo volume due to technical difficulties at the Malaysia LNG Sdn Bhd (MLNG) complex,' the research house said
However, the research house said it continues to like BPHB for its steady income stream from handling LNG cargoes for MLNG and maintained its 'market perform' call on BPHB.
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