Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>The <a target="_blank" rel="noopener">ICTSI (ICT PM)</a>, the largest container port terminal operator in the Philippines (also with a global presence), trades at 17x PE, 9x EV-EBITDA trailing, with a dividend yield of ~3.2%.</li>
<li>The company operates container terminals efficiently, boasting EBITDA and net margins of 65% and 31%, respectively, and improving ROCE metrics exceeding 20% (averaging 14% over the past decade).</li>
<li>The company demonstrates strong pricing power in a challenging global environment, presenting an opportunity to explore further if additional market corrections occur.</li>
</ul>


The ICTSI (ICT PM), the largest container port terminal operator in the Philippines (also with a global presence), trades at 17x PE, 9x EV-EBITDA trailing, with a dividend yield of ~3.2%.
The company operates container terminals efficiently, boasting EBITDA and net margins of 65% and 31%, respectively, and improving ROCE metrics exceeding 20% (averaging 14% over the past decade).
The company demonstrates strong pricing power in a challenging global environment, presenting an opportunity to explore further if additional market corrections occur.


ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul>
<li>SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.</li>
<li>
Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…</li>
</ul>


SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.

Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…


Average 19% YTD Gain in Key Mining Stocks

Philippines

Apex Mining Co., Inc. engages in the exploration, development, production, and sale of gold, silver, copper, lead, zinc brass, iron, steel, and other metals and minerals in the Philippines. It operates the Maco mines located in Maco, Compostela Valley. The company is also involved in the oil exploration and development activities. The company was founded in 1970 and is headquartered in Pasig City, the Philippines.

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Apex Mining Co (APX PM)

ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins

We initiate coverage on the ICTSI PM, the largest container port operator in the Philippines, with a global presence. The company has a stellar...

Sameer Taneja

Average 19% YTD Gain in Key Mining Stocks

SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold...

Singapore Exchange Ltd (SGX)

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