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>We strongly recommend looking at container port terminal companies with monopoly/ duopoly, or oligopoly dynamics, as pricing power appears strong there. </li>
<li>After their 30% tariff hike, <a href="https://www.smartkarma.com/entities/westports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3954:1" rel="noopener">Westports Holdings (WPRTS MK)</a> reported a strong Q3, and <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a>, following tariff hikes across most of its ports, also reported 25% earnings growth. </li>
<li>We like <a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> for its cheap valuation/duopoly and <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a> for its strategy of acquiring terminals with a monopolistic presence. </li>
</ul>


We strongly recommend looking at container port terminal companies with monopoly/ duopoly, or oligopoly dynamics, as pricing power appears strong there. 
After their 30% tariff hike, Westports Holdings (WPRTS MK) reported a strong Q3, and ICTSI (ICT PM), following tariff hikes across most of its ports, also reported 25% earnings growth. 
We like Asian Terminals (ATI PM) for its cheap valuation/duopoly and ICTSI (ICT PM) for its strategy of acquiring terminals with a monopolistic presence. 


Container Port Terminal Screener November 2025: Strong Structural Future Growth And Great Q3 Results

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<ul>
  <li>
<a href="https://smartkarma.com/entities/asian-terminals-inc">Asian Terminals</a> Inc. (ATI) is a key port operator in the Philippines with a strong competitive position, managing strategic assets like the Manila South Harbor and the Port of Batangas under long-term concessions.</li>
  <li>The company demonstrates robust financial health, characterized by strong revenue and profit growth, a consistent dividend payout, and a net cash position. Growth is propelled by tariff adjustments and increasing container volumes.</li>
  <li>Future growth is underpinned by strategic capacity expansions and favorable macroeconomic tailwinds, including the Philippines' positive demographic profile and potential shifts in regional manufacturing. However, the company faces long-term risks from concession renewals and rising competition.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Asian Terminals Inc. (ATI) is a key port operator in the Philippines with a strong competitive position, managing strategic assets like the Manila South Harbor and the Port of Batangas under long-term concessions.
  The company demonstrates robust financial health, characterized by strong revenue and profit growth, a consistent dividend payout, and a net cash position. Growth is propelled by tariff adjustments and increasing container volumes.
  Future growth is underpinned by strategic capacity expansions and favorable macroeconomic tailwinds, including the Philippines' positive demographic profile and potential shifts in regional manufacturing. However, the company faces long-term risks from concession renewals and rising competition.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Asian Terminals (ATI PM) - Oct 2025

<ul>
<li>The <a href="https://www.smartkarma.com/entities/mmc-port-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45442:1" rel="noopener">MMC Port Holdings Berhad (2436494D MK)</a> IPO is <a href="https://theedgemalaysia.com/node/773085" target="_blank" rel="noopener">being delayed until 2026</a> to allow for more comprehensive disclosures that reflect <a href="https://theedgemalaysia.com/node/759068" target="_blank" rel="noopener">recent developments</a> in the industry and its operations.  </li>
<li>This has a positive read-through for <a href="https://www.smartkarma.com/entities/westports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3954:1" rel="noopener">Westports Holdings (WPRTS MK)</a>, where tariff hikes are expected to have a positive impact on results through 2025-2027. </li>
<li>Read our initiation of coverage on <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a> in our insight, <a href="https://www.smartkarma.com/insights/ictsi-ict-pm-terminal-operator-serial-grower-with-pricing-power-20-roce-30-net-margins" target="_blank" data-smartkarma-citation="insights:182122" rel="noopener">ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins</a> </li>
</ul>


The MMC Port Holdings Berhad (2436494D MK) IPO is being delayed until 2026 to allow for more comprehensive disclosures that reflect recent developments in the industry and its operations.  
This has a positive read-through for Westports Holdings (WPRTS MK), where tariff hikes are expected to have a positive impact on results through 2025-2027. 
Read our initiation of coverage on ICTSI (ICT PM) in our insight, ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins 


Container Port Terminal Screener October 2025: Delay of The MMC Port IPO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM) </a>reported a strong increase in revenues/profits of 22.1%/48.9% YoY for Q2 2025, led by the base effect of a 10% YoY price increase in Manila South Harbor. </li>
<li>Q3 2025 should be another decent quarter, given the effect of a price hike for the Batangas Container Terminal (Passenger terminal fees are on hold at the Batangas).</li>
<li>The stock trades at 9.3x FY25e, with a 7% dividend yield (65% payout ratio) and is net cash with an ROCE&gt;20%. </li>
</ul>



Asian Terminals (ATI PM) reported a strong increase in revenues/profits of 22.1%/48.9% YoY for Q2 2025, led by the base effect of a 10% YoY price increase in Manila South Harbor. 
Q3 2025 should be another decent quarter, given the effect of a price hike for the Batangas Container Terminal (Passenger terminal fees are on hold at the Batangas).
The stock trades at 9.3x FY25e, with a 7% dividend yield (65% payout ratio) and is net cash with an ROCE&gt;20%. 


Asian Terminals (ATI PM) Q2 2025: Solid Revenue/Profit Growth 22.1%/48.9% YoY

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> is a steady container port terminal operator, trading at 8.4x PE for FY25e, based on our numbers, and net cash (~10% of the market cap). </li>
<li>With the recent approval of a two-phase <a href="https://portcalls.com/ppa-approves-16-tariff-hike-in-batangas-port/" target="_blank" rel="noopener">16% tariff hike </a>at the Batangas Container Terminal, we see scope for the company to increase its earnings in FY25 and FY26.  </li>
<li>We also anticipate multiple years of growth (~20% ROCE) as the company embarks on a 4.2 billion peso expansion, and growth from the South Harbor/Manila is expected to be consistent.</li>
</ul>



Asian Terminals (ATI PM) is a steady container port terminal operator, trading at 8.4x PE for FY25e, based on our numbers, and net cash (~10% of the market cap). 
With the recent approval of a two-phase 16% tariff hike at the Batangas Container Terminal, we see scope for the company to increase its earnings in FY25 and FY26.  
We also anticipate multiple years of growth (~20% ROCE) as the company embarks on a 4.2 billion peso expansion, and growth from the South Harbor/Manila is expected to be consistent.


Asian Terminals Inc (ATI PM): Steady And Cheap Container Port Terminal Operator

Philippines

Asian Terminals, Inc., through its subsidiaries, operates and manages port terminals in the Philippines. The company operates and manages the Manila South Harbor, the Inland Clearance Depot, the Port of Batangas, and the Port of General Santos, as well as off-dock container yards. It provides stevedoring, arrastre, warehousing, storage, carnage, container freight station, domestic cargo handling, passenger terminal, and other port related services for international shipping lines; and trucking, just-in-time delivery, brokerage, and maintenance and repair services. The company was formerly known as Marina Port Services, Inc. Asian Terminals, Inc. was incorporated in 1986 and is headquartered in Manila, the Philippines.

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Asian Terminals (ATI PM)

Container Port Terminal Screener November 2025: Strong Structural Future Growth And Great Q3 Results

We provide updates on container port terminal companies that we believe have pricing power and are well-positioned to steadily increase earnings...

Sameer Taneja

Primer: Asian Terminals (ATI PM) - Oct 2025

Asian Terminals Inc. (ATI) is a key port operator in the Philippines with a strong competitive position, managing strategic assets like the...

αSK

Container Port Terminal Screener October 2025: Delay of The MMC Port IPO

We provide updates on the container port terminal companies, which we believe have pricing power and are primed to steadily increase their earnings...

Sameer Taneja