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 are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.</li>
<li>We established metrics focusing on high ROCE, sustainable growth of 10-15% YoY, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.</li>
<li>Read our recent initiation on <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>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
We established metrics focusing on high ROCE, sustainable growth of 10-15% YoY, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
Read our recent initiation on ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins 


Shortlist of High Conviction Philippines Equity Ideas - October 2025

International Container Terminal Services / Equity Bottom-Up

International Container Terminal Services (ICT PM)

International Container Terminal Services

<ul>
<li>Reports now out that 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 could be delayed by <a href="https://theedgemalaysia.com/node/768094" target="_blank" rel="noopener">some months</a>, as issues have arisen due to the lofty valuations.  </li>
<li>
<a href="https://www.smartkarma.com/entities/port-of-tauranga-ltd" target="_blank" data-smartkarma-citation="entities:3739:1" rel="noopener">Port of Tauranga (POT NZ)</a> reported strong results for FY25, and we expect strong guidance at its AGM in October for FY26. </li>
<li>We continue to favor <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> and <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> due to their duopoly position and control over pricing.</li>
</ul>


Reports now out that the MMC Port Holdings Berhad (2436494D MK) IPO could be delayed by some months, as issues have arisen due to the lofty valuations.  

Port of Tauranga (POT NZ) reported strong results for FY25, and we expect strong guidance at its AGM in October for FY26. 
We continue to favor ICTSI (ICT PM) and Asian Terminals (ATI PM) due to their duopoly position and control over pricing.


Container Port Terminal Screener September 2025: Strong Result For POT NZ

<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>We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.</li>
<li>We established metrics focusing on high ROCE, sustainable growth of 10-15% YoY, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.</li>
<li>Read our initiation <a href="https://www.smartkarma.com/insights/asian-terminals-inc-ati-pm-steady-and-cheap-container-port-terminal-operator" target="_blank" data-smartkarma-citation="insights:192234" rel="noopener">Asian Terminals Inc (ATI PM): Steady And Cheap Container Port Terminal Operator</a>, and our updates on <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a> / <a href="https://www.smartkarma.com/entities/shakey-s-pizza-asia-ventures" target="_blank" data-smartkarma-citation="entities:23706:1" rel="noopener">Shakey's Pizza (PIZZA PM)</a> </li>
</ul>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
We established metrics focusing on high ROCE, sustainable growth of 10-15% YoY, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
Read our initiation Asian Terminals Inc (ATI PM): Steady And Cheap Container Port Terminal Operator, and our updates on The Keepers Holdings (KEEPR PM) / Shakey's Pizza (PIZZA PM) 


Shortlist of High Conviction Philippines Equity Ideas - August 2025

<ul>
<li>
<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>along with <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>, are the two largest container port terminal operators in Malaysia.</li>
<li>With a stranglehold on Port Klang, where it holds a 75% market share, the company will be the beneficiary of significant tariff hikes of 30% over the next 1.5 years.</li>
<li>Despite the recent rally, the stock trades at 18x/15x FY25e/26e earnings and a dividend yield of 4%. Following the pricing-led growth, the company is embarking on an expansion plan post-2028. </li>
</ul>



Westports Holdings (WPRTS MK), along with MMC Port Holdings Berhad (2436494D MK), are the two largest container port terminal operators in Malaysia.
With a stranglehold on Port Klang, where it holds a 75% market share, the company will be the beneficiary of significant tariff hikes of 30% over the next 1.5 years.
Despite the recent rally, the stock trades at 18x/15x FY25e/26e earnings and a dividend yield of 4%. Following the pricing-led growth, the company is embarking on an expansion plan post-2028. 


Westports Holdings (WPRTS MK): A Steady Pricing Growth Led Story

Philippines

Asian Terminals, Inc. (ATI) is a Philippine Stock Exchange-listed port operator, developer, and investor. It operates and manages strategic seaports in the Philippines, including Manila South Harbor, the Port of Batangas, and off-dock container yards. ATI provides comprehensive port and logistics services for containerized and non-containerized cargoes, bulk and break-bulk shipments, and passengers. The company was incorporated on July 9, 1986, and is headquartered in Manila, Philippines.

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Asian Terminals (ATI PM)

Shortlist of High Conviction Philippines Equity Ideas - October 2025

We compile our selection of small and mid-cap names with desired characteristics of high dividend yields, value, and margin of safety, and updates.

Sameer Taneja

Container Port Terminal Screener September 2025: Strong Result For POT NZ

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