Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Maharlika Investment Corp. (MIC) announced its intentions to launch a tender offer for shares of Asian Terminals. </li>
<li>This could accelerate the delisting of Asian Terminals from the Philippine Stock Exchange (PSE).</li>
<li>Tender offer price is 36 PHP. Upon completion, MIC is expected to hold approximately 11.2% of ATI's outstanding common shares. </li>
</ul>


Maharlika Investment Corp. (MIC) announced its intentions to launch a tender offer for shares of Asian Terminals. 
This could accelerate the delisting of Asian Terminals from the Philippine Stock Exchange (PSE).
Tender offer price is 36 PHP. Upon completion, MIC is expected to hold approximately 11.2% of ATI's outstanding common shares. 


A Tender Offer for Asian Terminals by Maharlika Investment Corp (Philippines Sovereign Wealth Fund)

Equity Bottom-Up

<ul>
<li>In this insight, we review the share price performances of the 14 companies/insights on the Asian Dividend Gems in 2025.</li>
<li>The 14 stocks in the Asian Dividend Gems published in 2025 are up on average 17.9% from the date of publishing the insight to current price.</li>
<li>The 14 companies included in the Asian Dividend Gems series this year currently have an average dividend yield of 5.4% and average SmartScore of 4.1 (out of 5.0).</li>
</ul>


In this insight, we review the share price performances of the 14 companies/insights on the Asian Dividend Gems in 2025.
The 14 stocks in the Asian Dividend Gems published in 2025 are up on average 17.9% from the date of publishing the insight to current price.
The 14 companies included in the Asian Dividend Gems series this year currently have an average dividend yield of 5.4% and average SmartScore of 4.1 (out of 5.0).


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

<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

<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

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)

A Tender Offer for Asian Terminals by Maharlika Investment Corp (Philippines Sovereign Wealth Fund)

Maharlika Investment Corp. (MIC) announced its intentions to launch a tender offer for shares of Asian Terminals (ATI PM).

Douglas Kim

A Review of Asian Dividend Gems in 2025

The 14 stocks in the Asian Dividend Gems published in 2025 are up on average 17.9% from the date of publishing the insight to current price. They...

Douglas Kim

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

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

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

We summarize the earnings report for Q2 FY25 for Asian Terminals (ATI PM). Trading at 9.3x FY25 PE with a 7% dividend yield, net cash, and >20%...

Sameer Taneja

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