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

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<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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Post its recent IPO, Aegis Vopak has rapidly expanded its LPG capacity and is strategically de-leveraging to fund its massive, long-term 'GATI' (Gateway Access to India) expansion pipeline.</li>
<li>As India's largest third-party tank storage operator, the company is a critical, high-barrier-to-entry infrastructure play, directly capitalizing on the country's surging energy, chemical, and industrial import dependence.</li>
<li>The strategic joint venture and execution focus on high-margin, sticky, and growing segments like LPG and specialty chemicals position the company for sustainable, asset-backed growth.</li>
</ul>


Post its recent IPO, Aegis Vopak has rapidly expanded its LPG capacity and is strategically de-leveraging to fund its massive, long-term 'GATI' (Gateway Access to India) expansion pipeline.
As India's largest third-party tank storage operator, the company is a critical, high-barrier-to-entry infrastructure play, directly capitalizing on the country's surging energy, chemical, and industrial import dependence.
The strategic joint venture and execution focus on high-margin, sticky, and growing segments like LPG and specialty chemicals position the company for sustainable, asset-backed growth.


The Beat Ideas: Aegis Vopak Terminals - Leveraging the Partnership to Dominate India's Tank Storage

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

JSW Infrastructure / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/jsw-infrastructure" target="_blank" data-smartkarma-citation="entities:35408:1" rel="noopener">JSW Infrastructure (5978490Z IN)</a> raised US$336m in its India IPO.</li>
<li>JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



JSW Infrastructure (5978490Z IN) raised US$336m in its India IPO.
JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


JSW Infrastructure IPO Trading - Decent Subscription Rates Although Anchor Quality Was Mediocre

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-infrastructure" target="_blank" data-smartkarma-citation="entities:35408:1" rel="noopener">JSW Infrastructure (5978490Z IN)</a> will open up for its IPO subscription this week.</li>
<li>The company is into ports and maritime infrastructure and is the second largest commercial port operator in India in terms of cargo handling capacity.</li>
<li>While the company has grown rapidly, the financials do indicate few concerns such as critical dependence/high RPT with JSW group, high debt-high cash balance sheet, forex risk, etc.</li>
</ul>



JSW Infrastructure (5978490Z IN) will open up for its IPO subscription this week.
The company is into ports and maritime infrastructure and is the second largest commercial port operator in India in terms of cargo handling capacity.
While the company has grown rapidly, the financials do indicate few concerns such as critical dependence/high RPT with JSW group, high debt-high cash balance sheet, forex risk, etc.


JSW Infrastructure Ltd IPO- Forensic Analysis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-infrastructure" target="_blank" data-smartkarma-citation="entities:35408:1" rel="noopener">JSW Infrastructure (5978490Z IN)</a> is looking to raise US$336m in its India IPO.</li>
<li>JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.</li>
<li>In this note, we will look at JSWI’s RHP updates, undertake a peer comparison, and share our thoughts on valuation.</li>
</ul>



JSW Infrastructure (5978490Z IN) is looking to raise US$336m in its India IPO.
JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
In this note, we will look at JSWI’s RHP updates, undertake a peer comparison, and share our thoughts on valuation.


JSW Infrastructure IPO - Would Need a Wider Discount to Its Larger and More Dominant Peer

India

Gujarat Pipavav Port Ltd. operates a marine shipping port.  The port loads and unloads container, bulk, and liquid cargo.

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Gujarat Pipavav Port (GPPV IN)

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

We outline our investment case for Asian Terminals Inc. (ATI PM), a container terminal operator in the Philippines, which is net cash and trading...

Sameer Taneja

The Beat Ideas: Aegis Vopak Terminals - Leveraging the Partnership to Dominate India's Tank Storage

Aegis Vopak rapidly expands LPG capacity post IPO, strategically de-leveraging for long-term 'GATI' expansion in India, positioning as critical...

Nimish Maheshwari

JSW Infrastructure IPO Trading - Decent Subscription Rates Although Anchor Quality Was Mediocre

JSW Infrastructure (5978490Z IN) raised US$336m in its India IPO. We have covered various aspects of the deal in our previous notes. In this note,...

Clarence Chu

JSW Infrastructure Ltd IPO- Forensic Analysis

JSWIL is India's second largest commercial port operator and has grown rapidly since F21. However, concerns remain regarding its dependence on JSW...

Nitin Mangal

JSW Infrastructure IPO - Would Need a Wider Discount to Its Larger and More Dominant Peer

JSW Infrastructure (5978490Z IN) is looking to raise US$336m in its India IPO. In this note, we will look at JSWI’s RHP updates, undertake a peer...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

We outline our investment case for Asian Terminals Inc. (ATI PM), a container terminal operator in the Philippines, which is net cash and trading...

Sameer Taneja

The Beat Ideas: Aegis Vopak Terminals - Leveraging the Partnership to Dominate India's Tank Storage

​Aegis Vopak rapidly expands LPG capacity post IPO, strategically de-leveraging for long-term 'GATI' expansion in India, positioning as critical...

Nimish Maheshwari

JSW Infrastructure IPO Trading - Decent Subscription Rates Although Anchor Quality Was Mediocre

JSW Infrastructure (5978490Z IN) raised US$336m in its India IPO. We have covered various aspects of the deal in our previous notes. In this note,...

Clarence Chu

JSW Infrastructure Ltd IPO- Forensic Analysis

​JSWIL is India's second largest commercial port operator and has grown rapidly since F21. However, concerns remain regarding its dependence on JSW...

Nitin Mangal

JSW Infrastructure IPO - Would Need a Wider Discount to Its Larger and More Dominant Peer

JSW Infrastructure (5978490Z IN) is looking to raise US$336m in its India IPO. In this note, we will look at JSWI’s RHP updates, undertake a peer...

Clarence Chu

Aegis Vopak rapidly expands LPG capacity post IPO, strategically de-leveraging for long-term 'GATI' expansion in India, positioning as critical...

JSWIL is India's second largest commercial port operator and has grown rapidly since F21. However, concerns remain regarding its dependence on JSW...