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 target="_blank">The initiation of A Container Port Terminal Product</a> introduced our rationale for covering companies that possess monopolistic/oligopolistic characteristics, as evidenced by their historic pricing/volume growth.</li>
<li>We initiated coverage on four such companies and have one in the pipeline on our screener, which we will initiate soon. </li>
<li>We like <a target="_blank">ICTSI (ICT PM)</a> for its global growth and <a target="_blank">Asian Terminals (ATI PM)</a> for its valuation, as well as pricing power, margins, ROCE, and other metrics. </li>
</ul>



The initiation of A Container Port Terminal Product introduced our rationale for covering companies that possess monopolistic/oligopolistic characteristics, as evidenced by their historic pricing/volume growth.
We initiated coverage on four such companies and have one in the pipeline on our screener, which we will initiate soon. 
We like ICTSI (ICT PM) for its global growth and Asian Terminals (ATI PM) for its valuation, as well as pricing power, margins, ROCE, and other metrics. 


Container Port Terminal Screener December 2025: Top Picks For FY26

<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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<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> reported a solid Q3 FY25, with both operational revenue/profits up 16% YoY, driven by improving TEU Yields due to recent tariff hikes.</li>
<li>Volumes were up only 4% YTD (6.3% in Q3FY25), but container rates are set to <a href="https://lom.agc.gov.my/act-view.php?type=pua&amp;language=BI&amp;no=P.U.%20(A)%20180/2025" target="_blank" rel="noopener">increase by 30% in a phased manner through Jan 2027, </a>leading to margin expansion/profitability. </li>
<li>With the recent pullback, the stock trades at 17.3x/14x FY25e/26e and a 4% dividend yield. This is another solid name to explore in our <a href="https://www.smartkarma.com/insights/initiation-of-a-container-port-terminal-product" target="_blank" rel="noopener">container port terminal coverage</a>. </li>
</ul>



Westports Holdings (WPRTS MK) reported a solid Q3 FY25, with both operational revenue/profits up 16% YoY, driven by improving TEU Yields due to recent tariff hikes.
Volumes were up only 4% YTD (6.3% in Q3FY25), but container rates are set to increase by 30% in a phased manner through Jan 2027, leading to margin expansion/profitability. 
With the recent pullback, the stock trades at 17.3x/14x FY25e/26e and a 4% dividend yield. This is another solid name to explore in our container port terminal coverage. 


Westports Holdings (WPRTS MK): Solid Q3 FY25 Driven By Tariff Hikes

<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

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Barito Renewables Energy / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/barito-renewables" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables (2306028D IJ)</a> raised around US$200m in its Indonesian IPO, after pricing at the top end of its IPO range at IDR780/share.</li>
<li>Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm.</li>
<li>In our previous notes, we covered the company’s performance, had undertaken a peer comparison and shared our thoughts on valuation. In this note, we will talk about the trading dynamics.</li>
</ul>



Barito Renewables (2306028D IJ) raised around US$200m in its Indonesian IPO, after pricing at the top end of its IPO range at IDR780/share.
Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm.
In our previous notes, we covered the company’s performance, had undertaken a peer comparison and shared our thoughts on valuation. In this note, we will talk about the trading dynamics.


Barito Renewables IPO Trading - Peers Look More Attractive Instead

Indonesia

PT Indonesia Kendaraan Terminal provides vehicle terminal services. The Company offers stevedoring, cargodoring, receiving, and delivery services. Indonesia Kendaraan Terminal serves clients in Indonesia.

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Indonesia Kendaraan Terminal (IPCC IJ)

Container Port Terminal Screener December 2025: Top Picks For FY26

Within container port terminal operators, we favor ICTSI (PM) and ATI (PM). With ROCE >20% and solid structural growth, we view both as high...

Sameer Taneja

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

Westports Holdings (WPRTS MK): Solid Q3 FY25 Driven By Tariff Hikes

We summarize Wesports Holdings (WPRTS MK) results for Q3 FY25. With phased tariff hikes of 30% till Jan 2027, we see ample room for margin...

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

Barito Renewables IPO Trading - Peers Look More Attractive Instead

Barito Renewables (2306028D IJ) raised around US$200m in its Indonesian IPO, after pricing at the top end of its IPO range at IDR780/share. In this...

Ethan Aw

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