Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Malaysia's PE and P/BV are at significant discounts to their long-term means. Thailand is at a small discount. Indonesia and Philippines are at very large discounts to their long-term averages.</li>
<li>Singapore's PE and P/BV are at large premiums to long-term averages. Despite the improvement in governance and high dividend yield, they don't seem justified by forward EPS growth and ROE.</li>
<li>In the near term, Indonesia, Philippines, Malaysia could rerate. However, "higher for longer" US yields could prevent significant rerating of the first two. Thai valuations could stay flat for now.</li>
</ul>


Malaysia's PE and P/BV are at significant discounts to their long-term means. Thailand is at a small discount. Indonesia and Philippines are at very large discounts to their long-term averages.
Singapore's PE and P/BV are at large premiums to long-term averages. Despite the improvement in governance and high dividend yield, they don't seem justified by forward EPS growth and ROE.
In the near term, Indonesia, Philippines, Malaysia could rerate. However, "higher for longer" US yields could prevent significant rerating of the first two. Thai valuations could stay flat for now.


Asian Equities: Valuations in ASEAN Markets Are More Divergent than Rest of Asia

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

International Container Terminal Services / Equity Bottom-Up

International Container Terminal Services (ICT PM)

International Container Terminal Services

<ul>
<li>
<a target="_blank">ICTSI (ICT PM)</a> and <a target="_blank">Westports Holdings (WPRTS MK)</a> have reported strong results, which we will summarize. </li>
<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> made three large share buyback transactions in August, which we will highlight. The company is due to report its Q2 results soon. </li>
<li>Our preference is, in order of priority, <a target="_blank">Asian Terminals (ATI PM)</a>/<a target="_blank">ICTSI (ICT PM)</a> and <a target="_blank">Westports Holdings (WPRTS MK)</a>.</li>
</ul>



ICTSI (ICT PM) and Westports Holdings (WPRTS MK) have reported strong results, which we will summarize. 

Asian Terminals (ATI PM) made three large share buyback transactions in August, which we will highlight. The company is due to report its Q2 results soon. 
Our preference is, in order of priority, Asian Terminals (ATI PM)/ICTSI (ICT PM) and Westports Holdings (WPRTS MK).


Container Port Terminal Screener August 2025: Strong Q2 Results Season

Philippine Stock Exchange / 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% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.</li>
<li>We update our readers on developments in <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> and <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE 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% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
We update our readers on developments in Asian Terminals (ATI PM) and Philippine Stock Exchange (PSE PM) 


Shortlist of High Conviction Philippines Equity Ideas - June 2025

<ul>
<li>
<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>, <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>, and <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> have all reported strong results growth driven by tariff increases and volume growth. </li>
<li>We view any pullback as an opportunity to explore the sector, as structural growth opportunities exist for all names. </li>
<li>In order of preference, we like <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>, followed by <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> and <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> </li>
</ul>



ICTSI (ICT PM), Port of Tauranga (POT NZ), and Westports Holdings (WPRTS MK) have all reported strong results growth driven by tariff increases and volume growth. 
We view any pullback as an opportunity to explore the sector, as structural growth opportunities exist for all names. 
In order of preference, we like ICTSI (ICT PM), followed by Westports Holdings (WPRTS MK) and Port of Tauranga (POT NZ) 


Container Port Terminal Screener: March 2026 Strong Results Growth

<ul>
<li>
<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>  delivered a record FY25: revenue +18.1% to US$3.23bn, EBITDA +20.5% to US$2.14bn (margin 66.3%), and net income +23.3% to US$1.05bn, driven by broad-based TEU growth of +11%YoY.</li>
<li>
Q4 FY25 was a record quarter. An expanding concession book (Durban, BACT, VICT extension),  US$740m FY26 capex programme, and a record EBITDA/TEU of US$157.5 position it as a high-quality compounder.</li>
<li>
Rising leverage, FX exposure, an elevated Q4 tax rate, and Iraq/Basra volumes warrant close monitoring as the stock trades at a PE of  20x FY26e.</li>
</ul>



ICTSI (ICT PM)  delivered a record FY25: revenue +18.1% to US$3.23bn, EBITDA +20.5% to US$2.14bn (margin 66.3%), and net income +23.3% to US$1.05bn, driven by broad-based TEU growth of +11%YoY.

Q4 FY25 was a record quarter. An expanding concession book (Durban, BACT, VICT extension),  US$740m FY26 capex programme, and a record EBITDA/TEU of US$157.5 position it as a high-quality compounder.

Rising leverage, FX exposure, an elevated Q4 tax rate, and Iraq/Basra volumes warrant close monitoring as the stock trades at a PE of  20x FY26e.


ICTSI PM FY25 Results Concall: Steady Growth In FY26 Expected

Philippines

International Container Terminal Services, Inc. (ICTSI) is a global port management company specializing in acquiring, developing, managing, and operating common-user container ports and terminals worldwide. The company provides a range of services, including container handling, cargo handling, stevedoring, berthing, storage, and services for refrigerated containers. ICTSI is headquartered in Manila, Philippines, and was established in December 1987.

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International Container Terminal Services (ICT PM)

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Shortlist of High Conviction Philippines Equity Ideas - June 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.

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Container Port Terminal Screener: March 2026 Strong Results Growth

We provide updates on container port terminal companies, ICT, Westports, and the Port of Tauranga, which have all experienced double-digit profit...

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ICTSI PM FY25 Results Concall: Steady Growth In FY26 Expected

Record FY25: EBITDA +21%, margin 66.3%, net income +23%. Durban entry + $740m capex signal compounding runway. Q4 tax spike and Iraq risk the key...

Sameer Taneja

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