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>
<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>We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.</li>
<li>We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation —essential elements for identifying potential multi-bagger opportunities.</li>
<li>Our focus turns to the Q3 FY25 earnings season, where we provide brief previews on the names we cover as they report earnings over the course of the month. </li>
</ul>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation —essential elements for identifying potential multi-bagger opportunities.
Our focus turns to the Q3 FY25 earnings season, where we provide brief previews on the names we cover as they report earnings over the course of the month. 


Shortlist of High Conviction Philippines Equity Ideas - November 2025

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

International Container Terminal Services / Credit

International Container Terminal Services (ICT PM)

International Container Terminal Services

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: International Container, Jababeka</li>
<li>UST yields tumbled 9-11 bps across the curve on Friday, supported by haven demand following US President Donald Trump’s threat of new 100% tariffs and export controls on China.</li>
<li>The yield on the 2Y UST declined 9 bps to 3.50%, while that on the 10Y UST was down 11 bps at 4.03%. Equities and risky assets (e.g. cryptocurrency) fell on fresh geopolitical worries, while gold and silver rose. The S&amp;P 500 declined 2.7% (the worst one-day performance since April) to 6,553, while the Nasdaq slumped 3.6% to 22,204.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: International Container, Jababeka
UST yields tumbled 9-11 bps across the curve on Friday, supported by haven demand following US President Donald Trump’s threat of new 100% tariffs and export controls on China.
The yield on the 2Y UST declined 9 bps to 3.50%, while that on the 10Y UST was down 11 bps at 4.03%. Equities and risky assets (e.g. cryptocurrency) fell on fresh geopolitical worries, while gold and silver rose. The S&amp;P 500 declined 2.7% (the worst one-day performance since April) to 6,553, while the Nasdaq slumped 3.6% to 22,204.


<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

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

International Container Terminal Services / Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/intl-container-term-svcs-inc">ICTSI</a> is a leading global, independent container terminal operator with a geographically diverse portfolio across Asia, the Americas, Europe, the Middle East, and Africa, positioning it to capitalize on global trade flows.</li>
  <li>The company has demonstrated a strong growth track record, with double-digit compound annual growth rates in revenue, net income, and dividends over the past decade, driven by both organic expansion and strategic acquisitions.</li>
  <li>Future growth is expected to be supported by tariff hikes at key terminals, continued strategic capacity expansion in high-growth emerging markets, and a focus on operational efficiency, though risks from global economic slowdowns and geopolitical tensions remain.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
ICTSI is a leading global, independent container terminal operator with a geographically diverse portfolio across Asia, the Americas, Europe, the Middle East, and Africa, positioning it to capitalize on global trade flows.
  The company has demonstrated a strong growth track record, with double-digit compound annual growth rates in revenue, net income, and dividends over the past decade, driven by both organic expansion and strategic acquisitions.
  Future growth is expected to be supported by tariff hikes at key terminals, continued strategic capacity expansion in high-growth emerging markets, and a focus on operational efficiency, though risks from global economic slowdowns and geopolitical tensions remain.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

International Container Terminal Services (ICT PM)

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

Shortlist of High Conviction Philippines Equity Ideas - November 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

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: International Container, Jababeka

Lucror Analytics

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

Primer: ICTSI (ICT PM) - Oct 2025

ICTSI is a leading global, independent container terminal operator with a geographically diverse portfolio across Asia, the Americas, Europe,...

αSK Primers

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)