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>Q2 FY26 revenue rose 25.4% to US$958.7m, and EBITDA rose 22.5% to US$613.7m; reported margin fell 150bp to 64.0% due to new terminal dilution and lower utilization in Iraq.</li>
<li>MICT renewed to 2063 and VICT to 2066, extending average concession life beyond 22 years; covenant leverage improved to 1.40x with perpetuals fully redeemed.</li>
<li>FY26e P/E 26.0x, EV/EBITDA 13.9x, P/B 12.5x, and a 2.1% yield on US$1,298m in estimated net income, with more inorganic growth as the Port Santos bidding is on the horizon.</li>
</ul>


Q2 FY26 revenue rose 25.4% to US$958.7m, and EBITDA rose 22.5% to US$613.7m; reported margin fell 150bp to 64.0% due to new terminal dilution and lower utilization in Iraq.
MICT renewed to 2063 and VICT to 2066, extending average concession life beyond 22 years; covenant leverage improved to 1.40x with perpetuals fully redeemed.
FY26e P/E 26.0x, EV/EBITDA 13.9x, P/B 12.5x, and a 2.1% yield on US$1,298m in estimated net income, with more inorganic growth as the Port Santos bidding is on the horizon.


ICT Svcs, Inc. (ICTSI PM) Q2 FY26 Results: MICT and VICT Concession Renewals and +20% Growth

<ul>
<li>
<a target="_blank">ICTSI (ICT PM)</a> continued to maintain steady growth, with revenue/profit up 19%/26%YoY, led by TEU yields at 219 USD/TEU, up 6.5 %YoY, and volume growth of 12.3%YoY.</li>
<li>The company recently highlighted that the Durban High Court dismissed APM's legal challenge to ICT's bid for the Durban Container Terminal, paving the way for a significant acquisition by FY26.</li>
<li>Trading at 18.1x FY25e PE, 9.7x EV-EBITDA, and 3% dividend yield, a ~20% CAGR growth profile with a ~20% ROCE, this is a name to explore. </li>
</ul>



ICTSI (ICT PM) continued to maintain steady growth, with revenue/profit up 19%/26%YoY, led by TEU yields at 219 USD/TEU, up 6.5 %YoY, and volume growth of 12.3%YoY.
The company recently highlighted that the Durban High Court dismissed APM's legal challenge to ICT's bid for the Durban Container Terminal, paving the way for a significant acquisition by FY26.
Trading at 18.1x FY25e PE, 9.7x EV-EBITDA, and 3% dividend yield, a ~20% CAGR growth profile with a ~20% ROCE, this is a name to explore. 


International Container Terminal Services (ICTSI PM) Concall Q3 FY25: Maintaining Steady >20% Growth

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>Over 2024 and 2025, Asia-ex-Japan equities are up c30%. During this period, the 12-month forward EPS has expanded only 5.6%. Forward EPS recovery is essential to take the market higher.</li>
<li>Over the medium to long term, share prices track earnings, as we notice in our long-term analysis of forward EPS trajectory and market movement. Disjoint movements usually mean revert quickly.</li>
<li>Forward EPS could move up further in China, Korea, Taiwan and Thailand. Hong Kong has overshot its forward EPS trajectory. Philippines has massively undershot. Other markets appear broadly in line.</li>
</ul>


Over 2024 and 2025, Asia-ex-Japan equities are up c30%. During this period, the 12-month forward EPS has expanded only 5.6%. Forward EPS recovery is essential to take the market higher.
Over the medium to long term, share prices track earnings, as we notice in our long-term analysis of forward EPS trajectory and market movement. Disjoint movements usually mean revert quickly.
Forward EPS could move up further in China, Korea, Taiwan and Thailand. Hong Kong has overshot its forward EPS trajectory. Philippines has massively undershot. Other markets appear broadly in line.


Asian Equities: After Two Years of Rerating, Will Earnings Catch up in 2026?

Philippine Stock Exchange / Equity Bottom-Up

<ul>
<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 in the Philippines.</li>
<li>Our top picks are: <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>, <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, <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>, 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>
<li>We focus on the <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>, the cheapest exchange trading at 11.3x FY26 PE, with a few updates on the name this week.</li>
</ul>


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 in the Philippines.
Our top picks are: Ginebra San Miguel (GSMI PM), The Keepers Holdings (KEEPR PM), ICTSI (ICT PM), and Philippine Stock Exchange (PSE PM) 
We focus on the Philippine Stock Exchange (PSE PM), the cheapest exchange trading at 11.3x FY26 PE, with a few updates on the name this week.


Shortlist of High Conviction Philippines Equity Ideas - July 2026

<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

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)

ICT Svcs, Inc. (ICTSI PM) Q2 FY26 Results: MICT and VICT Concession Renewals and +20% Growth

>20% growth can be maintained with acquisitions, the increase in utilization at Basra, the ramp-up of new terminals in Durban and Batam, and EBITDA...

Sameer Taneja

International Container Terminal Services (ICTSI PM) Concall Q3 FY25: Maintaining Steady >20% Growth

Trading at 18.1x FY25e PE, 9.7x EV-EBITDA, and 3% dividend yield, a ~20% CAGR growth profile with a ~20% ROCE, and>65% EBITDA margins, we summarize...

Sameer Taneja

Asian Equities: After Two Years of Rerating, Will Earnings Catch up in 2026?

Asia-ex-Japan equities have surged, but forward EPS growth is lagging. Nascent signs of EPS recovery in CN, KR, TW & TH. HK market has overshot...

Manishi Raychaudhuri

Shortlist of High Conviction Philippines Equity Ideas - July 2026

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

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

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

ICT Svcs, Inc. (ICTSI PM) Q2 FY26 Results: MICT and VICT Concession Renewals and +20% Growth

>20% growth can be maintained with acquisitions, the increase in utilization at Basra, the ramp-up of new terminals in Durban and Batam, and EBITDA...

Sameer Taneja

International Container Terminal Services (ICTSI PM) Concall Q3 FY25: Maintaining Steady >20% Growth

Trading at 18.1x FY25e PE, 9.7x EV-EBITDA, and 3% dividend yield, a ~20% CAGR growth profile with a ~20% ROCE, and>65% EBITDA margins, we summarize...

Sameer Taneja

Asian Equities: After Two Years of Rerating, Will Earnings Catch up in 2026?

​Asia-ex-Japan equities have surged, but forward EPS growth is lagging. Nascent signs of EPS recovery in CN, KR, TW & TH. HK market has overshot...

Manishi Raychaudhuri

Shortlist of High Conviction Philippines Equity Ideas - July 2026

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

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

Asia-ex-Japan equities have surged, but forward EPS growth is lagging. Nascent signs of EPS recovery in CN, KR, TW & TH. HK market has overshot...