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

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% YoY, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.</li>
<li>Read our initiation on <a href="https://www.smartkarma.com/insights/asian-terminals-inc-ati-pm-steady-and-cheap-container-port-terminal-operator" target="_blank" data-smartkarma-citation="insights:192234" rel="noopener">Asian Terminals Inc (ATI PM): Steady and Cheap Container Port Terminal Operator</a>, and our recent update on <a href="https://www.smartkarma.com/entities/digiplus-interactive-corp" target="_blank" data-smartkarma-citation="entities:23060:1" rel="noopener">DigiPlus Interactive (PLUS 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% YoY, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
Read our initiation on Asian Terminals Inc (ATI PM): Steady and Cheap Container Port Terminal Operator, and our recent update on DigiPlus Interactive (PLUS PM).


Shortlist of High Conviction Philippines Equity Ideas - July 2025

<ul>
<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

International Container Terminal Services / Equity Bottom-Up

International Container Terminal Services (ICT PM)

International Container Terminal Services

<ul>
<li>Revenue +29% YoY to US$961m; recurring net income +29% to record US$308m, led by DGT/BACT contribution and yield expansion to US$230/TEU.</li>
<li>Portfolio expanded to 33 terminals in 19 countries; cash US$822m post US$671m dividends paid in Q1; FY26 capex budget US$740m for 3m TEU added capacity.</li>
<li>At PHP 753, the stock trades at FY26e P/E of 19.5x and EV/EBITDA of 10.5x, with a dividend yield of 2.9%. More structural growth to come. </li>
</ul>


Revenue +29% YoY to US$961m; recurring net income +29% to record US$308m, led by DGT/BACT contribution and yield expansion to US$230/TEU.
Portfolio expanded to 33 terminals in 19 countries; cash US$822m post US$671m dividends paid in Q1; FY26 capex budget US$740m for 3m TEU added capacity.
At PHP 753, the stock trades at FY26e P/E of 19.5x and EV/EBITDA of 10.5x, with a dividend yield of 2.9%. More structural growth to come. 


ICTSI PM: Record Earnings on Inorganic Lift; DGT Margin Drag Near-Term;

<ul>
<li>
ICTSI delivered record FY25 results: 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, on TEU volume growth of +11.0% across all regions.</li>
<li>
Post-Results management engagement confirmed an active pipeline: Santos (Brazil) auction pending and 3mn TEU of capacity additions across six markets over a 3-year horizon.</li>
<li>
The stock trades at 18.7 PE FY26, based on 20+% YoY growth, with an average 5-year ROCE of 18.7% and pricing power across all the regions it operates in.</li>
</ul>



ICTSI delivered record FY25 results: 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, on TEU volume growth of +11.0% across all regions.

Post-Results management engagement confirmed an active pipeline: Santos (Brazil) auction pending and 3mn TEU of capacity additions across six markets over a 3-year horizon.

The stock trades at 18.7 PE FY26, based on 20+% YoY growth, with an average 5-year ROCE of 18.7% and pricing power across all the regions it operates in.


ICTSI PM: InvestPH Conference Update, Good Set Up For FY26

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

International Container Terminal Services / Event-Driven

<ul>
<li>This insight is part of a series of M&amp;A guides our Quiddity* team are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct M&amp;A.</li>
<li>The initial guide - <a href="https://skr.ma/XWKji" target="_blank" rel="noopener">Quiddity Philippines M&amp;A Guide 2019</a> - was published in May 2019. Since that time, there have been various new developments. </li>
<li>This is an update. These insights are designed to be used as a reference. They are not actionable. For a list of Quiddity M&amp;A Guides, click <a href="https://www.smartkarma.com/search?q=%22quiddity%20M%26A%20Guide%22" target="_blank" rel="noopener">here</a>.</li>
</ul>


This insight is part of a series of M&amp;A guides our Quiddity* team are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct M&amp;A.
The initial guide - Quiddity Philippines M&amp;A Guide 2019 - was published in May 2019. Since that time, there have been various new developments. 
This is an update. These insights are designed to be used as a reference. They are not actionable. For a list of Quiddity M&amp;A Guides, click here.


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)

Shortlist of High Conviction Philippines Equity Ideas - July 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

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

ICTSI PM: Record Earnings on Inorganic Lift; DGT Margin Drag Near-Term;

ICTSI posted record Q1 FY26 recurring NI of US$308m (+29% YoY) on 18% volume growth; DGT/BACT inorganic additions drive scale but compress margin...

Sameer Taneja

ICTSI PM: InvestPH Conference Update, Good Set Up For FY26

We summarize our meeting with the management of ICTSI PM at the InvestPH conference. A serial 15-20% grower with 67% EBITDA margins, 20+% ROCE,...

Sameer Taneja

Quiddity M&A Guide 2026: Philippines

This insight is part of a series of M&A guides our Quiddity* team are publishing to aid investors in understanding the rules, parameters,...

David Blennerhassett

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