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>
<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

<ul>
<li><span>The <a target="_blank" rel="noopener">ICTSI (ICT PM)</a>, the largest container port terminal operator in the Philippines (also with a global presence), trades at 17x PE, 9x EV-EBITDA trailing, with a dividend yield of ~3.2%.</span></li>
<li>The company operates container terminals efficiently, boasting EBITDA and net margins of 65% and 31%, respectively, and improving ROCE metrics exceeding 20% (averaging 14% over the past decade).</li>
<li>The company demonstrates strong pricing power in a challenging global environment, presenting an opportunity to explore further if additional market corrections occur.</li>
</ul>


The ICTSI (ICT PM), the largest container port terminal operator in the Philippines (also with a global presence), trades at 17x PE, 9x EV-EBITDA trailing, with a dividend yield of ~3.2%.
The company operates container terminals efficiently, boasting EBITDA and net margins of 65% and 31%, respectively, and improving ROCE metrics exceeding 20% (averaging 14% over the past decade).
The company demonstrates strong pricing power in a challenging global environment, presenting an opportunity to explore further if additional market corrections occur.


ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins

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

<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>
<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

Philippines

International Container Terminal Services, Inc. provides containerized cargo handling services. The Company also manages and operates the Manila International Container Terminal and port.

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ICTSI (ICT PM)

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

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

ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins

We initiate coverage on the ICTSI PM, the largest container port operator in the Philippines, with a global presence. The company has a stellar...

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 August 2025: Strong Q2 Results Season

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

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