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/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

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Philippines ownership falls to record lows among active Asia Ex-Japan managers.</li>
<li>Only 58% of Asia Ex-Japan managers now have exposure, with most holding less than a 3% portfolio weight.</li>
<li>Shrinking benchmark weights and a dwindling active investor base means it is becoming ever easier to avoid Philippines exposure entirely.  </li>
</ul>


Philippines ownership falls to record lows among active Asia Ex-Japan managers.
Only 58% of Asia Ex-Japan managers now have exposure, with most holding less than a 3% portfolio weight.
Shrinking benchmark weights and a dwindling active investor base means it is becoming ever easier to avoid Philippines exposure entirely.  


The Philippines:  Asia Ex-Japan Fund Allocations Hit All-Time Low

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.

<ul>
<li>Midway through the 3Q25 result season, eighteen Asian market-sectors have reported consensus EPS estimate upgrades over past one, three and six months. A quarter ago, we identified 11 such sectors.</li>
<li>Eleven of these sectors are from HK/China, Korea and Taiwan. Seven are from ASEAN markets, dominated by Thailand. India and Singapore are conspicuous by their absence.</li>
<li>Among the notable sectors with EPS upgrades, Chinese base metals, HK/Chinese and Korean financials, Chinese pharmaceuticals, Korean and Taiwanese technology, Thai utilities and communication and Philippines transportation stand out.</li>
</ul>


Midway through the 3Q25 result season, eighteen Asian market-sectors have reported consensus EPS estimate upgrades over past one, three and six months. A quarter ago, we identified 11 such sectors.
Eleven of these sectors are from HK/China, Korea and Taiwan. Seven are from ASEAN markets, dominated by Thailand. India and Singapore are conspicuous by their absence.
Among the notable sectors with EPS upgrades, Chinese base metals, HK/Chinese and Korean financials, Chinese pharmaceuticals, Korean and Taiwanese technology, Thai utilities and communication and Philippines transportation stand out.


Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

<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

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)

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

The Philippines: Asia Ex-Japan Fund Allocations Hit All-Time Low

Shrinking benchmark weights and a dwindling active investor base means it is becoming ever easier for Asia Ex-Japan managers to avoid Philippines...

Steven Holden

Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...

Manishi Raychaudhuri

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

The Philippines: Asia Ex-Japan Fund Allocations Hit All-Time Low

Shrinking benchmark weights and a dwindling active investor base means it is becoming ever easier for Asia Ex-Japan managers to avoid Philippines...

Steven Holden

Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

​18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...

Manishi Raychaudhuri

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

18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...