Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

Since our Long-Short initiation on 14 July 2016, our Long ICTSI (ICT PM) has profited 34%, while we were essentially flat on Short Westports (WPRTS MK). The trade has also outperformed DMER Port Index which was up 6.1% in the same period. <a href="https://www.smartkarma.com/insights/dmer-port-operators-long-ictsi-ictsi-pm-short-westports-wprts-pm" target="_blank">https://www.smartkarma.com/insights/dmer-port-operators-long-ictsi-ictsi-pm-short-westports-wprts-pm</a><ul><li>
On ICTSI, we believe investors have started recognising the significant upside potential from picking up the growth counter at the cheapest level post-GFC, and…</li></ul>

Since our Long-Short initiation on 14 July 2016, our Long ICTSI (ICT PM) has profited 34%, while we were essentially flat on Short Westports (WPRTS MK). The trade has also outperformed DMER Port Index which was up 6.1% in the same period. https://www.smartkarma.com/insights/dmer-port-operators-long-ictsi-ictsi-pm-short-westports-wprts-pm
On ICTSI, we believe investors have started recognising the significant upside potential from picking up the growth counter at the cheapest level post-GFC, and…

DMER - Port Operators - Update on Our Long ICTSI ( ICTSI PM), Short WESTPORTS (WPRTS MK)

ICTSI – Inorganic growth sustains top line momentum<ul><li>
2Q16 earnings surprise: International Container Terminal Services Inc (ICTSI) reported a record quarterly EBITDA on inorganic volume contribution. Revenue expanded 11% y/y from USD 256m to USD 284.3m on 16% y/y surge in volume to 2.2m teu, compared with 1.9m teu a year ago. However, consolidated yield moderated 4.3% y/y from USD 134/teu to USD 129/teu. Across the three reporting segments, segmental yield for EMEA strengthened 15.9% y/y to USD…</li></ul>

ICTSI – Inorganic growth sustains top line momentum
2Q16 earnings surprise: International Container Terminal Services Inc (ICTSI) reported a record quarterly EBITDA on inorganic volume contribution. Revenue expanded 11% y/y from USD 256m to USD 284.3m on 16% y/y surge in volume to 2.2m teu, compared with 1.9m teu a year ago. However, consolidated yield moderated 4.3% y/y from USD 134/teu to USD 129/teu. Across the three reporting segments, segmental yield for EMEA strengthened 15.9% y/y to USD…

ICTSI (ICT PM) – Inorganic Growth Sustains Top Line Momentum

Westports Holdings Bhd -  Alliance switches allegiance, investors still holding onInternational Container Terminal Services Inc - Growth stock on discount, positioned for reboundWe formally introduce our key Long Short Trade with initiation of Long call on ICTSI ( ICTSI PM) and Short call on WESTPORTS (WPRTS PM). We have earlier highlighted our concerns on WPRTS at <a href="https://www.smartkarma.com/insights/westports-wprts-mk-unattractive-valuation-with-significant-downside-top-sell-in-the-ports-sector" target="_blank">https://www.smartkarma.com/insights/westports-wprts-mk-unattractive-valuation-with-significant-downside-top-sell-in-the-ports-sector</a> and our constructive stance on ICTSI <a href="https://www.smartkarma.com/insights/ictsi-ict-pm-positioned-for-emerging-market-rebound" target="_blank">https://www.smartkarma.com/insights/ictsi-ict-pm-positioned-for-emerging-market-rebound</a>.

Westports Holdings Bhd -  Alliance switches allegiance, investors still holding onInternational Container Terminal Services Inc - Growth stock on discount, positioned for reboundWe formally introduce our key Long Short Trade with initiation of Long call on ICTSI ( ICTSI PM) and Short call on WESTPORTS (WPRTS PM). We have earlier highlighted our concerns on WPRTS at https://www.smartkarma.com/insights/westports-wprts-mk-unattractive-valuation-with-significant-downside-top-sell-in-the-ports-sector and our constructive stance on ICTSI https://www.smartkarma.com/insights/ictsi-ict-pm-positioned-for-emerging-market-rebound. 

DMER - Port Operators - Long ICTSI ( ICTSI PM), Short WESTPORTS (WPRTS PM)

Positioned for Emerging Market Rebound<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/193/original/ict1.JPG?1465864562" class="editor-image img-responsive" data-smartkarma-image-id="9193"></figure><ul><li>
Emerging market play on the horizon? Growth momentum is likely to be stronger in 2017, as conditions normalise in emerging markets, according to the IMF. ICTSI is essentially an emerging market play, expecting to benefit handsomely in a rebound as developing markets recover. The Manila based terminal operator is expected to open four new terminals this year, adding more than one million teu capacity to its current portfolio. DR Congo facility will open in…</li></ul>

Positioned for Emerging Market Rebound
Emerging market play on the horizon? Growth momentum is likely to be stronger in 2017, as conditions normalise in emerging markets, according to the IMF. ICTSI is essentially an emerging market play, expecting to benefit handsomely in a rebound as developing markets recover. The Manila based terminal operator is expected to open four new terminals this year, adding more than one million teu capacity to its current portfolio. DR Congo facility will open in…

ICTSI (ICT PM) - Positioned for Emerging Market Rebound

<h2>International Container Terminal Services, Inc (ICT PM) - Deep Value Emerging?</h2><figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/006/451/original/ictsi1.JPG?1458526328" class="editor-image img-responsive" data-smartkarma-image-id="6451"></figure>While we believe the worst may be over, we do not see any near-term catalyst for an emerging play. The oil price continues its boring recovery, and ICTSI is yet to convince investors that it is aggressively pursuing customers for its underutilised facilities. Our DCF-derived fair value estimate of PHP 88 (previous: PHP 100) for the company translates into a forward FY16e/FY17e PE of 22.8x/21.4x, which is cheaper than…

International Container Terminal Services, Inc (ICT PM) - Deep Value Emerging?While we believe the worst may be over, we do not see any near-term catalyst for an emerging play. The oil price continues its boring recovery, and ICTSI is yet to convince investors that it is aggressively pursuing customers for its underutilised facilities. Our DCF-derived fair value estimate of PHP 88 (previous: PHP 100) for the company translates into a forward FY16e/FY17e PE of 22.8x/21.4x, which is cheaper than…

International Container Terminal Services, Inc (ICT PM) - Deep Value Emerging?

Philippines

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

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

ICTSI (ICT PM)

DMER - Port Operators - Update on Our Long ICTSI ( ICTSI PM), Short WESTPORTS (WPRTS MK)

Since our Long-Short initiation on 14 July 2016, our Long ICTSI (ICT PM) has profited 34%, while we were essentially flat on Short Westports (WPRTS...

Drewry Maritime Financial Research

ICTSI (ICT PM) – Inorganic Growth Sustains Top Line Momentum

ICTSI – Inorganic growth sustains top line momentum 2Q16 earnings surprise: International Container Terminal Services Inc (ICTSI) reported a record...

Drewry Maritime Financial Research

DMER - Port Operators - Long ICTSI ( ICTSI PM), Short WESTPORTS (WPRTS PM)

Westports Holdings Bhd - Alliance switches allegiance, investors still holding onInternational Container Terminal Services Inc - Growth stock on...

Drewry Maritime Financial Research

ICTSI (ICT PM) - Positioned for Emerging Market Rebound

Positioned for Emerging Market Rebound Emerging market play on the horizon? Growth momentum is likely to be stronger in 2017, as conditions...

Drewry Maritime Financial Research

International Container Terminal Services, Inc (ICT PM) - Deep Value Emerging?

International Container Terminal Services, Inc (ICT PM) - Deep Value Emerging?While we believe the worst may be over, we do not see any near-term...

Drewry Maritime Financial Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)