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>Reports now out that the <a href="https://www.smartkarma.com/entities/mmc-port-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45442:1" rel="noopener">MMC Port Holdings Berhad (2436494D MK)</a> IPO could be delayed by <a href="https://theedgemalaysia.com/node/768094" target="_blank" rel="noopener">some months</a>, as issues have arisen due to the lofty valuations.  </li>
<li>
<a href="https://www.smartkarma.com/entities/port-of-tauranga-ltd" target="_blank" data-smartkarma-citation="entities:3739:1" rel="noopener">Port of Tauranga (POT NZ)</a> reported strong results for FY25, and we expect strong guidance at its AGM in October for FY26. </li>
<li>We continue to favor <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/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> due to their duopoly position and control over pricing.</li>
</ul>


Reports now out that the MMC Port Holdings Berhad (2436494D MK) IPO could be delayed by some months, as issues have arisen due to the lofty valuations.  

Port of Tauranga (POT NZ) reported strong results for FY25, and we expect strong guidance at its AGM in October for FY26. 
We continue to favor ICTSI (ICT PM) and Asian Terminals (ATI PM) due to their duopoly position and control over pricing.


Container Port Terminal Screener September 2025: Strong Result For POT NZ

<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>along with <a href="https://www.smartkarma.com/entities/mmc-port-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45442:1" rel="noopener">MMC Port Holdings Berhad (2436494D MK)</a>, are the two largest container port terminal operators in Malaysia.</li>
<li>With a stranglehold on Port Klang, where it holds a 75% market share, the company will be the beneficiary of significant tariff hikes of 30% over the next 1.5 years.</li>
<li>Despite the recent rally, the stock trades at 18x/15x FY25e/26e earnings and a dividend yield of 4%. Following the pricing-led growth, the company is embarking on an expansion plan post-2028. </li>
</ul>



Westports Holdings (WPRTS MK), along with MMC Port Holdings Berhad (2436494D MK), are the two largest container port terminal operators in Malaysia.
With a stranglehold on Port Klang, where it holds a 75% market share, the company will be the beneficiary of significant tariff hikes of 30% over the next 1.5 years.
Despite the recent rally, the stock trades at 18x/15x FY25e/26e earnings and a dividend yield of 4%. Following the pricing-led growth, the company is embarking on an expansion plan post-2028. 


Westports Holdings (WPRTS MK): A Steady Pricing Growth Led Story

Global Materials | Industrials | Commodities

Rahul Jain

MMC Port Holdings Berhad / Equity Bottom-Up

<ul>
<li>Largest Malaysian IPO in over a decade – MMC Port seeks to raise ~RM8.5bn (~US$2bn) at ~RM30bn valuation via an Offer-for-Sale; no new capital raised.</li>
<li>Strong catalysts but yield/mix risks – Tariff hikes (+30% by 2027) and Gemini alliance (Maersk–Hapag) boost near-term throughput, but high transshipment share (73%) pressures yields.</li>
<li>IPO Structure: Offer-for-Sale of up to 30%; no new proceeds for the company, making capital allocation and leverage management important post-listing</li>
</ul>


Largest Malaysian IPO in over a decade – MMC Port seeks to raise ~RM8.5bn (~US$2bn) at ~RM30bn valuation via an Offer-for-Sale; no new capital raised.
Strong catalysts but yield/mix risks – Tariff hikes (+30% by 2027) and Gemini alliance (Maersk–Hapag) boost near-term throughput, but high transshipment share (73%) pressures yields.
IPO Structure: Offer-for-Sale of up to 30%; no new proceeds for the company, making capital allocation and leverage management important post-listing


MMC Port Holdings – IPO Overview and Investment Considerations

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

MMC Port Holdings Berhad / Equity Capital Markets

<ul>
<li>
<span style="color: #24a9a7;"><a href="https://www.smartkarma.com/entities/mmc-port-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45442:1" rel="noopener">MMC Port Holdings Berhad (2436494D MK) </a></span>is looking to raise up to US$2bn in its upcoming Malaysian IPO.</li>
<li>It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



MMC Port Holdings Berhad (2436494D MK) is looking to raise up to US$2bn in its upcoming Malaysian IPO.
It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.
In this note, we talk about the not-so-positive aspects of the deal.


MMC Ports Pre-IPO - The Negatives - Monetization Event for Promoters

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mmc-port-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45442:1" rel="noopener">MMC Port Holdings Berhad (2436494D MK)</a> is looking to raise up to US$2bn in its upcoming Malaysian IPO.</li>
<li>It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.</li>
<li>In this note, we talk about the positive aspects of the deal. </li>
</ul>



MMC Port Holdings Berhad (2436494D MK) is looking to raise up to US$2bn in its upcoming Malaysian IPO.
It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.
In this note, we talk about the positive aspects of the deal. 


MMC Ports Pre-IPO - The Positives - Port Tariff Hike Beneficiary

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MMC Port Holdings Berhad (2436494D MK)

Container Port Terminal Screener September 2025: Strong Result For POT NZ

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

Westports Holdings (WPRTS MK): A Steady Pricing Growth Led Story

We present a thesis on Westports Holdings (WPRTS MK), a high-quality container port terminal operator with 25% ROE, 50% operating margins and a...

Sameer Taneja

MMC Port Holdings – IPO Overview and Investment Considerations

Largest Malaysian IPO in a decade as MMC Port seeks to raise $2bn at $6.9bn valuation through Offer-for-Sale, facing yield/mix risks with high...

Rahul Jain

MMC Ports Pre-IPO - The Negatives - Monetization Event for Promoters

MMC Ports is looking to raise up to US$2bn in its upcoming Malaysian IPO. It is principally involved in port operations in Malaysia. In this note,...

Nicholas Tan

MMC Ports Pre-IPO - The Positives - Port Tariff Hike Beneficiary

MMC Ports is looking to raise up to US$2bn in its upcoming Malaysian IPO. It is principally involved in port operations in Malaysia. In this note,...

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Container Port Terminal Screener September 2025: Strong Result For POT NZ

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

Westports Holdings (WPRTS MK): A Steady Pricing Growth Led Story

We present a thesis on Westports Holdings (WPRTS MK), a high-quality container port terminal operator with 25% ROE, 50% operating margins and a...

Sameer Taneja

MMC Port Holdings – IPO Overview and Investment Considerations

​Largest Malaysian IPO in a decade as MMC Port seeks to raise $2bn at $6.9bn valuation through Offer-for-Sale, facing yield/mix risks with high...

Rahul Jain

MMC Ports Pre-IPO - The Negatives - Monetization Event for Promoters

MMC Ports is looking to raise up to US$2bn in its upcoming Malaysian IPO. It is principally involved in port operations in Malaysia. In this note,...

Nicholas Tan

MMC Ports Pre-IPO - The Positives - Port Tariff Hike Beneficiary

MMC Ports is looking to raise up to US$2bn in its upcoming Malaysian IPO. It is principally involved in port operations in Malaysia. In this note,...

Nicholas Tan

Largest Malaysian IPO in a decade as MMC Port seeks to raise $2bn at $6.9bn valuation through Offer-for-Sale, facing yield/mix risks with high...