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

International Container Terminal Services / Equity Bottom-Up

International Container Terminal Services (ICT PM)

International Container Terminal Services

<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

<ul>
<li>
<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>, <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>, and <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> have all reported strong results growth driven by tariff increases and volume growth. </li>
<li>We view any pullback as an opportunity to explore the sector, as structural growth opportunities exist for all names. </li>
<li>In order of preference, we like <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>, followed by <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> and <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> </li>
</ul>



ICTSI (ICT PM), Port of Tauranga (POT NZ), and Westports Holdings (WPRTS MK) have all reported strong results growth driven by tariff increases and volume growth. 
We view any pullback as an opportunity to explore the sector, as structural growth opportunities exist for all names. 
In order of preference, we like ICTSI (ICT PM), followed by Westports Holdings (WPRTS MK) and Port of Tauranga (POT NZ) 


Container Port Terminal Screener: March 2026 Strong Results Growth

<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/insights/initiation-of-a-container-port-terminal-product" target="_blank" data-smartkarma-citation="insights:195276" rel="noopener">Initiation of A Container Port Terminal Product</a> introduced our rationale for covering companies that exhibit monopolistic/oligopolistic characteristics, as evidenced by their historical pricing/volume growth. We began with four companies.</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> has since been privatized, leaving our coverage universe at <a href="https://www.smartkarma.com/entities/international-container-terminal-services-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">International Container Terminal Services (ICT PM)</a>, <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> and <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> </li>
<li>Results for the companies have demonstrated structural margin improvements despite a challenging environment, indicating strong pricing power. </li>
</ul>



Initiation of A Container Port Terminal Product introduced our rationale for covering companies that exhibit monopolistic/oligopolistic characteristics, as evidenced by their historical pricing/volume growth. We began with four companies.

Asian Terminals (ATI PM) has since been privatized, leaving our coverage universe at International Container Terminal Services (ICT PM), Port of Tauranga (POT NZ), and Westports Holdings (WPRTS MK) 
Results for the companies have demonstrated structural margin improvements despite a challenging environment, indicating strong pricing power. 


Container Port Terminal Screener September 2026 - Structural Margin Increases

<ul>
<li>Operational revenue rose 33% YoY to RM808mn in 2Q26; PAT up 56% to RM361mn on both tariff phases running for a full quarter.</li>
<li>Total TEUs fell 1% to 2.84mn as Middle East transshipment dropped 24%; container revenue per TEU jumped 37% to RM242.6.</li>
<li>Trades at 17.0x FY26e P/E, 11.3x EV/EBITDA and a 4.4% yield at MYR6.55; FY26 throughput guidance cut to broadly flat.</li>
</ul>


Operational revenue rose 33% YoY to RM808mn in 2Q26; PAT up 56% to RM361mn on both tariff phases running for a full quarter.
Total TEUs fell 1% to 2.84mn as Middle East transshipment dropped 24%; container revenue per TEU jumped 37% to RM242.6.
Trades at 17.0x FY26e P/E, 11.3x EV/EBITDA and a 4.4% yield at MYR6.55; FY26 throughput guidance cut to broadly flat.


Westports Holdings (WPRTS MK) Q2FY26: 56% PAT Growth,70.7% EBITDA Margin, 17x PE with a 4.4% Yield

New Zealand

Port of Tauranga Limited activities include the provision of wharf facilities, back up land for the storage and transit of import and export cargo, berthage, cranes, tug and pilotage services for exporters, importers and shipping companies and the leasing of land and buildings.  The Group also operates a container terminal and has bulk cargo marshalling operations.

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

Port of Tauranga (POT NZ)

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

Container Port Terminal Screener: March 2026 Strong Results Growth

We provide updates on container port terminal companies, ICT, Westports, and the Port of Tauranga, which have all experienced double-digit profit...

Sameer Taneja

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

Container Port Terminal Screener September 2026 - Structural Margin Increases

We provide updates on container port terminal companies, ICT, Westports, and the Port of Tauranga, which have all experienced double-digit profit...

Sameer Taneja

Westports Holdings (WPRTS MK) Q2FY26: 56% PAT Growth,70.7% EBITDA Margin, 17x PE with a 4.4% Yield

Price, not volume, is driving Westports: 2Q26 PAT rose 56% on flat TEUs, and at 17x FY26e with a 4.4% yield the WP2 expansion optionality still...

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)