IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube Holdings (QUB AU)</a> IE considers the Macquarie Asset Management’s scheme offer at A$5.20 to be fair and reasonable, as it falls within its valuation range of A$4.93-5.41.</li>
<li>The key scheme conditions are shareholder approval, FIRB approval, OIO approval, and ACCC approval. Regulatory approvals should be forthcoming, and the scheme vote is low risk.</li>
<li>The offer is attractive. At the last close and for a 28 July payment, the gross/annualised spread of the A$5.1465 offer (A$5.20 less the A$0.053 interim dividend) is 2.7%/10.5%.  </li>
</ul>


The Qube Holdings (QUB AU) IE considers the Macquarie Asset Management’s scheme offer at A$5.20 to be fair and reasonable, as it falls within its valuation range of A$4.93-5.41.
The key scheme conditions are shareholder approval, FIRB approval, OIO approval, and ACCC approval. Regulatory approvals should be forthcoming, and the scheme vote is low risk.
The offer is attractive. At the last close and for a 28 July payment, the gross/annualised spread of the A$5.1465 offer (A$5.20 less the A$0.053 interim dividend) is 2.7%/10.5%.  


Qube Holdings (QUB AU): Scheme Vote on 16 June

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">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>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 is <a href="https://theedgemalaysia.com/node/773085" target="_blank" rel="noopener">being delayed until 2026</a> to allow for more comprehensive disclosures that reflect <a href="https://theedgemalaysia.com/node/759068" target="_blank" rel="noopener">recent developments</a> in the industry and its operations.  </li>
<li>This has a positive read-through for <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>, where tariff hikes are expected to have a positive impact on results through 2025-2027. </li>
<li>Read our initiation of coverage on <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> in our insight, <a href="https://www.smartkarma.com/insights/ictsi-ict-pm-terminal-operator-serial-grower-with-pricing-power-20-roce-30-net-margins" target="_blank" data-smartkarma-citation="insights:182122" rel="noopener">ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins</a> </li>
</ul>


The MMC Port Holdings Berhad (2436494D MK) IPO is being delayed until 2026 to allow for more comprehensive disclosures that reflect recent developments in the industry and its operations.  
This has a positive read-through for Westports Holdings (WPRTS MK), where tariff hikes are expected to have a positive impact on results through 2025-2027. 
Read our initiation of coverage on ICTSI (ICT PM) in our insight, ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins 


Container Port Terminal Screener October 2025: Delay of The MMC Port IPO

<ul>
<li>We follow our initiations on <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/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> with the <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>
<li>The company has shown strong pricing power, significantly raising its access charges at MetroPort starting September 1, 2025, to over NZ$130/transaction.</li>
<li>Despite this, based on our numbers, the stock trades at 26.6x/22x FY25/26 PE (ex-freehold land value). We believe this is expensive and would be neutral on the name. </li>
</ul>


We follow our initiations on Westports Holdings (WPRTS MK) and Asian Terminals (ATI PM) with the Port of Tauranga (POT NZ) .
The company has shown strong pricing power, significantly raising its access charges at MetroPort starting September 1, 2025, to over NZ$130/transaction.
Despite this, based on our numbers, the stock trades at 26.6x/22x FY25/26 PE (ex-freehold land value). We believe this is expensive and would be neutral on the name. 


Port of Tauranga (POT NZ): High Quality But Fairly Valued

<ul>
<li>This is a short insight, informing readers that we intend to initiate a container port terminal product, following our recent initiation on <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> </li>
<li>This product will be followed by initiations on high-quality companies like <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> / <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>, etc, and a monthly screen.
</li>
<li>In this insight, we will highlight our rationale for introducing this product and outline the screening metrics for companies. </li>
</ul>


This is a short insight, informing readers that we intend to initiate a container port terminal product, following our recent initiation on Asian Terminals (ATI PM) 
This product will be followed by initiations on high-quality companies like Westports Holdings (WPRTS MK) / ICTSI (ICT PM) / Port of Tauranga (POT NZ), etc, and a monthly screen.

In this insight, we will highlight our rationale for introducing this product and outline the screening metrics for companies. 


Initiation of A Container Port Terminal Product

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.

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Port of Tauranga (POT NZ)

Qube Holdings (QUB AU): Scheme Vote on 16 June

A day after the scheme vote passed, the ACCC approved the transaction. FIRB and OIO approvals should also be forthcoming. At the last close and for...

Arun George

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

Container Port Terminal Screener October 2025: Delay of The MMC Port IPO

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