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>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

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>Napier Port (NPH) reported a robust 3Q25 result, with strong earnings growth driven by pricing gains, effective cost management, and operating leverage.</li><li>Management continues to expect FY25 EBITDA to be at the top of its full-year guidance range of NZ$59m–NZ$63m, implying a flat 4Q25 versus the prior year.</li><li>NPH continues to trade at a wide discount to POT on both a one year forward EV/EBITDA and PE basis, the quantum of which we believe is unjustified.</li></ul>

Napier Port (NPH) reported a robust 3Q25 result, with strong earnings growth driven by pricing gains, effective cost management, and operating leverage.Management continues to expect FY25 EBITDA to be at the top of its full-year guidance range of NZ$59m–NZ$63m, implying a flat 4Q25 versus the prior year.NPH continues to trade at a wide discount to POT on both a one year forward EV/EBITDA and PE basis, the quantum of which we believe is unjustified.

<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

Thematic (Sector/Industry)

<ul><li>Uncertainty and volatility have resurfaced following the Liberation Day tariffs, impacting transport markets with varied responses.</li><li>Napier Port (NPH) and Port of Tauranga (POT) are preferred sector exposures due to improving port performance and pricing initiatives.</li><li>Air freight rates remain stable, while air passenger travel shows moderated declines, particularly for European inbound visitors.</li></ul>

Uncertainty and volatility have resurfaced following the Liberation Day tariffs, impacting transport markets with varied responses.Napier Port (NPH) and Port of Tauranga (POT) are preferred sector exposures due to improving port performance and pricing initiatives.Air freight rates remain stable, while air passenger travel shows moderated declines, particularly for European inbound visitors.

Transport Trends Not Feeling Much Liberation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Dalrymple Bay Infrastructure L / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brookfield-asset-management-lt" target="_blank" data-smartkarma-citation="entities:23741:1" rel="noopener">Brookfield Asset Management Lt (BAM US)</a> aims to raise around US$278m via selling 23.3% of <a href="https://www.smartkarma.com/entities/dalrymple-bay-infrastructure-l" target="_blank" data-smartkarma-citation="entities:41235:1" rel="noopener">Dalrymple Bay Infrastructure L (DBI AU).</a>
</li>
<li>The shares have performed well over the last year or so, with the company having delivered consistent DPU growth.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Brookfield Asset Management Lt (BAM US) aims to raise around US$278m via selling 23.3% of Dalrymple Bay Infrastructure L (DBI AU).

The shares have performed well over the last year or so, with the company having delivered consistent DPU growth.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Dalrymple Bay Infra Placement - Good Track Record but Might Be Too Chunky

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)

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

Napier Port Running a Tight Ship

Napier Port (NPH) reported a robust 3Q25 result, with strong earnings growth driven by pricing gains, effective cost management, and operating...

Forsyth Barr

Initiation of A Container Port Terminal Product

We will soon initiate coverage on five high-quality container port terminal companies. This insight lays the foundation for covering them as well...

Sameer Taneja

Transport Trends Not Feeling Much Liberation

Uncertainty and volatility have resurfaced following the Liberation Day tariffs, impacting transport markets with varied responses.

Forsyth Barr

Dalrymple Bay Infra Placement - Good Track Record but Might Be Too Chunky

Brookfield Asset Management Lt (BAM US) aims to raise around US$278m via selling 23.3% of Dalrymple Bay Infrastructure L (DBI AU).

Sumeet Singh

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