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>
<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> reported a solid Q3 FY25, with both operational revenue/profits up 16% YoY, driven by improving TEU Yields due to recent tariff hikes.</li>
<li>Volumes were up only 4% YTD (6.3% in Q3FY25), but container rates are set to <a href="https://lom.agc.gov.my/act-view.php?type=pua&amp;language=BI&amp;no=P.U.%20(A)%20180/2025" target="_blank" rel="noopener">increase by 30% in a phased manner through Jan 2027, </a>leading to margin expansion/profitability. </li>
<li>With the recent pullback, the stock trades at 17.3x/14x FY25e/26e and a 4% dividend yield. This is another solid name to explore in our <a href="https://www.smartkarma.com/insights/initiation-of-a-container-port-terminal-product" target="_blank" rel="noopener">container port terminal coverage</a>. </li>
</ul>



Westports Holdings (WPRTS MK) reported a solid Q3 FY25, with both operational revenue/profits up 16% YoY, driven by improving TEU Yields due to recent tariff hikes.
Volumes were up only 4% YTD (6.3% in Q3FY25), but container rates are set to increase by 30% in a phased manner through Jan 2027, leading to margin expansion/profitability. 
With the recent pullback, the stock trades at 17.3x/14x FY25e/26e and a 4% dividend yield. This is another solid name to explore in our container port terminal coverage. 


Westports Holdings (WPRTS MK): Solid Q3 FY25 Driven By Tariff Hikes

<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

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Barito Renewables Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barito-renewables" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables (2306028D IJ)</a> raised around US$200m in its Indonesian IPO, after pricing at the top end of its IPO range at IDR780/share.</li>
<li>Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm.</li>
<li>In our previous notes, we covered the company’s performance, had undertaken a peer comparison and shared our thoughts on valuation. In this note, we will talk about the trading dynamics.</li>
</ul>



Barito Renewables (2306028D IJ) raised around US$200m in its Indonesian IPO, after pricing at the top end of its IPO range at IDR780/share.
Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm.
In our previous notes, we covered the company’s performance, had undertaken a peer comparison and shared our thoughts on valuation. In this note, we will talk about the trading dynamics.


Barito Renewables IPO Trading - Peers Look More Attractive Instead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barito-renewables" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables (2306028D IJ)</a> is looking to raise around US$228m in its Indonesian IPO.</li>
<li>Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm.</li>
<li>In our previous note, we covered the company’s performance. In this note, we will undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Barito Renewables (2306028D IJ) is looking to raise around US$228m in its Indonesian IPO.
Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm.
In our previous note, we covered the company’s performance. In this note, we will undertake a quick peer comparison and share our thoughts on valuation.


Barito Renewables IPO - Quick Peer Comparison & Thoughts on Valuation - Good Assets but Bad Price

Indonesia

PT Indonesia Kendaraan Terminal Tbk specializes in port services, particularly automotive terminal operations, and offers terminal handling and value-added services. The company engages in cargo loading-unloading and stacking yard business activities, water transportation for passengers, animals, and goods, and provides sea toll and port cleaning services. It also operates terminal facilities like ports and docks, offering inland transportation and pre-delivery center services. The company was founded in 2012 and is headquartered in Jakarta Utara, Indonesia.

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Indonesia Kendaraan Terminal (IPCC IJ)

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

Westports Holdings (WPRTS MK): Solid Q3 FY25 Driven By Tariff Hikes

We summarize Wesports Holdings (WPRTS MK) results for Q3 FY25. With phased tariff hikes of 30% till Jan 2027, we see ample room for margin...

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

Barito Renewables IPO Trading - Peers Look More Attractive Instead

Barito Renewables (2306028D IJ) raised around US$200m in its Indonesian IPO, after pricing at the top end of its IPO range at IDR780/share. In this...

Ethan Aw

Barito Renewables IPO - Quick Peer Comparison & Thoughts on Valuation - Good Assets but Bad Price

Barito Renewables (2306028D IJ) is looking to raise around US$228m in its Indonesian IPO. In this note, we will undertake a quick peer comparison...

Ethan Aw

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52-week Range

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