In today’s briefing:
- SITC International (1308 HK): A Charming 1H25
- Asian Terminals (ATI PM) Q2 2025: Solid Revenue/Profit Growth 22.1%/48.9% YoY
SITC International (1308 HK): A Charming 1H25
- The 1H25 net profit of US$630m (+79.7% YoY) for SITC International (1308 HK) is impressive. It maintains a generous 70% payout ratio, yielding 4.8% for the interim.
- Its outlook for 2H25 stays positive despite the recent pull-back in spot rates. Overall demand-supply dynamics continue to be favourable in the short and medium term.
- With interim earnings already accounting for 58% of full-year consensus, there is room for an upgrade. At 3.3x P/B, it is not expensive given 30-40% ROEs.
Asian Terminals (ATI PM) Q2 2025: Solid Revenue/Profit Growth 22.1%/48.9% YoY
- Asian Terminals (ATI PM) reported a strong increase in revenues/profits of 22.1%/48.9% YoY for Q2 2025, led by the base effect of a 10% YoY price increase in Manila South Harbor.
- Q3 2025 should be another decent quarter, given the effect of a price hike for the Batangas Container Terminal (Passenger terminal fees are on hold at the Batangas).
- The stock trades at 9.3x FY25e, with a 7% dividend yield (65% payout ratio) and is net cash with an ROCE>20%.
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