Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. 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 Analyst

Shortlist of High Conviction Philippines Equity Ideas - August 2026

The Philippine Stock Exchange, Inc. (PSE PM) Q2 FY26 Concall: PDS Carrying The Incremental Growth

Container Port Terminal Screener September 2026 - Structural Margin Increases

ICTSI PM: Record Earnings on Inorganic Lift; DGT Margin Drag Near-Term;

International Container Terminal Services (ICTSI PM) Concall Q3 FY25: Maintaining Steady >20% Growth

ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins

ICTSI PM: InvestPH Conference Update, Good Set Up For FY26

Container Port Terminal Screener: March 2026 Strong Results Growth

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>Q2 FY26 revenue rose 25.4% to US$958.7m, and EBITDA rose 22.5% to US$613.7m; reported margin fell 150bp to 64.0% due to new terminal dilution and lower utilization in Iraq.</li>
<li>MICT renewed to 2063 and VICT to 2066, extending average concession life beyond 22 years; covenant leverage improved to 1.40x with perpetuals fully redeemed.</li>
<li>FY26e P/E 26.0x, EV/EBITDA 13.9x, P/B 12.5x, and a 2.1% yield on US$1,298m in estimated net income, with more inorganic growth as the Port Santos bidding is on the horizon.</li>
</ul>


Q2 FY26 revenue rose 25.4% to US$958.7m, and EBITDA rose 22.5% to US$613.7m; reported margin fell 150bp to 64.0% due to new terminal dilution and lower utilization in Iraq.
MICT renewed to 2063 and VICT to 2066, extending average concession life beyond 22 years; covenant leverage improved to 1.40x with perpetuals fully redeemed.
FY26e P/E 26.0x, EV/EBITDA 13.9x, P/B 12.5x, and a 2.1% yield on US$1,298m in estimated net income, with more inorganic growth as the Port Santos bidding is on the horizon.


ICT Svcs, Inc. (ICTSI PM) Q2 FY26 Results: MICT and VICT Concession Renewals and +20% Growth