Drewry Maritime Equity Research - ICT Automatisering N.V. (ICT) International Container Terminal Services Inc (ICTSI)1Q19 Result Update

Report

Gautam Khurana

EUR 221.23 For Business Accounts Only

International Container Terminal Services Inc (ICTSI)1Q19 Result Update

ICTSI delivered strong growth across throughput, revenues and net income while maintaining its net debt position. Asia led top-line growth followed by EMEA and the Americas. The current bull price run is a vote of confidence in the abilities of management to deliver strong above-peer group profitability. Valuation is neutral given steep appreciation in share price since the start of the year. Demand driven by the boom in Philippines economy is a medium-term catalyst. On the flipside, growth plans at ICTSI will hinge on tangible demand growth expectations; in particular, the development of MNHPI will add execution risk to our medium risk rating.

17/06/2019 8 EN

Underlying

ICT Automatisering N.V.

ICT Automatisering is an independent Dutch software developer active in the information and communication technology solutions market. Co. offers its clients the secondment of educated staff in dedicated fields of expertise, the realization of system solutions on a project basis and the maintenance and management of Information Technology (IT)Depreciation costsand insurance premium systems. Co is also active in Traffic & Transport and Testing through its participations in the companies: InTraffic and Improve Quality Services. Co focuses its business activities on the following six market verticals: Automotive, Industrial Automation, Logistics, Energy, Healthcare, and Machinery & Systems.

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NL0000359537 Euronext Amsterdam Netherlands

Provider

Drewry Maritime Equity Research

Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

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Analysts

Gautam Khurana

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International Container Terminal Services Inc (ICTSI)1Q19 Result Update

ICTSI mid year review

Could disruptive technologies in container ports and terminals be a game changer?

Ict Group Nv: 2 directors

Westports_Result Update 3Q22

Star Bulk Carriers - Changing our view to Neutral as market gets challenging in 2023

Nordic American Tankers to benefit from improved supply-demand fundamentals of mid-sized tankers

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