Report

International Container Terminal Services, Inc

We rate the company as Attractive with a fair value of PHP 129. The industry fundamentals remain intact (long-term client relationship, higher barriers to entry, price inelasticity of demand and the importance of ports in the overall international logistics). Moreover, ICTSI’s high exposure to high-growth frontier markets should result in faster recovery as the economies move towards normalcy. Also, in the era of heightened uncertainty these emerging markets (characterised as low containerised economies) will help investors in diversifying their geographical risk.
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.

Provider
Drewry Maritime Equity Research
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.

Analysts
Ankush Kathuria

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