International Container Terminal Services, Inc - Deep value emerging?
​While we believe the worst may be over, we do not see any near-term catalyst for an emerging play. The oil price continues its boring recovery, and ICTSI is yet to convince investors that it is aggressively pursuing customers for its underutilised facilities. Our DCF-derived fair value estimate of PHP 88 (previous: PHP 100) for the company translates into a forward FY16e/FY17e PE of 22.8x/21.4x, which is cheaper than the 31x P/E CMHI paid Dalian Port for an investment stake. Considering throughput CAGR of about 3.6% and stagnant yield per box between FY15 and FY18, we deem risks to have been priced in at the current level. According to our bespoke DMER methodology, ICTSI is ranked Green for Value and Orange for Risk, indicating Attractive valuation and Medium risk.
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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