ICTSI - 1Q18 Update -Uncertainty Hits Market Sentiment

ICTSI (ICT PM) Continues Its Global Expansion Spree

ICTSI (ICT PM, Neutral, PHP 97) - Downgrade to Neutral on Valuation Headwinds

DFRS Trading Idea 2017 #5 - ICTSI (ICT PM, Attractive, PHP 95)- Top Pick in the Port Sector in 2017

International Container Terminal Services Inc. (ICTSI) - Credit Outlook: Stable | Valuation: Neutral

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. 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.

Equity Bottom-Up

<p><strong>A mixed bag of results:</strong> International Container Terminal Services Inc (ICTSI) reported a set of 2Q17 earnings that were ahead of our projections, driven by non-recurring gains. On the back of 2.8% y/y expansion of throughput to 2.27m teu, the revenue for the quarter strengthened 7.8% to USD 306.5m, compared with USD 284.3m in the same period last year. Average revenue yield at USD 134.9/teu improved 4.9% y/y from USD 128.6/teu registered a year ago. While EBITDA increased 5.3% y/y to USD 142.7m…</p>

A mixed bag of results: International Container Terminal Services Inc (ICTSI) reported a set of 2Q17 earnings that were ahead of our projections, driven by non-recurring gains. On the back of 2.8% y/y expansion of throughput to 2.27m teu, the revenue for the quarter strengthened 7.8% to USD 306.5m, compared with USD 284.3m in the same period last year. Average revenue yield at USD 134.9/teu improved 4.9% y/y from USD 128.6/teu registered a year ago. While EBITDA increased 5.3% y/y to USD 142.7m…

ICTSI 2Q17 - Conservative Approach to Portfolio Expansion