Another 25 Years Anchored In

Research evidence excerpt

Another 25 Years Anchored In

Update

July 31, 2026 05:51 AM GMT

Morgan Stanley Asia (Singapore) Pte.+MInternational Container Terminal Service | Asia Ryan M Heng

Pacific Equity Analyst

Ryan.Heng@morganstanley.com +65 6834-6465

Vivek Rajamani

Equity AnalystAnother 25 Years Anchored In Vivek.Rajamani@morganstanley.com +65 6834-6740

Mayank Maheshwari

ICT announced it has secured a second 25 year extension for its main Manila Equity Analyst

Terminal (MICT) from 2038 to 2063. The extension underscores ICT commitment to Mayank.Maheshwari@morganstanley.com +65 6834-6719

further developing MICT which has a current capacity of ~3.3mn TEUs (~14% of Morgan Stanley India Company Private Limited+

Pranitha Shetty

total capacity) with near term upgrades to 3.7mn TEU by 2027. We expect inflation Research Associate

linked yield adjustment allowances as per the current concession to carry forward. Pranitha.Shetty@morganstanley.com +91 22 6118-3022

Hinal Choudhary

The announcement, while largely expected by the market, does increase the quality Research Associate

of ICT's long term outlook and is key to sustaining current valuations. With best-in- Hinal.Choudhary@morganstanley.com +91 22 6118-2044

class execution driving top quartile EBITDA margins and yields among global port

operators at a time when reshaping supply chains and economic growth are driving

strong emerging market port volumes, we see upside risks to ICT's earnings while

maintaining valuation premium to peers. See our note Real Assets, Real Cashflows

International Container Terminal Service (ICT.PS, ICT

Exhibit 1: Terminal operators continue to leverage elevated freight rates despite

PM)

recent volatility; ICT, in particular, continues to outperform

ASEAN Utilities and Infrastructure | Philippines

Stock Rating Overweight