Volumes & Yields Surprise; OW: International Container Terminal Service | Asia Pacific

Research evidence excerpt

Volumes & Yields Surprise; OW: International Container Terminal Service | Asia Pacific

Update

August 3, 2026 10:36 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 AnalystVolumes & Yields Surprise; OW Vivek.Rajamani@morganstanley.com +65 6834-6740

Mayank Maheshwari

Equity Analyst

AlphaSignals Earnings Reaction Mayank.Maheshwari@morganstanley.com +65 6834-6719

Unchanged Modest upside Modest revision higher Morgan Stanley India Company Private Limited+

Impact to our thesis Financial results versus consensus Direction of next 12-month Hinal Choudhary consensus EPS

Research Associate

Source: Company data, Morgan Stanley Research Hinal.Choudhary@morganstanley.com +91 22 6118-2044

Pranitha Shetty

Key Takeaways ResearchPranitha.Shetty@morganstanley.comAssociate +91 22 6118-3022

Core earnings were in line with our bullish estimates, despite the impact from the

Middle East conflict, with organic yield and volumes growth.

EBITDA margins remained at 64% despite the Iraq impact and acquisition

integration costs. The effective tax rate increased to 25% on terminal

contribution mix. International Container Terminal Service (ICT.PS, ICT

Organic Asia volumes (ex Batam and Yantai) surprised positively, up 4% YoY PM)

despite lower-than-expected GDP growth in the Philippines. ASEAN Utilities and Infrastructure | Philippines

Stock Rating Overweight

EMEA volumes declined 3% QoQ as expected, with yields rather resilient, down Industry View In-Line

only ~1% despite the significant impact on Iraq terminal. Americas remained Price target PP1,233.00

Up/downside to price target (%) 23

strong. Shr price, close (Aug 3, 2026) PP1,005.00