International Container Terminal Service | Asia Pacific: Research Tactical Idea

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International Container Terminal Service | Asia Pacific: Research Tactical Idea

Idea

July 3, 2026 04:09 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

Research Tactical Idea MayankEquity AnalystMaheshwari

Mayank.Maheshwari@morganstanley.com +65 6834-6719

Vivek Rajamani

We believe the share price will rise in absolute terms over the next 45 days. Equity Analyst

Vivek.Rajamani@morganstanley.com +65 6834-6740

With strong emerging market port volumes driven by reshaping supply chains, and Morgan Stanley India Company Private Limited+

economic growth strengthening as the headwinds of higher energy prices recede, Pranitha Shetty

we see volume and yield upside for ICT in EMEA and America. Tactical tariff hikes Research Associate

Pranitha.Shetty@morganstanley.com +91 22 6118-3022

with ancillary services across ICT's portfolio through 2026 should see yields

Hinal Choudhary

continue to surprise positively and drive ~15% organic earnings growth. We see Research Associate

further acquisitions driving incremental earnings growth, supporting valuations. Hinal.Choudhary@morganstanley.com +91 22 6118-2044

Trading at 12.5x 2027e EV/EBITDA, ICT remains at a discount to the top quartile of

global port peers (at 14x) despite its better growth and return profile.

We estimate that there is about an 80%+ (or "highly likely") probability for the

scenario.

International Container Terminal Service (ICT.PS, ICT

Estimated probabilities are illustrative and assigned subjectively based on our PM)

assessment of the likelihood of the scenario. ASEAN Utilities and Infrastructure | Philippines

Stock Rating Overweight

Industry View In-Line

Price target PP1,233.00