International Container Terminal Services (ICT.PS): Model Update - Maintain Buy with P1,079 lifted TP

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International Container Terminal Services (ICT.PS): Model Update - Maintain Buy with P1,079 lifted TP

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26 Jul 2026 20:01:45 ET │ 17 pages

International Container Terminal Services (ICT.PS)

Model Update - Maintain Buy with P1,079 lifted TP

CITI'S TAKE

Buy We continue to see upside to ICTSI's share price despite a 75% increase

YTD. We see a combination of Western economies' restocking-led strong Price (24 Jul 26 15:30) P969.00

container demand with positive volume development extending into 2H26 Target price P1,079.00↑

per Kuehne Nagel (Investing.com July 23rd) while Middle East conflicts from P835.00

should delay pace of full-scale Suez passage resumption, potentially Expected share price return 11.4%

supporting container freight rates and ICTSI' pricing power. We update our Expected dividend yield 4.1%

ICTSI’s model and increase its 2026-28E core earnings by 13-18%,

Expected total return 15.5% respectively, to primarily incorporate stronger volume (+4% revision on

Market Cap P1,956,646M average)/pricing (+3-6% revision over the period) outlook as well as strong

MarQ-26 financials. Our revised earnings are 9-15% above Street over US$31,686M

2026-28E respectively. We reiterate our Buy and increase our DCF-based

TP to P1,079 (+29% from P835 previously).

Kaseedit ChoonnawatAC

Valuation — The target price is raised by 29% to P1,079 from P835, primarily +66-2-079-3606

reflecting an average 19% increase in our 2026-54E FCF forecasts, driven by revised kaseedit.choonnawat@citi.com

2025-35E throughput and tariff CAGRs of 5.4% and 3.6%. These are increased from

4.9% and 2.5% CAGR respectively driven by stronger medium-term container Eric Lau

demand in EM/frontier markets, supported by trade diversification, continued port +852-2501-2726