J.P.Morgan Asia Pacific Equity Research ASEAN First To Market

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J.P.Morgan Asia Pacific Equity Research ASEAN First To Market

Asia Pacific Equity Research

ASEAN First to Market 04 August 2026

Top Stories

International Container Terminal Services Inc (Karen Li, CFA) (ICT PM, OW, PT Php1,192.00), Philippines

Raise, raise again – another upgrade as ICTSI delivers on all fronts

We are updating our model and raising our DCF-based PT to PHP1192 (from PHP925), extending the valuation horizon to Dec

2027, after ICTSI delivered another record quarter in 2Q26. The stock has already performed exceptionally well, up 77% YTD

(vs. PSEi +5%) after a 47% rise in 2025 (vs. PSEi -7%), as the company has consistently beaten expectations, including a

fresh set of beats on revenue, profit, and Op-CF this quarter. We lift our FY26–28E earnings estimates by c.10% on average,

reflecting stronger volume, pricing, and new terminal contributions. Despite the rally, we see c.20% further upside to our new

PT, which implies 17x EV/EBITDA for FY27E. The market is rewarding the delivery, but we believe the full impact of ICTSI’s

expansion, margin recovery potential, and new growth levers is not yet fully priced in. We remain happy chasers and maintain

OW.

Artificial Intelligence (Siddharth Parameswaran/Hannah L Lee), Asia Pacific

Asia Pacific Artificial Intelligence Implementation Survey 2026

Between late May and mid-July 2026, J.P. Morgan undertook a survey of APAC corporates under equity research coverage.

The purpose of the survey was to establish APAC-wide peer benchmarks to assess AI adoption and business impact. 317

companies within our coverage universe filled out our survey, accounting for a market capitalization of US$5.2trn as at 28 July

2026. In this report, we outline a brief summary of the key takeaways.