Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₱29.00, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 13x in the Infrastructure industry in Asia. Total returns to shareholders of 157% over the past three years. Annonce • Mar 04
Maharlika Investment Corporation completed the acquisition of 5.22% stake in Asian Terminals, Inc. (PSE:ATI) for PHP 3.6 billion. Maharlika Investment Corporation proposed to acquire 9.87% stake in Asian Terminals, Inc. (PSE:ATI) for PHP 6.9 billion on December 15, 2025. A cash consideration of PHP 36 in cash per share will be paid by Maharlika Investment Corporation. The tender is intended to voluntarily delist the shares of Asian Terminals, Inc. The tender offer will commence after the shareholders meeting of Asian Terminals, Inc., which is scheduled to be held on January 30, 2026.
The transaction is subject to approval of merger agreement by target board and approval of offer by target shareholders. The deal has been unanimously approved by the board of directors of Asian Terminals, Inc. Tender offer period will begin on February 2, 2026, and ends on March 3, 2026.
Multinational Investment Bancorporation acted as fairness opinion provider to Asian Terminals, Inc. BDO Securities Corporation acted as tender offer agent. Professional Stock Transfer, Inc. acted as stock transfer agent.
Maharlika Investment Corporation completed the acquisition of 5.22% stake in Asian Terminals, Inc. (PSE:ATI) for PHP 3.6 billion on March 3, 2026. As of tender offer end period March 3, 2026, Maharlika Investment has tendered a 101,189,675 shares and Asian Terminals has tendered a 76,422,803 shares of Asian Terminals, representing a 9.16% stake. Accordingly the Maharlika Investment and Asian Terminals anticipate the voluntary delisting of Asian Terminals with it shares trading being suspended from March 13, 2026. Annonce • Jan 30
Asian Terminals, Inc. Approves Election of Rafael D. Consing, Jr. as Director, Effective 30 January 2026 Asian Terminals, Inc. at its Special Stockholders' Meeting held on 30 January 2026, approved election of Mr. Rafael D. Consing, Jr. as the 9th Director, subject to (i) the filing of the amendment to the Articles of Incorporation to reflect the increase in the number of directors - which filing shall be conditional on and effected only upon (i) the date on which the delisting of ATI takes effect, as stated in the order of delisting issued by the PSE, and (ii) Maharlika Investment Corporation acquiring more than 9% of ATI's outstanding shares - and (ii) the approval by the SEC of such amendment. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ₱0.68 (vs ₱0.70 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.68 (down from ₱0.70 in 3Q 2024). Revenue: ₱4.90b (up 16% from 3Q 2024). Net income: ₱1.35b (down 3.9% from 3Q 2024). Profit margin: 28% (down from 33% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Sep 12
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to ₱28.45. The fair value is estimated to be ₱22.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 23%. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ₱0.75 (vs ₱0.50 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.75 (up from ₱0.50 in 2Q 2024). Revenue: ₱5.06b (up 25% from 2Q 2024). Net income: ₱1.50b (up 49% from 2Q 2024). Profit margin: 30% (up from 25% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 27% per year. Upcoming Dividend • May 15
Upcoming dividend of ₱1.51 per share Eligible shareholders must have bought the stock before 22 May 2025. Payment date: 17 June 2025. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Filipino dividend payers (6.4%). Higher than average of industry peers (3.1%). Buy Or Sell Opportunity • May 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to ₱21.10. The fair value is estimated to be ₱17.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 25%. Declared Dividend • Apr 27
Dividend increased to ₱1.51 Dividend of ₱1.51 is 0.3% higher than last year. Ex-date: 22nd May 2025 Payment date: 17th June 2025 Dividend yield will be 7.4%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not adequately covered by cash flows (90.3% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Mar 18
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 10.0% to ₱18.92. The fair value is estimated to be ₱15.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 25%. Reported Earnings • Mar 14
Full year 2024 earnings released: EPS: ₱2.26 (vs ₱2.22 in FY 2023) Full year 2024 results: EPS: ₱2.26 (up from ₱2.22 in FY 2023). Revenue: ₱16.0b (up 8.6% from FY 2023). Net income: ₱4.52b (up 2.0% from FY 2023). Profit margin: 28% (down from 30% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Annonce • Feb 21
Asian Terminals, Inc., Annual General Meeting, Apr 24, 2025 Asian Terminals, Inc., Annual General Meeting, Apr 24, 2025, at 14:00 W. Australia Standard Time. Annonce • Dec 11
Asian Terminals, Inc. (PSE:ATI) announces an Equity Buyback for PHP 2,000 million worth of its shares. Asian Terminals, Inc. (PSE:ATI) announces a share repurchase program. Under the program, the company will repurchase up to PHP 2,000 million worth of its outstanding common stock. The program will be financed via internally generated funds. The repurchase program will continue until the authorized amount has been fully utilized or as otherwise may be directed by the Board of Directors. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₱0.70 (vs ₱0.53 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.70 (up from ₱0.53 in 3Q 2023). Revenue: ₱4.22b (up 13% from 3Q 2023). Net income: ₱1.41b (up 33% from 3Q 2023). Profit margin: 33% (up from 28% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ₱0.50 (vs ₱0.49 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.50 (up from ₱0.49 in 2Q 2023). Revenue: ₱4.05b (up 14% from 2Q 2023). Net income: ₱1.01b (up 3.2% from 2Q 2023). Profit margin: 25% (down from 28% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 15
Upcoming dividend of ₱1.50 per share Eligible shareholders must have bought the stock before 22 May 2024. Payment date: 18 June 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Filipino dividend payers (5.7%). Higher than average of industry peers (2.8%). Declared Dividend • Apr 29
Dividend of ₱1.50 announced Shareholders will receive a dividend of ₱1.50. Ex-date: 22nd May 2024 Payment date: 18th June 2024 Dividend yield will be 7.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 9.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₱21.40, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 14x in the Infrastructure industry in Asia. Total returns to shareholders of 62% over the past three years. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: ₱2.22 (vs ₱1.51 in FY 2022) Full year 2023 results: EPS: ₱2.22 (up from ₱1.51 in FY 2022). Revenue: ₱14.7b (up 12% from FY 2022). Net income: ₱4.44b (up 47% from FY 2022). Profit margin: 30% (up from 23% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Annonce • Feb 23
Asian Terminals, Inc. to Report Fiscal Year 2023 Results on Feb 22, 2024 Asian Terminals, Inc. announced that they will report fiscal year 2023 results on Feb 22, 2024 Annonce • Feb 22
Asian Terminals, Inc., Annual General Meeting, Apr 25, 2024 Asian Terminals, Inc., Annual General Meeting, Apr 25, 2024, at 06:00 Coordinated Universal Time. Agenda: To consider election of directors; to approve the audited financial statements for the year ended December 31, 2023; to consider appointment of independent auditors and to consider other matters. Buying Opportunity • Dec 27
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₱19.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 13%. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ₱0.53 (vs ₱0.33 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.53 (up from ₱0.33 in 3Q 2022). Revenue: ₱3.75b (down 4.1% from 3Q 2022). Net income: ₱1.06b (up 58% from 3Q 2022). Profit margin: 28% (up from 17% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: ₱0.49 (vs ₱0.27 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.49 (up from ₱0.27 in 2Q 2022). Revenue: ₱3.54b (up 20% from 2Q 2022). Net income: ₱977.9m (up 82% from 2Q 2022). Profit margin: 28% (up from 18% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 16
Upcoming dividend of ₱1.00 per share at 5.4% yield Eligible shareholders must have bought the stock before 23 May 2023. Payment date: 20 June 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Filipino dividend payers (5.8%). Higher than average of industry peers (3.4%). Reported Earnings • May 14
First quarter 2023 earnings released: EPS: ₱0.59 (vs ₱0.30 in 1Q 2022) First quarter 2023 results: EPS: ₱0.59 (up from ₱0.30 in 1Q 2022). Revenue: ₱3.63b (up 35% from 1Q 2022). Net income: ₱1.18b (up 96% from 1Q 2022). Profit margin: 32% (up from 22% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Mar 11
Full year 2022 earnings released: EPS: ₱1.51 (vs ₱1.12 in FY 2021) Full year 2022 results: EPS: ₱1.51 (up from ₱1.12 in FY 2021). Revenue: ₱13.1b (up 34% from FY 2021). Net income: ₱3.02b (up 35% from FY 2021). Profit margin: 23% (in line with FY 2021). Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Teodoro Locsin was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Sep 16
Asian Terminals, Inc. Appoints Atty. Teodoro L. Locsin, Jr., as Chairman of the Audit Committee and as Member of the Executive and Corporate Governance Committees Asian Terminals, Inc. advised that in the special meeting of the Board held on September 15, 2022, the directors appointed Atty. Teodoro L. Locsin, Jr., as Chairman of the Audit Committee and as member of the Executive and Corporate Governance committees of Asian Terminals, Inc. (ATI). Atty. Locsin Jr. shall serve the unexpired term of Atty. Roberto Cecilio Ong Lim, who resigned effective August 2, 2022. Annonce • Aug 26
Asian Terminals, Inc. Appoints Teodoro L. Locsin, Jr. as Independent Director Asian Terminals, Inc. at its board meeting held on August 25, 2022, elected Atty. Teodoro L. Locsin, Jr. as an independent director of the company. Atty. Locsin Jr. shall serve the unexpired term of Atty. Roberto Cecilio Ong Lim, who resigned effective August 2, 2022. Effective date of appointment is August 25, 2022. Atty. Teodoro L. Locsin, Jr., 73, Filipino was the former independent director of ATI from 2010 to 2018 when he stepped down to assume a position in the government as the secretary of Foreign Affairs. Prior to this, in 2017, he was appointed and took his oath as Philippine representative to the United nations based in New York, USA. He also served as member of the House of Representatives from 2001 to 2010. Atty. Teodoro L. Locsin, Jr. obtained his Bachelor of Law from the Ateneo ded Manila University and Master of Laws from Harvard University. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ₱0.27 (vs ₱0.28 in 2Q 2021) Second quarter 2022 results: EPS: ₱0.27 (down from ₱0.28 in 2Q 2021). Revenue: ₱2.95b (up 4.1% from 2Q 2021). Net income: ₱537.0m (down 4.9% from 2Q 2021). Profit margin: 18% (down from 20% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Annonce • Aug 03
Asian Terminals, Inc. Announces Board Changes Asian Terminals, Inc. has formally received the official resignation of Atty. Roberto Cecilio O. Lim as independent director, Chairman of Audit Committee and as member of Executive Committee and Corporate Governance Committee of Asian Terminals, Inc. (ATI), effective Aug. 2, 2022. Reported Earnings • May 16
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ₱0.30 (up from ₱0.28 in 1Q 2021). Revenue: ₱2.70b (up 6.6% from 1Q 2021). Net income: ₱601.2m (up 6.8% from 1Q 2021). Profit margin: 22% (in line with 1Q 2021). Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) exceeded analyst estimates by 2.4%. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 11% per year. Upcoming Dividend • May 13
Upcoming dividend of ₱0.81 per share Eligible shareholders must have bought the stock before 20 May 2022. Payment date: 17 June 2022. Payout ratio is a comfortable 72% and the cash payout ratio is 83%. Trailing yield: 5.8%. Within top quartile of Filipino dividend payers (4.7%). Higher than average of industry peers (4.2%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Roberto Lim was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 17
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ₱1.12 (down from ₱1.48 in FY 2020). Revenue: ₱9.76b (down 9.2% from FY 2020). Net income: ₱2.24b (down 24% from FY 2020). Profit margin: 23% (down from 28% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) exceeded analyst estimates by 2.4%. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 6% per year. Annonce • Mar 03
Asian Terminals, Inc., Annual General Meeting, Apr 28, 2022 Asian Terminals, Inc., Annual General Meeting, Apr 28, 2022, at 14:00 Singapore Standard Time. Agenda: To consider approval of the Minutes of the Annual Stockholders' Meeting held on April 22, 2021; to consider approval of the Audited Financial Statements for the Year Ended December 31, 2021; to consider approval and Ratification of the Acts of the Board and the Management during the year 2021; and to consider other matters. Recent Insider Transactions • Feb 16
President & Director recently bought ₱217m worth of stock On the 11th of February, Eusebio Tanco bought around 16m shares on-market at roughly ₱13.61 per share. This was the largest purchase by an insider in the last 3 months. Eusebio has been a buyer over the last 12 months, purchasing a net total of ₱51m worth in shares. Executive Departure • Dec 01
Director Andrew Hoad has left the company On the 25th of November, Andrew Hoad's tenure as Director ended after 3.8 years in the role. As of September 2021, Andrew still personally held only 1.00 share (₱13.6 worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 6.67 years. Recent Insider Transactions • Oct 30
President & Director recently sold ₱291m worth of stock On the 22nd of October, Eusebio Tanco sold around 21m shares on-market at roughly ₱14.00 per share. This was the largest sale by an insider in the last 3 months. Eusebio has been a seller over the last 12 months, reducing personal holdings by ₱152m. Recent Insider Transactions • Sep 07
President & Director recently bought ₱141k worth of stock On the 31st of August, Eusebio Tanco bought around 10k shares on-market at roughly ₱14.00 per share. This was the largest purchase by an insider in the last 3 months. Eusebio has been a buyer over the last 12 months, purchasing a net total of ₱330k worth in shares. Executive Departure • Jul 13
Director Ahmad Yousef Ahmad Al Simreen has left the company On the 30th of June, Ahmad Yousef Ahmad Al Simreen's tenure as Director ended after 3.2 years in the role. As of March 2021, Ahmad Yousef Ahmad still personally held only 1.00 share (₱15.0 worth at the time). Ahmad Yousef Ahmad is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 9.25 years. Recent Insider Transactions • Jun 02
President & Director recently bought ₱142k worth of stock On the 27th of May, Eusebio Tanco bought around 10k shares on-market at roughly ₱14.94 per share. This was the largest purchase by an insider in the last 3 months. Eusebio has been a buyer over the last 12 months, purchasing a net total of ₱188k worth in shares. Reported Earnings • May 21
First quarter 2021 earnings released: EPS ₱0.28 (vs ₱0.24 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₱2.53b (up 6.2% from 1Q 2020). Net income: ₱562.7m (up 19% from 1Q 2020). Profit margin: 22% (up from 20% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • May 06
Upcoming dividend of ₱0.70 per share Eligible shareholders must have bought the stock before 12 May 2021. Payment date: 10 June 2021. Trailing yield: 4.5%. Within top quartile of Filipino dividend payers (4.3%). Higher than average of industry peers (2.9%). Is New 90 Day High Low • Mar 10
New 90-day high: ₱15.80 The company is up 2.0% from its price of ₱15.50 on 10 December 2020. The Filipino market is down 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Infrastructure industry, which is up 3.0% over the same period. Reported Earnings • Mar 09
Full year 2020 earnings released: EPS ₱1.48 (vs ₱1.86 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ₱10.8b (down 22% from FY 2019). Net income: ₱2.95b (down 20% from FY 2019). Profit margin: 28% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Annonce • Feb 24
Asian Terminals, Inc., Annual General Meeting, Apr 22, 2021 Asian Terminals, Inc., Annual General Meeting, Apr 22, 2021, at 14:00 Singapore Standard Time. Agenda: To consider approval of the Minutes of the Annual Stockholders' Meeting held on June 4, 2020; to consider election of Directors; to consider for approval of the Audited Financial Statements for the Year Ended December 31, 2020; to consider appointment of Independent Auditors; to consider ratification of ATI-POMS Management Contract; to consider for approval and Ratification of the Acts of the Board and the Management during the year 2020; and to consider other Matters. Is New 90 Day High Low • Jan 28
New 90-day low: ₱14.52 The company is down 7.0% from its price of ₱15.60 on 30 October 2020. The Filipino market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 11% over the same period. Is New 90 Day High Low • Jan 04
New 90-day low: ₱15.14 The company is down 2.0% from its price of ₱15.42 on 07 October 2020. The Filipino market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 10.0% over the same period.