Recent Insider Transactions • May 11
Insider recently sold ₱4.0m worth of stock On the 7th of May, Benjamin Gorospe sold around 5k shares on-market at roughly ₱802 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱58m. Despite this recent sale, insiders have collectively bought ₱217m more than they sold in the last 12 months. Reported Earnings • May 05
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$0.14 (up from US$0.12 in 1Q 2025). Revenue: US$979.4m (up 31% from 1Q 2025). Net income: US$293.6m (up 25% from 1Q 2025). Profit margin: 30% (down from 32% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • May 01
Insider recently sold ₱3.3m worth of stock On the 29th of April, Arnie Tablante sold around 5k shares on-market at roughly ₱723 per share. This transaction amounted to 2.1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱58m. Despite this recent sale, insiders have collectively bought ₱221m more than they sold in the last 12 months. Recent Insider Transactions • Apr 17
Insider recently sold ₱7.3m worth of stock On the 13th of April, Caroline Causon sold around 10k shares on-market at roughly ₱729 per share. This transaction amounted to 8.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱58m. Despite this recent sale, insiders have collectively bought ₱256m more than they sold in the last 12 months. Recent Insider Transactions • Apr 11
Insider recently sold ₱1.4m worth of stock On the 6th of April, Arnie Tablante sold around 2k shares on-market at roughly ₱685 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱14m. Despite this recent sale, insiders have collectively bought ₱341m more than they sold in the last 12 months. Recent Insider Transactions • Mar 14
Chairman recently bought ₱27m worth of stock On the 9th of March, Enrique Razon bought around 40k shares on-market at roughly ₱683 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₱140m. This was Enrique's only on-market trade for the last 12 months. Recent Insider Transactions • Mar 11
Insider recently bought ₱140m worth of stock On the 3rd of March, Christian Martin Gonzalez bought around 217k shares on-market at roughly ₱646 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱301m more in shares than they have sold in the last 12 months. Declared Dividend • Mar 06
Dividend of ₱17.85 announced Shareholders will receive a dividend of ₱17.85. Ex-date: 18th March 2026 Payment date: 27th March 2026 Dividend yield will be 2.5%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 29% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Mar 05
International Container Terminal Services, Inc. announces Annual dividend, payable on March 27, 2026 International Container Terminal Services, Inc. announced Annual dividend of PHP 17.8500 per share payable on March 27, 2026, ex-date on March 18, 2026 and record date on March 19, 2026. Reported Earnings • Mar 05
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: US$0.51 (up from US$0.41 in FY 2024). Revenue: US$3.23b (up 18% from FY 2024). Net income: US$1.03b (up 25% from FY 2024). Profit margin: 32% (up from 30% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 27
International Container Terminal Services, Inc., Annual General Meeting, Apr 16, 2026 International Container Terminal Services, Inc., Annual General Meeting, Apr 16, 2026, at 10:00 W. Australia Standard Time. Recent Insider Transactions • Jan 10
Insider recently sold ₱9.7m worth of stock On the 7th of January, Caroline Causon sold around 16k shares on-market at roughly ₱604 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱67m more than they bought in the last 12 months. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: US$0.13 (vs US$0.10 in 3Q 2024) Third quarter 2025 results: EPS: US$0.13 (up from US$0.10 in 3Q 2024). Revenue: US$846.0m (up 22% from 3Q 2024). Net income: US$267.7m (up 28% from 3Q 2024). Profit margin: 32% (up from 30% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Infrastructure industry in Asia. 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 45% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Oct 23
Non-Executive Director recently sold ₱5.5m worth of stock On the 16th of October, Jose Ibazeta sold around 10k shares on-market at roughly ₱547 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₱7.3m. Insiders have been net sellers, collectively disposing of ₱64m more than they bought in the last 12 months. Recent Insider Transactions • Oct 09
Non-Executive Director recently sold ₱2.4m worth of stock On the 2nd of October, Jose Ibazeta sold around 5k shares on-market at roughly ₱486 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₱7.3m. Insiders have been net sellers, collectively disposing of ₱58m more than they bought in the last 12 months. Buy Or Sell Opportunity • Sep 30
Now 20% undervalued Over the last 90 days, the stock has risen 14% to ₱472. The fair value is estimated to be ₱591, 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 18%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Recent Insider Transactions • Sep 19
Non-Executive Director recently sold ₱4.9m worth of stock On the 15th of September, Jose Ibazeta sold around 10k shares on-market at roughly ₱489 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₱7.3m. Insiders have been net sellers, collectively disposing of ₱56m more than they bought in the last 12 months. Recent Insider Transactions • Aug 29
Insider recently sold ₱4.9m worth of stock On the 22nd of August, Caroline Causon sold around 10k shares on-market at roughly ₱493 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱7.3m. Insiders have been net sellers, collectively disposing of ₱53m more than they bought in the last 12 months. Buy Or Sell Opportunity • Aug 26
Now 23% undervalued Over the last 90 days, the stock has risen 10% to ₱453. The fair value is estimated to be ₱589, 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 18%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Recent Insider Transactions • Aug 16
Non-Executive Director recently sold ₱7.3m worth of stock On the 11th of August, Jose Ibazeta sold around 15k shares on-market at roughly ₱488 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱71m more than they bought in the last 12 months. Reported Earnings • Aug 06
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.12 (up from US$0.10 in 2Q 2024). Revenue: US$765.1m (up 12% from 2Q 2024). Net income: US$240.6m (up 17% from 2Q 2024). Profit margin: 31% (up from 30% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.2%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jul 25
Non-Executive Director recently sold ₱2.2m worth of stock On the 18th of July, Jose Ibazeta sold around 5k shares on-market at roughly ₱441 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₱4.5m. Insiders have been net sellers, collectively disposing of ₱64m more than they bought in the last 12 months. Recent Insider Transactions • Jul 19
Non-Executive Director recently sold ₱4.5m worth of stock On the 14th of July, Jose Ibazeta sold around 10k shares on-market at roughly ₱447 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱62m more than they bought in the last 12 months. Recent Insider Transactions • Jul 15
Insider recently sold ₱2.1m worth of stock On the 8th of July, Caroline Causon sold around 5k shares on-market at roughly ₱426 per share. This transaction amounted to 7.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₱3.4m. Insiders have been net sellers, collectively disposing of ₱57m more than they bought in the last 12 months. Recent Insider Transactions • Jun 26
Insider recently sold ₱2.1m worth of stock On the 20th of June, Caroline Causon sold around 5k shares on-market at roughly ₱420 per share. This transaction amounted to 6.6% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱11m. Insiders have been net sellers, collectively disposing of ₱55m more than they bought in the last 12 months. Recent Insider Transactions • Jun 12
Insider recently sold ₱3.4m worth of stock On the 4th of June, Caroline Causon sold around 8k shares on-market at roughly ₱422 per share. This transaction amounted to 9.6% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱11m. Insiders have been net sellers, collectively disposing of ₱51m more than they bought in the last 12 months. Recent Insider Transactions • May 22
Insider recently sold ₱3.3m worth of stock On the 16th of May, Caroline Causon sold around 8k shares on-market at roughly ₱408 per share. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱11m. Insiders have been net sellers, collectively disposing of ₱44m more than they bought in the last 12 months. Recent Insider Transactions • May 15
Insider recently sold ₱3.2m worth of stock On the 8th of May, Caroline Causon sold around 8k shares on-market at roughly ₱398 per share. This transaction amounted to 8.1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱11m. Insiders have been net sellers, collectively disposing of ₱36m more than they bought in the last 12 months. Reported Earnings • May 06
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$0.12 (up from US$0.10 in 1Q 2024). Revenue: US$745.4m (up 17% from 1Q 2024). Net income: US$235.8m (up 16% from 1Q 2024). Profit margin: 32% (in line with 1Q 2024). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 19% per year. Duyuru • May 02
International Container Terminal Services, Inc. to Report Q1, 2025 Results on May 05, 2025 International Container Terminal Services, Inc. announced that they will report Q1, 2025 results on May 05, 2025 Recent Insider Transactions • Apr 30
Non-Executive Director recently bought ₱3.4m worth of stock On the 24th of April, Jose Ibazeta bought around 10k shares on-market at roughly ₱341 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱35m more in shares than they bought in the last 12 months. Buy Or Sell Opportunity • Apr 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ₱337. The fair value is estimated to be ₱427, 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 16%. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings are also forecast to grow by 9.3% per annum over the same time period. Recent Insider Transactions • Apr 01
Senior VP recently sold ₱11m worth of stock On the 28th of March, Emilio Manuel Pascua sold around 30k shares on-market at roughly ₱370 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Emilio Manuel's only on-market trade for the last 12 months. Recent Insider Transactions • Mar 27
Non-Executive Director recently sold ₱1.9m worth of stock On the 20th of March, Jose Ibazeta sold around 5k shares on-market at roughly ₱375 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱8.8m. Despite this recent sale, insiders have collectively bought ₱142m more than they sold in the last 12 months. Buy Or Sell Opportunity • Mar 14
Now 21% overvalued Over the last 90 days, the stock has fallen 4.0% to ₱381. The fair value is estimated to be ₱316, however this is not to be taken as a sell 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 16%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 7.1% per annum over the same time period. Declared Dividend • Mar 08
Dividend of ₱14.16 announced Shareholders will receive a dividend of ₱14.16. Ex-date: 19th March 2025 Payment date: 28th March 2025 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 28% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Mar 07
International Container Terminal Services, Inc. Approves Cash Dividend, Payable on March 28, 2025 International Container Terminal Services, Inc. Board of Directors approved the declaration of a cash dividend in the amount of PHP 14.16 per common share, payable on March 28, 2025 to stockholders of record holding shares of ICTSI common stock at the close of business on March 20, 2025. Reported Earnings • Mar 07
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$0.41 (up from US$0.24 in FY 2023). Revenue: US$2.74b (up 15% from FY 2023). Net income: US$830.0m (up 72% from FY 2023). Profit margin: 30% (up from 20% in FY 2023). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 7.4%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 19% per year. Recent Insider Transactions • Mar 06
Insider recently bought ₱70m worth of stock On the 3rd of March, Christian Martin Gonzalez bought around 209k shares on-market at roughly ₱332 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱78m more in shares than they have sold in the last 12 months. Duyuru • Mar 05
International Container Terminal Services, Inc., Annual General Meeting, Apr 24, 2025 International Container Terminal Services, Inc., Annual General Meeting, Apr 24, 2025, at 10:00 W. Australia Standard Time. Recent Insider Transactions • Feb 14
Independent Director recently bought ₱1.7m worth of stock On the 10th of February, Cesar Buenaventura bought around 5k shares on-market at roughly ₱350 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₱3.0m. Despite this recent purchase, insiders have collectively sold ₱83m more in shares than they bought in the last 12 months. Buy Or Sell Opportunity • Feb 05
Now 21% overvalued Over the last 90 days, the stock has fallen 5.5% to ₱378. The fair value is estimated to be ₱312, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Recent Insider Transactions • Feb 04
Independent Director recently bought ₱3.0m worth of stock On the 28th of January, Diosdado Peralta bought around 9k shares on-market at roughly ₱356 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱84m more in shares than they bought in the last 12 months. Reported Earnings • Nov 06
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: US$0.10 (up from US$0.08 in 3Q 2023). Revenue: US$712.7m (up 20% from 3Q 2023). Net income: US$212.0m (up 30% from 3Q 2023). Profit margin: 30% (up from 28% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 19%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Infrastructure industry in Asia. 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 27% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Sep 03
Non-Executive Director recently sold ₱2.0m worth of stock On the 27th of August, Jose Ibazeta sold around 5k shares on-market at roughly ₱406 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱21m. Insiders have been net sellers, collectively disposing of ₱92m more than they bought in the last 12 months. Recent Insider Transactions • Aug 30
Non-Executive Director recently sold ₱21m worth of stock On the 22nd of August, Stephen George Paradies sold around 50k shares on-market at roughly ₱423 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱90m more than they bought in the last 12 months. Reported Earnings • Aug 13
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.10 (up from US$0.075 in 2Q 2023). Revenue: US$684.0m (up 15% from 2Q 2023). Net income: US$205.6m (up 35% from 2Q 2023). Profit margin: 30% (up from 26% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates by 45%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 26% per year. Buy Or Sell Opportunity • Aug 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.3% to ₱365. The fair value is estimated to be ₱302, 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 39%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Recent Insider Transactions • May 29
Independent Director recently bought ₱1.4m worth of stock On the 22nd of May, Cesar Buenaventura bought around 4k shares on-market at roughly ₱339 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₱2.0m. Despite this recent purchase, insiders have collectively sold ₱74m more in shares than they bought in the last 12 months. Recent Insider Transactions • May 24
Insider recently bought ₱2.0m worth of stock On the 17th of May, Benjamin Gorospe bought around 6k shares on-market at roughly ₱334 per share. This transaction amounted to 8.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱75m more in shares than they bought in the last 12 months. Reported Earnings • May 07
First quarter 2024 earnings released: EPS: US$0.10 (vs US$0.073 in 1Q 2023) First quarter 2024 results: EPS: US$0.10 (up from US$0.073 in 1Q 2023). Revenue: US$637.6m (up 11% from 1Q 2023). Net income: US$202.6m (up 38% from 1Q 2023). Profit margin: 32% (up from 26% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 36% per year. Buy Or Sell Opportunity • Apr 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 40% to ₱336. The fair value is estimated to be ₱279, 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 51%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Apr 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to ₱326. The fair value is estimated to be ₱270, 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 51%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Mar 21
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 43% to ₱344. The fair value is estimated to be ₱271, 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 51%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. New Risk • Mar 20
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: ₱62m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (76% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (₱62m sold). Recent Insider Transactions • Mar 19
Insider recently sold ₱43m worth of stock On the 14th of March, Christian Martin Gonzalez sold around 135k shares on-market at roughly ₱316 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱87m more than they bought in the last 12 months. Recent Insider Transactions • Mar 14
Insider recently sold ₱18m worth of stock On the 8th of March, Caroline Causon sold around 60k shares on-market at roughly ₱301 per share. This transaction amounted to 82% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱45m more than they bought in the last 12 months. Upcoming Dividend • Mar 07
Upcoming dividend of ₱11.00 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 25 March 2024. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Filipino dividend payers (5.7%). Higher than average of industry peers (2.9%). Declared Dividend • Mar 04
Dividend of ₱11.00 announced Shareholders will receive a dividend of ₱11.00. Ex-date: 14th March 2024 Payment date: 25th March 2024 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 28% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 65% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 02
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$0.24 (down from US$0.29 in FY 2022). Revenue: US$2.47b (up 10% from FY 2022). Net income: US$511.5m (down 13% from FY 2022). Profit margin: 21% (down from 26% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Feb 29
Insider recently bought ₱1.1m worth of stock On the 21st of February, Benjamin Gorospe bought around 4k shares on-market at roughly ₱280 per share. This transaction amounted to 7.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱39m more in shares than they bought in the last 12 months. Duyuru • Feb 21
International Container Terminal Services, Inc., Annual General Meeting, Apr 18, 2024 International Container Terminal Services, Inc., Annual General Meeting, Apr 18, 2024, at 10:00 Singapore Standard Time. Agenda: To consider Call to order; to consider Determination of existence of quorum; to consider approval of the Minutes of the Annual Stockholders' Meeting held on April 20, 2023; to consider Chairman's Report; to consider Approval of the 2023 Audited Financial Statements; to consider Approval/ratification of acts, contracts, investments and resolutions of the Board of Directors and Management since the last Annual Stockholders' Meeting; to consider Election of Directors; to consider Appointment of External Auditors; and to consider other issues. Recent Insider Transactions • Jan 13
Insider recently sold ₱504k worth of stock On the 8th of January, Caroline Causon sold around 2k shares on-market at roughly ₱252 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱5.7m. Despite this recent sale, insiders have collectively bought ₱30m more than they sold in the last 12 months. Recent Insider Transactions • Dec 22
Non-Executive Director recently sold ₱5.7m worth of stock On the 20th of December, Jose Ibazeta sold around 24k shares on-market at roughly ₱243 per share. This transaction amounted to 1.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₱29m more than they sold in the last 12 months. Buying Opportunity • Nov 30
Now 20% undervalued Over the last 90 days, the stock is up 4.8%. The fair value is estimated to be ₱271, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 65%. Revenue is forecast to grow by 5.5% in 2 years. Earnings is forecast to grow by 10% in the next 2 years. Recent Insider Transactions • Nov 23
Independent Director recently sold ₱5.2m worth of stock On the 22nd of November, Diosdado Peralta sold around 25k shares on-market at roughly ₱213 per share. This transaction amounted to 45% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₱19m more than they sold in the last 12 months. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: US$0.08 (vs US$0.08 in 3Q 2022) Third quarter 2023 results: EPS: US$0.08 (in line with 3Q 2022). Revenue: US$594.9m (up 2.9% from 3Q 2022). Net income: US$163.5m (flat on 3Q 2022). Profit margin: 28% (in line with 3Q 2022). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Oct 07
Non-Executive Director recently sold ₱2.1m worth of stock On the 2nd of October, Jose Ibazeta sold around 10k shares on-market at roughly ₱209 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₱16m more than they sold in the last 12 months. Recent Insider Transactions • Sep 22
Independent Director recently bought ₱1.4m worth of stock On the 19th of September, Diosdado Peralta bought around 7k shares on-market at roughly ₱205 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱20m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: US$0.075 (vs US$0.071 in 2Q 2022) Second quarter 2023 results: EPS: US$0.075 (up from US$0.071 in 2Q 2022). Revenue: US$622.3m (up 16% from 2Q 2022). Net income: US$159.2m (up 11% from 2Q 2022). Profit margin: 26% (down from 27% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 12
International Container Terminal Services, Inc Appoints Arlyn L. Mcdonald as Global Financial Controller Board of Directors of International Container Terminal Services, Inc. (ICTSI) held July 10, 2023,the Board approved the appointment of ARLYN L. MCDONALD as Vice President, Global Financial Controller. Ms. McDonald is the newly appointed Vice President, Global Financial Controller of ICTSI. She is also the Chief Financial Officer of Manila International Container Terminal (MICT) since 2016. Prior to her role as Chief Financial Officer of MICT, she was the Global Financial Reporting Director and Regional Chief Financial Officer for Europe, Middle east and India. Prior to ICTSI, she was with accounting firm Sycip Gorres Velayo & Co (SGV) for 10 years serving as Senior Director for Assurance and Professional Practice. She was also seconded to New York for two years to work with SGV Affiliate, Ernst & Young. She graduated magna cum laude from the University of the Philippines with a degree in Bachelor of Science major in Business Administration and Accountancy in 1999. She placed fourth in the Philippine Certified Public Accountant Board Examinations in May 2000. Recent Insider Transactions • Jul 07
Insider recently sold ₱2.0m worth of stock On the 30th of June, Caroline Causon sold around 10k shares on-market at roughly ₱204 per share. This transaction amounted to 35% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱11m more than they bought in the last 12 months. Duyuru • Jun 27
International Container Terminal Services, Inc. Announces Management Changes International Container Terminal Services, Inc. announced the resignation of Sandy A. Alipio as Senior Vice President, Global Financial Controller and Chief Risk Officer, effective from July 1, 2023. Reason(s) for Resignation/Cessation: Permanent transfer to a senior finance role in a related party company. The company also announced the change of the position of Caroline C. Causon from Vice President, Head of Financial Planning and Budgeting to SVP, Global Corporate Planning and Financial Services and Emilio Manuel V. Pascua from Chief Financial Officer to Chief Financial Officer and Chief Risk Officer, effective from July 1, 2023. In addition, concurrent with his Chief Financial Officer role, Manuel V. Pascua was appointed by the Board of Directors June 27, 2023, as Chief Risk Officer to replace Mr. Alipio, effective on July 1, 2023. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: US$0.065 (vs US$0.065 in 1Q 2022) First quarter 2023 results: EPS: US$0.065 (in line with 1Q 2022). Revenue: US$541.5m (up 2.1% from 1Q 2022). Net income: US$142.3m (up 7.9% from 1Q 2022). Profit margin: 26% (up from 25% in 1Q 2022). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 29
Insider recently sold ₱9.2m worth of stock On the 22nd of March, Caroline Causon sold around 46k shares on-market at roughly ₱202 per share. This transaction amounted to 62% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱9.7m. Insiders have been net sellers, collectively disposing of ₱54m more than they bought in the last 12 months. Recent Insider Transactions • Mar 15
Non-Executive Director recently sold ₱9.7m worth of stock On the 14th of March, Jose Ibazeta sold around 46k shares on-market at roughly ₱211 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱39m more than they bought in the last 12 months. Reported Earnings • Mar 08
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$0.29 (up from US$0.18 in FY 2021). Revenue: US$2.24b (up 20% from FY 2021). Net income: US$585.0m (up 58% from FY 2021). Profit margin: 26% (up from 20% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 7.3%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 04
Insider recently bought ₱12m worth of stock On the 1st of March, Caroline Causon bought around 58k shares on-market at roughly ₱201 per share. This transaction increased Caroline's direct individual holding by 4x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱134m more in shares than they bought in the last 12 months. Recent Insider Transactions • Feb 23
Non-Executive Director recently sold ₱2.1m worth of stock On the 17th of February, Jose Ibazeta sold around 10k shares on-market at roughly ₱211 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₱6.5m. Insiders have been net sellers, collectively disposing of ₱168m more than they bought in the last 12 months. Recent Insider Transactions • Jan 31
Non-Executive Director recently sold ₱6.5m worth of stock On the 25th of January, Jose Ibazeta sold around 30k shares on-market at roughly ₱215 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₱175m more than they bought in the last 12 months. Recent Insider Transactions • Jan 11
Non-Executive Director recently sold ₱2.0m worth of stock On the 6th of January, Jose Ibazeta sold around 10k shares on-market at roughly ₱197 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₱6.1m. Insiders have been net sellers, collectively disposing of ₱176m more than they bought in the last 12 months. Recent Insider Transactions • Dec 16
Non-Executive Director recently sold ₱4.0m worth of stock On the 13th of December, Jose Ibazeta sold around 20k shares on-market at roughly ₱200 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱27m. Insiders have been net sellers, collectively disposing of ₱173m more than they bought in the last 12 months. Recent Insider Transactions • Dec 10
Non-Executive Director recently sold ₱1.0m worth of stock On the 1st of December, Jose Ibazeta sold around 5k shares on-market at roughly ₱203 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱27m. Insiders have been net sellers, collectively disposing of ₱173m more than they bought in the last 12 months. Recent Insider Transactions • Dec 02
Non-Executive Director recently sold ₱6.1m worth of stock On the 29th of November, Jose Ibazeta sold around 31k shares on-market at roughly ₱200 per share. This transaction amounted to 1.7% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱27m. Insiders have been net sellers, collectively disposing of ₱177m more than they bought in the last 12 months. Recent Insider Transactions • Nov 22
Insider recently bought ₱808k worth of stock On the 18th of November, Arnie Tablante bought around 4k shares on-market at roughly ₱184 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₱27m. Despite this recent purchase, insiders have collectively sold ₱174m more in shares than they bought in the last 12 months. Recent Insider Transactions • Nov 17
Non-Executive Director recently sold ₱1.8m worth of stock On the 11th of November, Jose Ibazeta sold around 10k shares on-market at roughly ₱178 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱27m. Insiders have been net sellers, collectively disposing of ₱175m more than they bought in the last 12 months. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Diosdado Peralta was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 08
Third quarter 2022 earnings released: EPS: US$0.08 (vs US$0.052 in 3Q 2021) Third quarter 2022 results: EPS: US$0.08 (up from US$0.052 in 3Q 2021). Revenue: US$591.5m (up 23% from 3Q 2021). Net income: US$170.7m (up 62% from 3Q 2021). Profit margin: 29% (up from 22% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Nov 04
Non-Executive Director recently sold ₱860k worth of stock On the 26th of October, Jose Ibazeta sold around 5k shares on-market at roughly ₱172 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱27m. Insiders have been net sellers, collectively disposing of ₱173m more than they bought in the last 12 months. Recent Insider Transactions • Oct 22
Non-Executive Director recently sold ₱876k worth of stock On the 18th of October, Jose Ibazeta sold around 5k shares on-market at roughly ₱175 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱27m. Insiders have been net sellers, collectively disposing of ₱172m more than they bought in the last 12 months. Recent Insider Transactions • Oct 18
Non-Executive Director recently bought ₱27m worth of stock On the 11th of October, Stephen George Paradies bought around 150k shares on-market at roughly ₱178 per share. This transaction amounted to 3.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱171m more in shares than they bought in the last 12 months. Recent Insider Transactions • Oct 11
Insider recently bought ₱2.7m worth of stock On the 3rd of October, Jose Manuel De Jesus bought around 17k shares on-market at roughly ₱163 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₱170m more in shares than they bought in the last 12 months. Recent Insider Transactions • Oct 04
Non-Executive Director recently sold ₱728k worth of stock On the 28th of September, Jose Ibazeta sold around 4k shares on-market at roughly ₱182 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱11m. Insiders have been net sellers, collectively disposing of ₱172m more than they bought in the last 12 months. Recent Insider Transactions • Sep 28
Non-Executive Director recently sold ₱1.8m worth of stock On the 20th of September, Jose Ibazeta sold around 10k shares on-market at roughly ₱184 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₱11m. Insiders have been net sellers, collectively disposing of ₱172m more than they bought in the last 12 months. Duyuru • Sep 24
International Container Terminal Services, Inc. Appoints Cristina Castro as New Data Protection Officer International Container Terminal Services, Inc.(ICTSI) has previously submitted its application for the registration of the new Data Protection Officer (DPO) to the National Privacy Commission (NPC). On September 23, 2022, ICTSI formally received from the NPC a notice of confirmation of the completeness ofe its registration process for the appointment of the Company's new DPO, Ms. Cristina Castro, in compliance with the Data Privacy Act of 2012. 
