ICTSI: Manzanillo terminal surpasses 12M TEUs
From AB Capital's The Opening Bell: Three Moves
Event
ICTSI’s Manzanillo, Mexico unit (CMSA) surpassed 12 million twenty-foot equivalent units (TEUs) in cumulative throughput since start of operations. In 2025, the terminal recorded 10.5% growth in import volumes and 12.5% growth in export volumes, highlighting its expanding role in handling Asian trade flows into Mexico.
View
Positive. This confirms that ICTSI’s international portfolio, not just its Philippine assets, is delivering growth. Volume momentum at Manzanillo strengthens the case for mid to high single digit global throughput growth for the group, with margin upside as fixed costs are leveraged. It also reduces concentration risk and supports a premium multiple versus regional port peers given diversified geography and exposure to faster growing trade lanes.
Catalyst
Sustained double digit volume growth at a major Latin American gateway reinforces ICTSI’s exposure to structurally rising Asia to Latin America trade. Manzanillo is Mexico’s busiest container port, so share gains and higher throughput support both revenue visibility and operating leverage. Continued supply chain diversification away from traditional US West Coast routes and nearshoring trends in Mexico could keep volumes firm, supporting yield and ancillary service revenues.
Action
Maintain Overweight on ICT (O/P, TP 670) We see this as an incremental positive to medium term earnings visibility and reinforces ICTSI as a core structural compounder in infrastructure. Pullbacks can be used to add, especially as international terminals continue to offset any cyclical softness in other markets.
Disclaimer: The information, analyses, and views contained herein is based on sources which we, AB Capital Securities, believe are reliable, but is not guaranteed by us and is not to be considered all inclusive. It is not to be construed as an offer or solicitation of an offer to sell or buy the securities herein mentioned. AB Capital Securities and its Directors and Officers and/or members of their families may have a position in the securities herein mentioned and may make purchases and/or sales of the securities from time to time in the open-market and otherwise.
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