BIZ BUZZ: PSE chief dismisses ICTSI delisting rumors

Rumors that port giant International Container Terminal Services Inc. (ICTSI) may leave the local bourse and list overseas have yet to send chills to the Philippine Stock Exchange (PSE).

PSE president and CEO Ramon Monzon said he had not received any indication from ICTSI chair Enrique Razon Jr. that the listed ports operator was considering delisting or transferring to another exchange such as Hong Kong.

“He (Razon) has not even asked me about this or talked to me about this,” he said.

Instead of focusing on the rumors, Monzon pointed to ICTSI’s strong valuation as evidence that investors already recognize the strength of its international business.

He noted that the broader Philippine Stock Exchange trades at roughly 9.6 to 9.7 times price-to-earnings ratio, while Hong Kong equities market trades at around 12 times earnings.

ICTSI, meanwhile, is trading at about 29.6 times earnings.

According to Monzon, this suggests that both local and foreign investors participating in the Philippine market are already assigning an appropriate premium to ICTSI despite the lower valuation multiples of the broader market.

“What that tells me is that the local market and investors recognize the value and potential of ICTSI’s international business,” he said.

Monzon described ICTSI as the “superstar” of the Philippine stock market, noting that few listed companies elsewhere command similarly high valuation multiples.

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The PSE chief added that he continues to closely monitor ICTSI’s share performance as the company moves closer to another milestone—becoming the country’s first listed firm to reach a market capitalization of P2 trillion.

“I don’t know what the plan is, if there are any plans at all,” Monzon said.

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