the Outsider - PSE Points to Ponder

  Buying First Gen could give Prime Infrastructure a listed vehicle, end a damaging control dispute, and provide the Lopez group with enough capital to repair its empire—including ABS-CBN. Sometimes the price of corporate peace is best expressed per share. For the Lopez family, that figure may be ₱81 . At that price, First Gen Corporation would carry an equity value of approximately ₱291 billion , or about US$4.75 billion . That would represent a formidable premium over FGEN’s recent market price near ₱20, but it would also recognize the hidden value of its interest in Energy Development Corporation, its remaining gas exposure, hydroelectric assets, pumped-storage investments, and an unusually liquid parent balance sheet. FGEN has approximately 3.597 billion common shares outstanding, making the arithmetic straightforward. The most plausible buyer need not be found abroad. Enrique Razon Jr.’s Prime Infrastructure Capital Inc. is already doing business with FGEN on both sides of the...

  The global port operator generated more than $1 billion in operating cash flow and nearly $590 million in profit attributable to shareholders. Excluding changes in its terminal portfolio, its EBITDA margin would have widened to 66.2 percent. International Container Terminal Services Inc., the global port operator led by billionaire businessman Enrique K. Razon Jr., reported sharply higher earnings for the first half of 2026, supported by higher tariffs, a more profitable cargo mix and growing revenue from services beyond basic container handling. For the six months ended June 30, ICTSI’s gross revenue from port operations rose 27.1 percent to $1.92 billion , from $1.51 billion a year earlier. Earnings before interest, taxes, depreciation and amortization, or EBITDA, increased 24.3 percent to $1.23 billion , while consolidated net income climbed 22.4 percent to $641.4 million .  Net income attributable to ICTSI shareholders reached almost $590 million , up 21.9 percent from $...

International Container Terminal Services Inc. began 2026 with the kind of quarter that shows why ports can be a powerful compounding business when volume growth, pricing, and operating discipline move together. The Enrique Razon-led port operator handled 4.08 million TEUs in the first quarter, up 17.7% from a year earlier, as new operations in Durban, South Africa , and Batam, Indonesia , transformed the group’s volume profile. The lift was especially visible in EMEA, where throughput jumped 40.7% , while Asia rose 12.7% and the Americas gained 10.2% .  The new assets did much of the heavy lifting. ICTSI said consolidated volume would have grown by only 1.4% without the contribution of Durban Gateway Terminal and Batu Ampar Container Terminal , underscoring how much of the quarter’s expansion came from recent portfolio additions.  But the quarter was not merely a story of more boxes moving through more gates. Revenue rose faster than volume, with gross revenues from port...