From The Loadstar:

“Enrique Razon doesn’t gamble, and says he feels more comfortable operating a port crane than he does glad-handing a crowd of high-rollers,” Bloomberg wrote in November 2013.

Mr Razon, worth an estimated at $4.7bn, according to Forbes, may not be into gambling; nonetheless, there is reason to believe he must be unimpressed by the poor performance on the stock market of one of his core holdings – International Container Terminal Services Inc (ICTSI), the Manila-headquartered ports operator – over the last couple of years. He is chairman and chief executive of ICTSI, a business that has been controlled by his family for decades.

As the billionaire pushes for ambitious plans in the leisure sector with Bloomberry Resorts Corp, another core holding, one may speculate that it could be a great time to trim his stake in ICTSI, whose assets look fairly priced, based on their net worth, and pay a lowly forward yield of 1.1%.

ICTSI’s share price has been looking for direction since 2013. After an impressive rally between 2010 and early 2013, the stock is now closer to its 52-week low than to its 52-week high, and still hovers around the level it recorded a couple of years ago – its relative valuation at 28x and 23x net earnings for 2015 and 2016, respectively, points to more downside than upside in the next few quarters.

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