His International Container Terminal Services Inc. (ICTSI), the world’s largest independent cargo port operator, needs just a P1.30 share price boost to break past the P1 trillion in market value.
This would make it the sole Philippine Stock Exchange index stock at that level today.
It’s feat all the more notable given fears over a global trade war and geopolitical tensions— and a fresh reminder that betting against Razon is risky, given his track record for turning crises into fortune.
“It’s remarkable how ICTSI has defied Trump’s volatile trade rhetoric to emerge as the country’s most valuable listed company,” Juan Paolo Colet, managing director at China Bank Capital, told InsiderPH.
"The company is now the bluest blue chip as investors have come to fully appreciate the resiliency and profitability of its global operations, the value of its diversified terminals portfolio, and its potential growth path amidst a major realignment in world trade," he added.
Global growth footprint
Founded by his father, Enrique Razon Sr., ICTSI has grown into a global force in port operations with a portfolio that spans 32 terminals across 19 countries, including Argentina, Iraq and Nigeria.
At just 27, the younger Razon became a director of ICTSI after the EDSA Revolution paved the way for the successful privatization of Manila International Container Terminal.
He was named chair in 1995 following his father’s passing and has led the firm ever since, with day-to-day operations overseen by his nephew, Christian Gonzalez, who serves as executive vice president and global corporate head of ICTSI.
On March 23, 1992, ICTSI went public on the Philippine Stock Exchange, listing at a price of P6.70 per share.
Market momentum
On Tuesday, ICTSI gained 1.02 percent to P494 per share, extending its nearly 39 percent advance over the past 12 months.
It is currently valued at P997 billion—just P3 billion shy of the P1-trillion mark.
Sy family-led giants SM Investments Corp. and SM Prime Holdings previously traded above P1 trillion before prices eased in a volatile market.
“It’s also interesting to note that our country’s top two Philippine companies by market capitalization represent distinct macro bets — ICTSI is mainly a bet on the global economy while SMIC is primarily a bet on the Philippine economy,” Colet said.
“These are not mutually exclusive wagers, but one could expect ICTSI and SMIC to trade places as king of the hill depending on what is the prevailing macro view of investors,” he said.
Premium valuation
ICTSI is currently the most richly valued stock in the PSE index, which tracks the country’s largest and most actively traded companies.
Only three other companies are valued higher, though they do not meet the criteria to be part of the blue chip index: Manulife Financial Corp. (P2.8 trillion), Sun Life Financial Corp. (P1.91 trillion), and tycoon Manuel Villar Jr.’s Golden MV Holdings (P1.48 trillion), which is currently suspended from trading.
ICTSI’s robust stock performance has propelled its valuation far above peers, though still just shy of its decade-long average.
“Valuation might seem quite steep at this level. At this price, the market is valuing ICT at 18.3 times forward P/E versus SM (next highest valuation) at 10.9 times and 10.1 times for the broader market. However, it’s still slightly below ICT’s 10-year average P/E of 20 times,” Alfred Benjamin R. Garcia, head of research at AP Securities, told InsiderPH.
“The valuation premium is a testament to ICT’s remarkable resilience despite global macroeconomic headwinds that have a direct effect on its business,” he added.
Earnings streak
The company’s stock market gains are supported by earnings, as it carried its winning streak into 2025, delivering a record first-half net income of $483.84 million on the back of soaring port activity and tight cost discipline.
The strong showing was underpinned by robust operating performance, with port revenues climbing 14 percent to $1.51 billion and throughput rising 11 percent to 6.99 million TEUs during the first semester of 2025.
Other parts of the empire face hurdles
It's not all smooth sailing for Razon’s empire, which spans energy, utilities, and infrastructure, from the Malampaya gas project and Manila Water Co. to his most recent move into the Lopez family’s gas portfolio.
His casino arm, Bloomberry Resorts Corp. (BLOOM), continues to see an uneven recovery, although its first-quarter earnings were bolstered by a one-time gain.
It recently took another hit after the PSE announced it will be removed from the index on Aug. 18 for failing to meet the free float requirement.
It’s unclear if Bloomberry will bounce back soon, but as ICTSI has shown, betting against Razon is rarely a safe play.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
