Razon-led International Container Terminal Services Inc. (ICTSI) is on track to become the first ₱2 trillion company listed on the Philippine Stock Exchange (PSE), rendering any speculative move to delist and seek an overseas debut unnecessary, according to the bourse’s top official.

PSE President and Chief Executive Officer Ramon S. Monzon downplayed market rumors that the global port operator, controlled by billionaire Enrique K. Razon Jr., is considering abandoning the local exchange for a listing in Hong Kong.

Monzon stated that the stock already enjoys a premium valuation in Manila that few foreign exchanges could match.

ICTSI currently trades at 29.6 times its estimated earnings, a stark contrast to the broader Philippine market’s average price-to-earnings ratio of 9.6 times. That valuation serves as a clear indication that both domestic and international investors trading in Manila fully recognize the potential of ICTSI’s global operations, Monzon said following the exchange’s annual stockholders’ meeting.

While Monzon counted Razon as a personal friend, he emphasized that the tycoon has not raised the prospect of a delisting. He dismissed the chatter as purely speculative, noting that ICTSI remains the undisputed superstar of the local bourse.

The port operator's financial gravitational pull has increasingly decoupled it from the rest of the struggling Philippine market.

Data from Abacus Securities Corp. highlights ICTSI’s extraordinary ascent, with its weight in the benchmark PSE Index more than doubling in just over a year. The stock accounted for 23.9 percent of the gauge as of May 21, up from 9.5 percent at the start of May last year, and a massive leap from its April 2020 low of 2.8 percent.

That concentration underscored how heavily the local benchmark relies on a single corporate giant.

From May last year through May 21, the broader Philippine market suffered a punishing capital flight, with net foreign selling totaling ₱41.1 billion. ICTSI stood out as the primary oasis for capital, attracting ₱22.8 billion in net inflows over the same period.

Without ICTSI propping up investor demand, total net foreign selling on the exchange would have ballooned to ₱63.9 billion, according to Nicky Franco, vice president and head of research at Abacus Securities.

ICTSI's performance has single-handedly shielded the local index from a deeper correction. While the PSEi shed more than 430 points during the designated period, ICTSI’s individual gains contributed nearly 870 points to the index.

Had the port operator’s stock remained unchanged, the benchmark index would have plummeted by 20 percent to around the 5,050 level, instead of its recorded 6.8 percent decline, Franco noted.