KELANG Container Terminal (KCT) is on the verge of an earnings explosion, according to a Crosby Research report. The report says this will be triggered by the expiry of the company's transshipment supplementary lease and other potential sources of growth. ''If the application for an earlier waiver on the supplementary lease for transshipment business is approved, KCT's earnings will double earlier than expected,'' the report said. Other factors include a revision of container handling charges and double-digit growth in handling of 20 ft equivalent units (TEUs) after 1993-94 due to recovery of industrialised economies and expanding trade volume. Growth will be underpinned by the recovery in industrialised economies especially the US and Japan; rising local manufacturing output; and the increasing trend towards containerisation, the report says. ''We expect growth to be in the region of 11 per cent to 12 per cent per annum over 1993-94 before surging to 18.5 per cent in 1995 - the same year KCT expands aggressively into transshipments once its supplementary lease expires,'' it says. The brokerage says the declaration of the north port as a free commercial zone and Port Klang as a regional load centre will boost KCT's transshipment. It will also open up another avenue of growth for KCT besides its existing businesses. The brokerage says KCT had been trading at a discount to the market on 1995 earnings. KCT will not be adversely affected by a second container operator, KPM, it says.