Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Halyk Savings Bank of Kazakhstan / Equity Bottom-Up

Halyk Savings Bank of Kazakhstan JSC provides various commercial and retail banking services. The Bank offers foreign currency exchange services, securities brokerage, and custodial services.

Halyk Savings Bank of Kazakhstan (HSBK LI)

Halyk Bank reported a 13.8% y-o-y increase in net interest income in Q325 with a sustained high net interest margin (NIM) of 7.1% versus 7.3% in Q324 and robust loan book growth of 19.7% y-o-y (8.2% ytd). Combined with good cost discipline (the cost-to-income ratio (CIR) was 16.3% in Q325 vs 16.1% in Q324), this allowed the company to maintain an ROE above 30% (34.3% in Q325 on an annualised basis). Halyk preserved a strong capital base with a CET-1, Tier-1 and total capital ratio of 17.4% at end-September 2025 (with an indicative FY26e target of 17–19%) and local capital ratios of 18.3% versus the regulatory requirement for total capital (k2) of 12.0%. We believe this provides the bank with a solid balance sheet to continue delivering attractive dividends (its payout from FY24 earnings of KZT50.64 per share represents a c 16% yield based on the current share price). We note that Halyk’s majority shareholder (ALMEX Holding Group) recently sold a 7.6% stake at a price per common share and global depository receipt (GDR) of KZT298.66 and $23.0, respectively, to improve the liquidity of Halyk’s shares and broaden the shareholder register. It retained a majority stake and declared full commitment to the bank’s long-term success.

Halyk Bank reported a 13.8% y-o-y increase in net interest income in Q325 with a sustained high net interest margin (NIM) of 7.1% versus 7.3% in Q324 and robust loan book growth of 19.7% y-o-y (8.2% ytd). Combined with good cost discipline (the cost-to-income ratio (CIR) was 16.3% in Q325 vs 16.1% in Q324), this allowed the company to maintain an ROE above 30% (34.3% in Q325 on an annualised basis). Halyk preserved a strong capital base with a CET-1, Tier-1 and total capital ratio of 17.4% at end-September 2025 (with an indicative FY26e target of 17–19%) and local capital ratios of 18.3% versus the regulatory requirement for total capital (k2) of 12.0%. We believe this provides the bank with a solid balance sheet to continue delivering attractive dividends (its payout from FY24 earnings of KZT50.64 per share represents a c 16% yield based on the current share price). We note that Halyk’s majority shareholder (ALMEX Holding Group) recently sold a 7.6% stake at a price per common share and global depository receipt (GDR) of KZT298.66 and $23.0, respectively, to improve the liquidity of Halyk’s shares and broaden the shareholder register. It retained a majority stake and declared full commitment to the bank’s long-term success.

Halyk Bank — 7% NIM likely to be sustained into 2026

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Keepers Holdings Inc. operates as a holding company. The Company, through its subsidiaries, engages in the distribution of liquor such as wine, spirits, and other beverages. Keepers Holdings serves customers in Philippine.

<ul>
<li>We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.</li>
<li>We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation —essential elements for identifying potential multi-bagger opportunities.</li>
<li>We turn our attention to the top picks for 2026. Our overwhelming favorite is  <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, but we also highlight four other names. </li>
</ul>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation —essential elements for identifying potential multi-bagger opportunities.
We turn our attention to the top picks for 2026. Our overwhelming favorite is  The Keepers Holdings (KEEPR PM), but we also highlight four other names. 


Shortlist of High Conviction Philippines Equity Ideas - December 2025, And Top Pick For 2026

External broker reports(aggregated public sources), CardinalStone

CardinalStone

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

Guinness Nigeria Plc brews beer. The Company further packages and markets beverages such as Guinness Stout, Malta Guinness, Harp larger and Gordon's Spark.

<ul><li>In our previous update on Guinness Nigeria Plc ("GUINNESS"), we discussed the company's transition to a new calendar-year reporting structure and outlined our expectations for earnings.</li><li>In this report, we revisit the assumptions made and provide revised forecasts.</li><li>We also adjust valuation metrics such as risk-free rate (16.4% from 18.0%) and equity risk premium (13.8% from 14.3%) to arrive at our new 12- month Target Price ("TP") of N204.63 (vs. N181.38 previously), which suggests an unchanged BUY recommendation on the ticker.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In our previous update on Guinness Nigeria Plc ("GUINNESS"), we discussed the company's transition to a new calendar-year reporting structure and outlined our expectations for earnings.In this report, we revisit the assumptions made and provide revised forecasts.We also adjust valuation metrics such as risk-free rate (16.4% from 18.0%) and equity risk premium (13.8% from 14.3%) to arrive at our new 12- month Target Price ("TP") of N204.63 (vs. N181.38 previously), which suggests an unchanged BUY recommendation on the ticker.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GUINNESS - Resilient Earnings Recovery Supports Dividend Resumption in FY’26

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Genesis Energy Ltd. generates, transports, and retails electricity. The Company owns and operates hydroelectric generating stations to produce electricity, as well as explores natural gas and bottled liquefied petroleum gas.

<ul><li>Genesis Energy’s (GNE) investor day was long on options but short on targets, reflecting the current state of the fuel market.</li><li>While GNE provided no long-term targets, its medium-term FY28 earnings goal and dividend path remain unchanged.</li><li>To achieve its goals, GNE needs capital.</li></ul>

Genesis Energy’s (GNE) investor day was long on options but short on targets, reflecting the current state of the fuel market.While GNE provided no long-term targets, its medium-term FY28 earnings goal and dividend path remain unchanged.To achieve its goals, GNE needs capital.

Genesis Energy Long Options, Short Targets—2025 IR Day

Stride Stapled Group operates as a real estate investment company. The Company invests in a portfolio of places with enduring demand, as well as acquires retail properties. Stride Stapled conducts business in New Zealand.

<ul><li>Stride (SPG) reported 1H26 distributable profit flat on 1H25 and +2% ahead of our estimates, though higher maintenance capex and tenant incentives led to a -4% miss at the AFFO line.</li><li>The key positives were: (1) base management fees are growing steadily and activity fees are recovering from cyclical lows; (2) co-investment dividend income has lifted and the growth outlook is solid, particularly in Industre; and (3) the sale of Silverdale into Industre has improved the pro-forma balance-sheet position.</li><li>The balance-sheet portfolio remains an issue, but SPG is investing in its office assets to address vacancy, and leasing momentum has improved in recent months.</li></ul>

Stride (SPG) reported 1H26 distributable profit flat on 1H25 and +2% ahead of our estimates, though higher maintenance capex and tenant incentives led to a -4% miss at the AFFO line.The key positives were: (1) base management fees are growing steadily and activity fees are recovering from cyclical lows; (2) co-investment dividend income has lifted and the growth outlook is solid, particularly in Industre; and (3) the sale of Silverdale into Industre has improved the pro-forma balance-sheet position.The balance-sheet portfolio remains an issue, but SPG is investing in its office assets to address vacancy, and leasing momentum has improved in recent months.

Stride Property - 1H26 Result—Steps In The Right Direction