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

Equity Bottom-Up

OceanaGold Philippines / Equity Bottom-Up

OceanaGold Philippines, Inc. is a leading producer of gold and copper in the Philippines, engaged in the exploration, development, and utilization of mineral resources. The company operates the Didipio gold and copper mine in the northern Luzon region, producing gold dore bars (containing gold and silver) and copper concentrate. It was founded in 1996 and is headquartered in Kasibu, Nueva Vizcaya, Philippines.

<ul>
<li>
Valuation: At $4,500/oz, the nine-name median is 8.3x P/E and 5.9x EV/EBITDA; excluding Capricorn (18.6x), the sector prices in little of current gold.</li>
<li>
 Performance:<a href="https://www.smartkarma.com/entities/centerra-gold-inc" target="_blank" data-smartkarma-citation="entities:25634:1" rel="noopener">Centerra Gold (CG CN)</a>  (+56.5%) and Wesdome (+51.8%) lead YTD, while <a href="https://www.smartkarma.com/entities/barrick-mining-corporation" target="_blank" data-smartkarma-citation="entities:21023:1" rel="noopener">Barrick Mining (B US)</a>  (‑6.2%) and <a href="https://www.smartkarma.com/entities/kinross-gold-corp" target="_blank" data-smartkarma-citation="entities:25396:1" rel="noopener">Kinross Gold (K CN)</a> (‑16.4%) lag on the lowest EV/EBITDA (3.9x, 4.2x).</li>
<li>
Picks: We like <a target="_blank" rel="noopener">Barrick Mining (B US)</a> for upcoming catalysts, <a target="_blank" rel="noopener">OceanaGold Philippines (OGP PM)</a> for its yield of 10-12%, and <a target="_blank" rel="noopener">Apex Mining (APX PM)</a> for future growth. </li>
</ul>



Valuation: At $4,500/oz, the nine-name median is 8.3x P/E and 5.9x EV/EBITDA; excluding Capricorn (18.6x), the sector prices in little of current gold.

 Performance:Centerra Gold (CG CN)  (+56.5%) and Wesdome (+51.8%) lead YTD, while Barrick Mining (B US)  (‑6.2%) and Kinross Gold (K CN) (‑16.4%) lag on the lowest EV/EBITDA (3.9x, 4.2x).

Picks: We like Barrick Mining (B US) for upcoming catalysts, OceanaGold Philippines (OGP PM) for its yield of 10-12%, and Apex Mining (APX PM) for future growth. 


GOLD MINING SECTOR: Comparative Valuation, Share Price Performance & Gold Price Sensitivity

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Synergy Grid & Development Philippines / Equity Bottom-Up

Synergy Grid & Development Philippines, Inc. is a holding company whose primary asset is a stake in the National Grid Corporation of the Philippines. It operates through its transmission business segment, providing power delivery, system operation, and metering services across Luzon, Visayas, and Mindanao. The company was founded in 1970 and is headquartered in Pasig, Philippines.

Synergy Grid & Development Philippines (SGP PM)

<ul>
 <li>Synergy Grid &amp; Development Phils., Inc. (SGP PM) is the premier pure-play electricity transmission holding company in the Philippines, controlling an effective 40.2% equity interest and 60% voting stake in the National Grid Corporation of the Philippines (NGCP), which holds an exclusive 50-year legislative franchise.</li>
 <li>The company demonstrated outstanding financial acceleration in FY25, with revenue surging 60.7% year-on-year to PHP 85.21B and net income expanding 155.7% to PHP 20.16B, underpinned by strong operating cash flows of PHP 40.22B and robust EBITDA margins of 83.42%.</li>
 <li>At a last close of PHP 23.40, SGP trades at an attractive valuation of ~3.6x trailing earnings and ~0.80x book value with a 3.02% dividend yield, presenting institutional investors with an asymmetric risk-reward profile as regulatory resetting risks moderate and the entry of the Maharlika Investment Corporation (MIC) reinforces sovereign alignment.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Synergy Grid &amp; Development Phils., Inc. (SGP PM) is the premier pure-play electricity transmission holding company in the Philippines, controlling an effective 40.2% equity interest and 60% voting stake in the National Grid Corporation of the Philippines (NGCP), which holds an exclusive 50-year legislative franchise.
  The company demonstrated outstanding financial acceleration in FY25, with revenue surging 60.7% year-on-year to PHP 85.21B and net income expanding 155.7% to PHP 20.16B, underpinned by strong operating cash flows of PHP 40.22B and robust EBITDA margins of 83.42%.
  At a last close of PHP 23.40, SGP trades at an attractive valuation of ~3.6x trailing earnings and ~0.80x book value with a 3.02% dividend yield, presenting institutional investors with an asymmetric risk-reward profile as regulatory resetting risks moderate and the entry of the Maharlika Investment Corporation (MIC) reinforces sovereign alignment.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Synergy Grid & Development Philippines (SGP PM) - Oct 2026

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Aboitiz Power Corporation (AboitizPower) is a leading energy solutions provider in the Philippines, engaged in power generation, distribution, and retail electricity services. The company operates a diversified portfolio of power plants, utilizing renewable sources like hydro, geothermal, wind, and solar, as well as thermal energy from coal and oil. AboitizPower is headquartered in Makati, Philippines, and was founded on February 13, 1998.

<ul>
<li>The PSEi is the main benchmark of the Philippine Stock Exchange comprising a fixed basket of 30 companies selected on the basis of market capitalization and liquidity thresholds.</li>
<li>In this insight, we look at the potential ADDs/DELs for the PSEi index for the February 2027 index rebal event.</li>
<li>We expect 3 changes based on latest data. However, the reference period is not complete yet and our expectations can change.</li>
</ul>


The PSEi is the main benchmark of the Philippine Stock Exchange comprising a fixed basket of 30 companies selected on the basis of market capitalization and liquidity thresholds.
In this insight, we look at the potential ADDs/DELs for the PSEi index for the February 2027 index rebal event.
We expect 3 changes based on latest data. However, the reference period is not complete yet and our expectations can change.


Quiddity Leaderboard PSEi Feb27 Rebal: First Review Under New Methodology; 3 ADDs/DELs Likely

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>FIIs sold US$23.5bn Asian equity in September and US$9.4bn till 8th October. September's selling was primarily in Korea (US$16.9bn), India (US$3.75bn), Taiwan (US$1.3bn). Thailand (US$793m), Indonesia (US$577m), Philippines (US$135m) too.</li>
<li>In early October there's an acceleration in FII exodus from India (sold US$4.6bn). The pace of selling in Korea remains unaltered (sold US$4.7bn). Taiwan was bought in small measure (US$28m).</li>
<li>Among North Asian tech titans, FIIs clearly prefer Taiwan over Korea. If US yields spike further, we'd be cautious about India, Indonesia, Philippines. Korea could continue to get sold too.</li>
</ul>


FIIs sold US$23.5bn Asian equity in September and US$9.4bn till 8th October. September's selling was primarily in Korea (US$16.9bn), India (US$3.75bn), Taiwan (US$1.3bn). Thailand (US$793m), Indonesia (US$577m), Philippines (US$135m) too.
In early October there's an acceleration in FII exodus from India (sold US$4.6bn). The pace of selling in Korea remains unaltered (sold US$4.7bn). Taiwan was bought in small measure (US$28m).
Among North Asian tech titans, FIIs clearly prefer Taiwan over Korea. If US yields spike further, we'd be cautious about India, Indonesia, Philippines. Korea could continue to get sold too.


Asian Equities: Ferocious Foreign Selling in September and Early October; Only Taiwan Seems Immune

Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>Samsung printed a record ₩107.4tn Q3 operating profit, in line with the lowered bar, and fell 2.4%. Two record prints in eight days, Micron then Samsung, bought nothing.</li>
<li>Second straight down week: coverage −5.9% as the S&amp;P rose 1.2%. Korea led (KOSPI −5.4%) as Solidigm hired IPO banks; NAND followed spot prices lower; Taiwan held.</li>
<li>Ratings and TPs held. Stay long Micron (TP $1,375), add at ≤$975; hold SK Hynix, no add before Q3 on 27 Oct. Nanya’s 12 Oct margin is next.</li>
</ul>


Samsung printed a record ₩107.4tn Q3 operating profit, in line with the lowered bar, and fell 2.4%. Two record prints in eight days, Micron then Samsung, bought nothing.
Second straight down week: coverage −5.9% as the S&amp;P rose 1.2%. Korea led (KOSPI −5.4%) as Solidigm hired IPO banks; NAND followed spot prices lower; Taiwan held.
Ratings and TPs held. Stay long Micron (TP $1,375), add at ≤$975; hold SK Hynix, no add before Q3 on 27 Oct. Nanya’s 12 Oct margin is next.


SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #15 | 4-10 Oct 2026.

Philippines
Insights on Philippines

Primer: Synergy Grid & Development Philippines (SGP PM) - Oct 2026

Synergy Grid & Development Phils., Inc. (SGP PM) is the premier pure-play electricity transmission holding company in the Philippines,...

αSK Primers

Quiddity Leaderboard PSEi Feb27 Rebal: First Review Under New Methodology; 3 ADDs/DELs Likely

The introduction of the new methodology is likely to result in the addition of a previously-ineligible large name and a couple of high-impact...

Janaghan Jeyakumar, CFA

Asian Equities: Ferocious Foreign Selling in September and Early October; Only Taiwan Seems Immune

FIIs sold Asia heavily in September & early October - especially KR, India, ID & TH. TW was sold marginally in September & bought in October. FIIs'...

Manishi Raychaudhuri

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #15 | 4-10 Oct 2026.

Semiconductor memory are on a downtrend again, despite two record results releases. It now trades on 2027 and any hints of peak earnings fears in...

Mo Aziz

GOLD MINING SECTOR: Comparative Valuation, Share Price Performance & Gold Price Sensitivity

Gold miners trade at 8.3x P/E and 5.9x EV/EBITDA at $4,500/oz; YTD laggard Barrick is the cheapest on EV/EBITDA, and Oceanagold Gold offers a 12%...

Sameer Taneja

Primer: Synergy Grid & Development Philippines (SGP PM) - Oct 2026

Synergy Grid & Development Phils., Inc. (SGP PM) is the premier pure-play electricity transmission holding company in the Philippines,...

αSK Primers

Quiddity Leaderboard PSEi Feb27 Rebal: First Review Under New Methodology; 3 ADDs/DELs Likely

The introduction of the new methodology is likely to result in the addition of a previously-ineligible large name and a couple of high-impact...

Janaghan Jeyakumar, CFA

Asian Equities: Ferocious Foreign Selling in September and Early October; Only Taiwan Seems Immune

FIIs sold Asia heavily in September & early October - especially KR, India, ID & TH. TW was sold marginally in September & bought in October. FIIs'...

Manishi Raychaudhuri

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #15 | 4-10 Oct 2026.

Semiconductor memory are on a downtrend again, despite two record results releases. It now trades on 2027 and any hints of peak earnings fears in...

Mo Aziz