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

Philippine Stock Exchange / Equity Bottom-Up

Philippine Stock Exchange Inc. is a self-regulatory organization that provides a fair, efficient, transparent and orderly market for the buying and selling of securities.

<ul>
<li>Despite <a href="https://www.marubeni.com/en/news/2025/release/00041.html#:~:text=Maynilad%20Water%20Services%2C%20Inc.,from%20an%20exchange%20in%20Asia." target="_blank" rel="noopener">Maynilad Water Services Inc.'s largest IPO in the Philippines, completed in November 2025</a> and raising ₱34 billion, PSE's IPO pipeline might fall short of our ₱190 billion expectation.</li>
<li>We expect a significant push in listing revenues for Q4FY25, as the pipeline completed for 11MFY25 was around ₱142 billion (vs. ₱70 billion by August 2025). </li>
<li>Trading at 15x FY25 PE, with 18% of the market cap in cash, a 6% dividend yield, and multiple growth levers in the future, this is a stock to explore.</li>
</ul>


Despite Maynilad Water Services Inc.'s largest IPO in the Philippines, completed in November 2025 and raising ₱34 billion, PSE's IPO pipeline might fall short of our ₱190 billion expectation.
We expect a significant push in listing revenues for Q4FY25, as the pipeline completed for 11MFY25 was around ₱142 billion (vs. ₱70 billion by August 2025). 
Trading at 15x FY25 PE, with 18% of the market cap in cash, a 6% dividend yield, and multiple growth levers in the future, this is a stock to explore.


Philippines Exchange (PSE PM) Q3FY25: Multiple Growth Levers And Preparation For Big Push In Q4

Fenix Resources Ltd operates as a resource exploration company. The Company explores for iron ore, vanadium, and manganese. Fenix Resources develops its projects in Australia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fenix-resources-ltd" target="_blank" data-smartkarma-citation="entities:7405:1" rel="noopener">Fenix Resources (FEX AU)</a> provided more color during its <a href="https://lnkd.in/gX6CiNkF" target="_blank" rel="noopener">three-year production plan call </a>on its journey from 4 million to 6 million tons by FY28, and beyond 10 million tons post-FY29. </li>
<li>The company requires a minimum capex of AUD 35-45 million (excluding fleet expansion capex of AUD 20 million) to ramp up to 6 million tons. </li>
<li>Stock trades at 5.4x/4.7x FY26/27PE, based on 4.5/5 million ton shipments at 100 USD/ton. Risks to estimates lie in iron ore prices moving below 100 USD/ton or cost inflation. </li>
</ul>



Fenix Resources (FEX AU) provided more color during its three-year production plan call on its journey from 4 million to 6 million tons by FY28, and beyond 10 million tons post-FY29. 
The company requires a minimum capex of AUD 35-45 million (excluding fleet expansion capex of AUD 20 million) to ramp up to 6 million tons. 
Stock trades at 5.4x/4.7x FY26/27PE, based on 4.5/5 million ton shipments at 100 USD/ton. Risks to estimates lie in iron ore prices moving below 100 USD/ton or cost inflation. 


Fenix Resources (FEX AU): Thoughts On The 3 Year Plan Conference Call And 34% OCF Yield FY26e

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fenix-resources-ltd" target="_blank" data-smartkarma-citation="entities:7405:1" rel="noopener">Fenix Resources (FEX AU)</a> presented a <a href="https://wcsecure.weblink.com.au/pdf/FEX/03036040.pdf" target="_blank" rel="noopener">3-year production plan</a>, with iron ore shipments growing from 2.4 million tons in FY25 to 5.7 million tons in FY28 (midpoint guidance).  </li>
<li>The company upgraded its FY26 production guidance to 4.2-4.8 million tons (from earlier 4.1 million tons), while maintaining its cash costs in the 70-80 AUD/ton range (C1 cash costs).  </li>
<li>A feasibility study has commenced, which will take Fenix Resources (FEX AU) into the 6-10 million range from FY29—more details in a management conference call on 15th December. </li>
</ul>



Fenix Resources (FEX AU) presented a 3-year production plan, with iron ore shipments growing from 2.4 million tons in FY25 to 5.7 million tons in FY28 (midpoint guidance).  
The company upgraded its FY26 production guidance to 4.2-4.8 million tons (from earlier 4.1 million tons), while maintaining its cash costs in the 70-80 AUD/ton range (C1 cash costs).  
A feasibility study has commenced, which will take Fenix Resources (FEX AU) into the 6-10 million range from FY29—more details in a management conference call on 15th December. 


Fenix Resources (FEX AU) 3-Year Production Plan Has An Exciting Ramp And Upgrade To FY26

DigiPlus Interactive Corp. provides gaming and leisure facilities. The Company offers multi-gaming platforms, numerous products, and games with a strong distribution network of entertainment facilities in neighborhood sites. DigiPlus Interactive serves customers in the Philippines.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/digiplus-interactive-corp" target="_blank" data-smartkarma-citation="entities:23060:1" rel="noopener">DigiPlus Interactive (PLUS PM)</a> confirmed that the government is working with licensed operators to develop a legal framework to ensure responsible gaming/root out illegal gambling/player protection—final hearing this month(December). 
</li>
<li>The company purchased a convertible bond for 1.6 billion HKD (205 million USD), giving it the right to acquire 53.89% of <a href="https://www.smartkarma.com/entities/international-entertainment" target="_blank" data-smartkarma-citation="entities:16536:1" rel="noopener">International Entertainment (1009 HK)</a>, lowering its GGR share. </li>
<li>The stock trades at 7x/5.5x FY25/26PE, based on our numbers, which assume a sequential quarterly recovery (normalized by Q2FY26 levels) as guided by management. </li>
</ul>



DigiPlus Interactive (PLUS PM) confirmed that the government is working with licensed operators to develop a legal framework to ensure responsible gaming/root out illegal gambling/player protection—final hearing this month(December). 

The company purchased a convertible bond for 1.6 billion HKD (205 million USD), giving it the right to acquire 53.89% of International Entertainment (1009 HK), lowering its GGR share. 
The stock trades at 7x/5.5x FY25/26PE, based on our numbers, which assume a sequential quarterly recovery (normalized by Q2FY26 levels) as guided by management. 


DigiPlus Interactive (PLUS PM) PSE Webinar Updates + Recent Acquisition - All Positives

Indo Tambangraya Megah / Equity Bottom-Up

PT Indo Tambangraya Megah Tbk operates as a coal exploration and mining company that provides energy and electricity support. The Company operates in Indonesia and supplies coal to the world energy market.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-tambangraya-megah-tbk-p" target="_blank" data-smartkarma-citation="entities:15891:1" rel="noopener">Indo Tambangraya Megah (ITMG IJ)</a> approved the buyback of 150 mn USD at its EGM on 3rd November, in addition to approving a 50 mn USD dividend payment. </li>
<li>Net cash on the balance sheet was &gt;USD 920 million at the end of 3Q 2025 (representing 58% of the market capitalization), easily enough to complete its capital allocation commitments.</li>
<li>At the cyclical low, the company will still generate free cash flow of 250 million USD in FY25, representing a free cash flow yield of 15%. </li>
</ul>



Indo Tambangraya Megah (ITMG IJ) approved the buyback of 150 mn USD at its EGM on 3rd November, in addition to approving a 50 mn USD dividend payment. 
Net cash on the balance sheet was &gt;USD 920 million at the end of 3Q 2025 (representing 58% of the market capitalization), easily enough to complete its capital allocation commitments.
At the cyclical low, the company will still generate free cash flow of 250 million USD in FY25, representing a free cash flow yield of 15%. 


Indo Tambangraya Megah (ITMG IJ): Massive ~10% Buyback Approved, Cash 58% of Market Capitalization

Investics Research
Equity Bottom-up Research

Philippines Exchange (PSE PM) Q3FY25: Multiple Growth Levers And Preparation For Big Push In Q4

We review PSE PM’s Q3FY25 results and highlight key corporate developments, including the year-end pipeline and a planned acceleration of IPO...

Sameer Taneja

Fenix Resources (FEX AU): Thoughts On The 3 Year Plan Conference Call And 34% OCF Yield FY26e

The three-year production plan has Fenix Resources (FEX AU) generate significantly more cash flow than its current market capitalization would...

Sameer Taneja

Fenix Resources (FEX AU) 3-Year Production Plan Has An Exciting Ramp And Upgrade To FY26

We provide a brief snapshot of the guidance upgrade of Fenix Resources (FEX AU) and the 3-year production plan and beyond, released by the...

Sameer Taneja

DigiPlus Interactive (PLUS PM) PSE Webinar Updates + Recent Acquisition - All Positives

We summarize Digiplus Interactive (PLUS PM) Q3 FY25 webinar for PSE star. Stock trades at 7.0x/5.5x PE FY25e/26e, and we see a swift recovery from...

Sameer Taneja

Indo Tambangraya Megah (ITMG IJ): Massive ~10% Buyback Approved, Cash 58% of Market Capitalization

Positive catalyst for ITMG: sizable capital return plan—10% buyback approved over the existing 65% dividend payout. Shares trade at 15% FCF yield;...

Sameer Taneja