Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

<p>Philippines imports came in stronger than expected rising 11.7% y-o-y in March compared to a 5.6% y-o-y decline in February. Exports data which had been released a few weeks ago had seen a decline of 15.1% y-o-y in March compared to a fall of 4.5% y-o-y in February. The trade balance in March recorded a wider deficit of USD 1.746bn compared to a deficit of USD 1.104bn in February.</p><p>On a 3-month moving average basis, non-oil imports increased around 10.8% y-o-y compared to an increase of 11.4%…</p>

Philippines imports came in stronger than expected rising 11.7% y-o-y in March compared to a 5.6% y-o-y decline in February. Exports data which had been released a few weeks ago had seen a decline of 15.1% y-o-y in March compared to a fall of 4.5% y-o-y in February. The trade balance in March recorded a wider deficit of USD 1.746bn compared to a deficit of USD 1.104bn in February.On a 3-month moving average basis, non-oil imports increased around 10.8% y-o-y compared to an increase of 11.4%…

Philippines: Strong Domestic Demand Reflected in Rising Imports Data

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

<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>In the spotlight is one of our top picks, the <a target="_blank">Philippine Stock Exchange (PSE PM)</a>, which we met at the InvestPH conference and got interesting updates from on the business. </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.
In the spotlight is one of our top picks, the Philippine Stock Exchange (PSE PM), which we met at the InvestPH conference and got interesting updates from on the business. 


Shortlist of High Conviction Philippines Equity Ideas - March 2026

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/puregold-price-club-inc" target="_blank" data-smartkarma-citation="entities:13890:1" rel="noopener">Puregold Price Club (PGOLD PM)</a> is now the largest groceries company by market share in the Philippines, recently overtaking SM Retail, through its Puregold and S&amp;R Warehouse stores. </li>
<li>The company's S&amp;R Warehouse is a members-only big box retailer aiming at more affluent consumers, whilst Puregold stores cater for both Sari Sari (mom&amp;pop) and less affluent consumers. </li>
<li>
<a href="https://www.smartkarma.com/entities/puregold-price-club-inc" target="_blank" data-smartkarma-citation="entities:13890:1" rel="noopener">Puregold Price Club</a> booked a solid start to the year, despite seasonal disruptions, with management remaining confident about the outlook for FY2025. Valuations are attractive. </li>
</ul>



Puregold Price Club (PGOLD PM) is now the largest groceries company by market share in the Philippines, recently overtaking SM Retail, through its Puregold and S&amp;R Warehouse stores. 
The company's S&amp;R Warehouse is a members-only big box retailer aiming at more affluent consumers, whilst Puregold stores cater for both Sari Sari (mom&amp;pop) and less affluent consumers. 

Puregold Price Club booked a solid start to the year, despite seasonal disruptions, with management remaining confident about the outlook for FY2025. Valuations are attractive. 


Puregold Price Club (PGOLD PM) - Members Bring Benefits

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Cosco Holdings' stakes in Puregold Price Club and The Keepers Holding is worth US$1.1 billion, which is 176% higher than Cosco's current market cap.</li>
<li>Cosco Capital's dividend yield and dividend payout have been increasing nicely in the past several years from 1.5% in 2021 to 3% in 2022 and 8.8% in 2023.</li>
<li>We found Cosco Capital using Smartkarma's Smartscore Screener. We used three criteria including market cap, dividend score of 4 or more, and total SmartScore of 4 or more.</li>
</ul>


Cosco Holdings' stakes in Puregold Price Club and The Keepers Holding is worth US$1.1 billion, which is 176% higher than Cosco's current market cap.
Cosco Capital's dividend yield and dividend payout have been increasing nicely in the past several years from 1.5% in 2021 to 3% in 2022 and 8.8% in 2023.
We found Cosco Capital using Smartkarma's Smartscore Screener. We used three criteria including market cap, dividend score of 4 or more, and total SmartScore of 4 or more.


<ul>
<li>Puregold has built an enormous moat in the Philippines around its hypermarket, supermarket, and discount/membership stores, which is evident on its steady growth in sales and profits amid challenging  environment. </li>
<li>Puregold has attractive valuations. Puregold is trading at attractive valuations of 2.7x EV/EBITDA, P/E of 8.6x, and P/B of 0.9x, based on 2025 consensus earnings estimates.</li>
<li>In the next several years, the Philippines is expected to move into the upper middle-income economy which should have a positive impact on the consumption-led categories including supermarkets and hypermarkets.</li>
</ul>


Puregold has built an enormous moat in the Philippines around its hypermarket, supermarket, and discount/membership stores, which is evident on its steady growth in sales and profits amid challenging  environment. 
Puregold has attractive valuations. Puregold is trading at attractive valuations of 2.7x EV/EBITDA, P/E of 8.6x, and P/B of 0.9x, based on 2025 consensus earnings estimates.
In the next several years, the Philippines is expected to move into the upper middle-income economy which should have a positive impact on the consumption-led categories including supermarkets and hypermarkets.


Philippines

Puregold Price Club Inc. is a Philippine-based grocery retail chain engaged in the wholesale and retail trading of a wide range of consumer products, including food, dry goods, housewares, toiletries, and pharmaceutical and medical goods. The company operates through various retail formats such as hypermarkets, supermarkets, minimarts, and warehouse clubs like S&R Membership Shopping. Puregold Price Club Inc. was founded on September 8, 1998, and is headquartered in Manila, Philippines.

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Puregold Price Club (PGOLD PM)

Philippines: Strong Domestic Demand Reflected in Rising Imports Data

Philippines imports came in stronger than expected rising 11.7% y-o-y in March compared to a 5.6% y-o-y decline in February. Exports data which had...

Rajan Govil

Shortlist of High Conviction Philippines Equity Ideas - March 2026

We compile our selection of small and mid-cap names with desired characteristics of high dividend yields, value, and margin of safety, and updates...

Sameer Taneja