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

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<li>
<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>  declared strong Q2FY25 results with revenues/profits up 14%/13% YoY. Net margins declined by 20 bps YoY to 18.7% due to the discounting/fx.</li>
<li>Currently in the final stages of acquiring Booze Online Inc., the company intends to finalize the transaction by the end of Q3, contingent upon the resolution of regulatory approvals.</li>
<li>The company trades at 9.7x FY25e, net cash, and an ROCE exceeding 20%. Supported by multiple growth levers, this presents an attractive opportunity within the Philippine domestic consumer discretionary sector.</li>
</ul>



The Keepers Holdings (KEEPR PM)  declared strong Q2FY25 results with revenues/profits up 14%/13% YoY. Net margins declined by 20 bps YoY to 18.7% due to the discounting/fx.
Currently in the final stages of acquiring Booze Online Inc., the company intends to finalize the transaction by the end of Q3, contingent upon the resolution of regulatory approvals.
The company trades at 9.7x FY25e, net cash, and an ROCE exceeding 20%. Supported by multiple growth levers, this presents an attractive opportunity within the Philippine domestic consumer discretionary sector.


Keepers Holdings Solid Q2 2025: Multiple Catalysts Lined Up

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<li>We are gradually building a high-conviction coverage of ideas for the mid and small-caps in the Philippines.</li>
<li>We set criteria for high ROCE, reasonable growth (10-15% YoY), strong balance sheets, and reasonable capital allocation (dividend yields), all ingredients for being multi-baggers.</li>
<li>We also offer updates on several companies we met at the PSE conference in Manila, which took place from March 19 to 21.</li>
</ul>


We are gradually building a high-conviction coverage of ideas for the mid and small-caps in the Philippines.
We set criteria for high ROCE, reasonable growth (10-15% YoY), strong balance sheets, and reasonable capital allocation (dividend yields), all ingredients for being multi-baggers.
We also offer updates on several companies we met at the PSE conference in Manila, which took place from March 19 to 21.


Shortlist of High Conviction Philippines Equity Ideas and Updates from PSE Conference - March 2025

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<li>
<a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" rel="noopener">Keepers Holdings (KEEPR PM)</a> reported Q3 2024 revenues/profits of 7.5%/14.5% YoY. Based on current trends, they guided an optimistic outlook for Q4 2024, the high-season quarter.</li>
<li>The company also announced the 100% acquisition of beer distributor Booze On-Line Inc., having exclusive distribution rights to <a href="https://www.smartkarma.com/entities/anheuser-busch-inbev-sa-adr" target="_blank" rel="noopener">Anheuser-Busch InBev's</a><a href="https://www.smartkarma.com/entities/anheuser-busch-inbev-sa-adr" target="_blank" data-smartkarma-citation="entities:864:1" rel="noopener"> (BUD US)</a> beer portfolio in the Philippines.  </li>
<li>Trading at 9.2x FY24 PE, net cash, &gt;20% ROE, and a 5% dividend yield based on a 50% payout is a structural play on the premiumization of alcohol consumption. </li>
</ul>



Keepers Holdings (KEEPR PM) reported Q3 2024 revenues/profits of 7.5%/14.5% YoY. Based on current trends, they guided an optimistic outlook for Q4 2024, the high-season quarter.
The company also announced the 100% acquisition of beer distributor Booze On-Line Inc., having exclusive distribution rights to Anheuser-Busch InBev's (BUD US) beer portfolio in the Philippines.  
Trading at 9.2x FY24 PE, net cash, &gt;20% ROE, and a 5% dividend yield based on a 50% payout is a structural play on the premiumization of alcohol consumption. 


Keepers Holdings (KEEPR PM) Q3 2024 Concall: Exciting Acquisition and Q4 Season Up Ahead

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Allied Blenders & Distillers / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers (9844250Z IN)</a> is looking to raise about US$180m in its upcoming India IPO.</li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.</li>
<li>In our previous notes, we talked about various aspects of the company. In this note, we talk about its RHP updates and our thoughts on valuation.</li>
</ul>



Allied Blenders &amp; Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO.
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.
In our previous notes, we talked about various aspects of the company. In this note, we talk about its RHP updates and our thoughts on valuation.


Allied Blenders and Distillers - RHP Updates & Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers (9844250Z IN)</a> is looking to raise about US$180m in its upcoming India IPO.  </li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.</li>
<li>In this note, we provide a summary of its refiling updates, undertake a quick peer comparison and share our initial thoughts on valuation.</li>
</ul>



Allied Blenders &amp; Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO.  
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.
In this note, we provide a summary of its refiling updates, undertake a quick peer comparison and share our initial thoughts on valuation.


Allied Blenders and Distillers Pre-IPO - Refiling Updates and Initial Thoughts on Valuation

United States

Anheuser-Busch InBev NV brews beer.  The Company manufactures ale, lager, stout, and bitter beer.  Anheuser-Busch InBev owns brands that are both nationally and internationally prominent.  The Company has production plants in Europe, the Americas, and Asia.

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Anheuser-Busch InBev (BUD US)

Keepers Holdings Solid Q2 2025: Multiple Catalysts Lined Up

We summarize the Q2FY25 results/concall of Keepers Holdings (KEEPR PM), an imported liquor distributor in the Philippines >70% market share,...

Sameer Taneja

Shortlist of High Conviction Philippines Equity Ideas and Updates from PSE Conference - March 2025

We provide pertinent summaries of all our meetings at the PSE conference held on 19-21 March, in addition to our screen of high-quality companies...

Sameer Taneja

Keepers Holdings (KEEPR PM) Q3 2024 Concall: Exciting Acquisition and Q4 Season Up Ahead

We summarize Keepers Holdings (KEEPR PM) Q3 2024 results and the mgmt conference call. The stock is exciting at 9.2x PE, net cash, >20% ROE, 5%...

Sameer Taneja

Allied Blenders and Distillers - RHP Updates & Thoughts on Valuation

Allied Blenders & Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO. In this note, we talk about its RHP updates...

Ethan Aw

Allied Blenders and Distillers Pre-IPO - Refiling Updates and Initial Thoughts on Valuation

Allied Blenders & Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO. In this note, we share our initial thoughts...

Ethan Aw

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