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 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 Philippines.</li>
<li>Despite the unfavorable macro environment in the Philippines, we think these companies' monopolistic positions would enable them to remain resilient amid soft demand. </li>
<li>Our top picks are: <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>, <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>, <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a>, and <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> </li>
</ul>


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 Philippines.
Despite the unfavorable macro environment in the Philippines, we think these companies' monopolistic positions would enable them to remain resilient amid soft demand. 
Our top picks are: Ginebra San Miguel (GSMI PM), The Keepers Holdings (KEEPR PM), ICTSI (ICT PM), and Philippine Stock Exchange (PSE PM) 


Shortlist of High Conviction Philippines Equity Ideas - June 2026

<ul>
<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 in the Philippines.</li>
<li>We provide financial updates (such as the most recent quarter) on these names, based on our extensive coverage, travel to the Philippines, and careful tracking of these companies. </li>
<li>Our top picks are: <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>, <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>, <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a>, and <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> </li>
</ul>


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 Philippines.
We provide financial updates (such as the most recent quarter) on these names, based on our extensive coverage, travel to the Philippines, and careful tracking of these companies. 
Our top picks are: Ginebra San Miguel (GSMI PM), The Keepers Holdings (KEEPR PM), ICTSI (ICT PM), and Philippine Stock Exchange (PSE PM) 


Shortlist of High Conviction Philippines Equity Ideas - May 2026

<ul>
<li>We expanded our coverage to seven gold companies, including Wesdome Gold Mining (WDO CN), which just released its Q1FY26 earnings. We will write a detailed insight on it shortly.</li>
<li>
<a href="https://www.smartkarma.com/entities/oceanagold-philippines-inc" target="_blank" data-smartkarma-citation="entities:40897:1" rel="noopener">OceanaGold Philippines (OGP PM)</a> trades at an 11% dividend yield and 9.2x PE, while <a target="_blank">Apex Mining Co (APX PM)</a> trades at an 8.3x PE valuation with a 6% yield. </li>
<li>Amongst the large caps, <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> and <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> trade at 8.3x PE and 10x PE, respectively, with 7.2% and 8.1% FCF yields. </li>
</ul>


We expanded our coverage to seven gold companies, including Wesdome Gold Mining (WDO CN), which just released its Q1FY26 earnings. We will write a detailed insight on it shortly.

OceanaGold Philippines (OGP PM) trades at an 11% dividend yield and 9.2x PE, while Apex Mining Co (APX PM) trades at an 8.3x PE valuation with a 6% yield. 
Amongst the large caps, Barrick Mining (B US) and Newmont Mining (NEM US) trade at 8.3x PE and 10x PE, respectively, with 7.2% and 8.1% FCF yields. 


Gold At 4,500 USD/Oz: Seven Ideas To Look At In the Gold Space

OceanaGold Philippines / Equity Bottom-Up

<ul>
<li>
<a target="_blank" rel="noopener">OceanaGold Philippines (OGP PM)</a> recorded Q1 FY26 revenue of $158.4M (+100% YoY); net income of $34.7M (+369% YoY); gold price tailwind drove record AISC margin of $3,751/oz.</li>
<li>This insight follows our initiation on 10th March, <a href="https://www.smartkarma.com/insights/oceanagold-philippines-inc-ogp-pm-another-cheap-play-on-gold-price" target="_blank" data-smartkarma-citation="insights:226242" rel="noopener">OceanaGold Philippines, Inc. (OGP PM): Another Cheap Play On Gold Price</a>, flagging the company as a high-yield play on gold price.</li>
<li>At PHP 37.30, OGP trades at 4.7x FY26e EV/EBITDA and 9.2x FY26e P/E with 10.9% dividend yield; materially undervalued.</li>
</ul>



OceanaGold Philippines (OGP PM) recorded Q1 FY26 revenue of $158.4M (+100% YoY); net income of $34.7M (+369% YoY); gold price tailwind drove record AISC margin of $3,751/oz.
This insight follows our initiation on 10th March, OceanaGold Philippines, Inc. (OGP PM): Another Cheap Play On Gold Price, flagging the company as a high-yield play on gold price.
At PHP 37.30, OGP trades at 4.7x FY26e EV/EBITDA and 9.2x FY26e P/E with 10.9% dividend yield; materially undervalued.


OceanaGold Philippines (OGP PM) Q1FY26: Net Cash And Trading At A ~11% Yield On 4,500 USD/Oz Gold

<ul>
<li>
$3.1B Q1FY26 all-time record quarterly FCF; Annualized implies a 10% FCF yield, with a realized gold price of 4,900 USD/oz. </li>
<li>
Tanami Exp 2, Cadia PC2-3/PC1-2, Lihir Nearshore Barrier, and Red Chris Block Cave underpin a multi-year production ramp to ~6 Moz (vs. current 5.3 Moz).</li>
<li>
$6B new buyback authorization; $2.7B returned since Feb-26; $1.1B/yr dividend growing per-share as share count declines.</li>
</ul>



$3.1B Q1FY26 all-time record quarterly FCF; Annualized implies a 10% FCF yield, with a realized gold price of 4,900 USD/oz. 

Tanami Exp 2, Cadia PC2-3/PC1-2, Lihir Nearshore Barrier, and Red Chris Block Cave underpin a multi-year production ramp to ~6 Moz (vs. current 5.3 Moz).

$6B new buyback authorization; $2.7B returned since Feb-26; $1.1B/yr dividend growing per-share as share count declines.


Newmont Mining (NEM US): The World's Premier Gold Miner At ~10% FCF Yield

Philippines

Apex Mining Co. Inc. is a Philippine-owned mining company primarily engaged in the exploration, development, and production of gold, silver, and other metals. The company operates the Maco Gold Mine in Davao de Oro and holds interests in other mineral properties. Apex Mining was incorporated in 1970 and is headquartered in Pasig City, Philippines.

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Apex Mining (APX PM)

Shortlist of High Conviction Philippines Equity Ideas - June 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

Shortlist of High Conviction Philippines Equity Ideas - May 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

Gold At 4,500 USD/Oz: Seven Ideas To Look At In the Gold Space

We provide an update on the valuation of seven cheap gold companies at 4,500 USD/oz. Our selection of stocks ranges from large caps to small caps,...

Sameer Taneja

OceanaGold Philippines (OGP PM) Q1FY26: Net Cash And Trading At A ~11% Yield On 4,500 USD/Oz Gold

OGP: Q1 FY26 - record gold price drives 100%+ revenue growth YoY; FCF $80M/qtr; Net Cash and a 10.9%. dividend yield with gold price at 4,500 USD/oz.

Sameer Taneja

Newmont Mining (NEM US): The World's Premier Gold Miner At ~10% FCF Yield

NEM US: World's largest gold miner. Record $3.1B quarterly FCF. $6B buyback. 2026 trough; production ramps to 6Moz+ by 2028. 10.8x PE/6.0 EV-EBITDA...

Sameer Taneja

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