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>With <a href="https://insiderph.com/mvp-backed-maynilad-locks-in-october-30-listing-for-p458b-2025s-largest-ipo" target="_blank" rel="noopener">Maynilad Water Services Inc.'s largest IPO in the Philippines</a>, slated for October 2025, targeting up to ₱45.8 billion in total raise, PSE's IPO pipeline will exceed ₱ 200 billion.</li>
<li>It represents a substantial &gt;142% YoY increase over 2024 (where IPO pipeline was ₱82.4 billion), with the majority of it back-end loaded (pipeline completed till Aug FY25 ₱70 billion) </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>


With Maynilad Water Services Inc.'s largest IPO in the Philippines, slated for October 2025, targeting up to ₱45.8 billion in total raise, PSE's IPO pipeline will exceed ₱ 200 billion.
It represents a substantial &gt;142% YoY increase over 2024 (where IPO pipeline was ₱82.4 billion), with the majority of it back-end loaded (pipeline completed till Aug FY25 ₱70 billion) 
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): IPO Pipeline to Cross 200 Bn (>142% YoY) Pesos For 2025

<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 focusing on high ROCE, sustainable growth of 10-15% YoY, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.</li>
<li>Read our initiation on <a href="https://www.smartkarma.com/insights/asian-terminals-inc-ati-pm-steady-and-cheap-container-port-terminal-operator" target="_blank" data-smartkarma-citation="insights:192234" rel="noopener">Asian Terminals Inc (ATI PM): Steady and Cheap Container Port Terminal Operator</a>, and our recent update on <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>.</li>
</ul>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
We established metrics focusing on high ROCE, sustainable growth of 10-15% YoY, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
Read our initiation on Asian Terminals Inc (ATI PM): Steady and Cheap Container Port Terminal Operator, and our recent update on DigiPlus Interactive (PLUS PM).


Shortlist of High Conviction Philippines Equity Ideas - July 2025

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>ASEAN's underperformance could continue. The low growth region is facing the additional risk of increasing Chinese exports, which could dent domestic companies' revenues and margins and engender a deflationary spiral.</li>
<li>China exports more to ASEAN than to the US or EU. Margin pressure in consumer and industrials is palpable. Thailand is in deflation and inflation is nosediving in the region.</li>
<li>We recommend playing the region through markets with low China import intensity (Indonesia, Philippines) and through consumer services and select banks. We have Digiplus, DBS, BCA in our model portfolio.</li>
</ul>


ASEAN's underperformance could continue. The low growth region is facing the additional risk of increasing Chinese exports, which could dent domestic companies' revenues and margins and engender a deflationary spiral.
China exports more to ASEAN than to the US or EU. Margin pressure in consumer and industrials is palpable. Thailand is in deflation and inflation is nosediving in the region.
We recommend playing the region through markets with low China import intensity (Indonesia, Philippines) and through consumer services and select banks. We have Digiplus, DBS, BCA in our model portfolio.


Asian Equities: To Sidestep ASEAN's China Problem, Focus on Select Pockets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> is a steady container port terminal operator, trading at 8.4x PE for FY25e, based on our numbers, and net cash (~10% of the market cap). </li>
<li>With the recent approval of a two-phase <a href="https://portcalls.com/ppa-approves-16-tariff-hike-in-batangas-port/" target="_blank" rel="noopener">16% tariff hike </a>at the Batangas Container Terminal, we see scope for the company to increase its earnings in FY25 and FY26.  </li>
<li>We also anticipate multiple years of growth (~20% ROCE) as the company embarks on a 4.2 billion peso expansion, and growth from the South Harbor/Manila is expected to be consistent.</li>
</ul>



Asian Terminals (ATI PM) is a steady container port terminal operator, trading at 8.4x PE for FY25e, based on our numbers, and net cash (~10% of the market cap). 
With the recent approval of a two-phase 16% tariff hike at the Batangas Container Terminal, we see scope for the company to increase its earnings in FY25 and FY26.  
We also anticipate multiple years of growth (~20% ROCE) as the company embarks on a 4.2 billion peso expansion, and growth from the South Harbor/Manila is expected to be consistent.


Asian Terminals Inc (ATI PM): Steady And Cheap Container Port Terminal Operator

<ul>
<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 preview earnings for our top picks: <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>, <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>and the <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 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 preview earnings for our top picks: DigiPlus Interactive (PLUS PM), Ginebra San Miguel (GSMI PM), The Keepers Holdings (KEEPR PM), and the Philippine Stock Exchange (PSE PM) 


Shortlist of High Conviction Philippines Equity Ideas - January 2025

Philippines

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

DigiPlus Interactive (PLUS PM)

Philippines Exchange (PSE PM): IPO Pipeline to Cross 200 Bn (>142% YoY) Pesos For 2025

We provide updates on the Philippines Exchange (PSE) following its Q2 FY25 results and the announcement of the Maynilad Water Services IPO, which...

Sameer Taneja

Shortlist of High Conviction Philippines Equity Ideas - July 2025

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

Asian Equities: To Sidestep ASEAN's China Problem, Focus on Select Pockets

ASEAN is again in focus. President Trump's tariffs last night shows that his ire on ASEAN largely stems from China's transshipment through these...

Manishi Raychaudhuri

Asian Terminals Inc (ATI PM): Steady And Cheap Container Port Terminal Operator

We outline our investment case for Asian Terminals Inc. (ATI PM), a container terminal operator in the Philippines, which is net cash and trading...

Sameer Taneja

Shortlist of High Conviction Philippines Equity Ideas - January 2025

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

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)