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

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<p>As a result of high income inequality, the Philippines' consumer market is characterised by marked differences in spending patterns across income deciles. While decile 1 has to allocate most of its spending to cover basic needs, decile 10 is able to splurge on hotels and catering, leisure and recreation and education (which are the most discretionary spending categories in <a target="_blank">the Philippines</a>). Given that decile 10 is projected to record the largest rise in discretionary spending capacity across all…</p>

As a result of high income inequality, the Philippines' consumer market is characterised by marked differences in spending patterns across income deciles. While decile 1 has to allocate most of its spending to cover basic needs, decile 10 is able to splurge on hotels and catering, leisure and recreation and education (which are the most discretionary spending categories in the Philippines). Given that decile 10 is projected to record the largest rise in discretionary spending capacity across all…

Philippines: Wealthy Households to Enjoy the Rise in Discretionary Spending Capa. Through to 2030

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.

Tencent Music Entertainment / Equity Bottom-Up

<ul>
<li>Since inception, our Model Portfolio underperformed, having appreciated 5.8%, while MSCI Asia-ex-Japan moved up 8.3%. BYD, Hyundai Engineering and Digiplus dragged it down. Alibaba, Trip.Com, Tencent, Maruti pulled it up.</li>
<li>We exclude the secular underperformers BYD and Digiplus and the unexciting Yum China. We include Tencent Music, Wuxi AppTec, International Container Terminals. Focus on China's "new consumption" trends, CRDMO prowess.</li>
<li>We remain overweight HK/China despite the market's recent outperformance. Immense stock selection opportunities in the market guide our stance. We remain overweight Korea, neutral India and underweight Taiwan. </li>
</ul>


Since inception, our Model Portfolio underperformed, having appreciated 5.8%, while MSCI Asia-ex-Japan moved up 8.3%. BYD, Hyundai Engineering and Digiplus dragged it down. Alibaba, Trip.Com, Tencent, Maruti pulled it up.
We exclude the secular underperformers BYD and Digiplus and the unexciting Yum China. We include Tencent Music, Wuxi AppTec, International Container Terminals. Focus on China's "new consumption" trends, CRDMO prowess.
We remain overweight HK/China despite the market's recent outperformance. Immense stock selection opportunities in the market guide our stance. We remain overweight Korea, neutral India and underweight Taiwan. 


Asian Equities: Changes to Our Model Portfolio; More Selective on Chinese Consumption

<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>  reported robust Q2 FY25 results with revenue/net profits up 30.6%/30.1% YoY, driven by an increase in MAUs to 8.5 million from 7.5 million in Q1FY25.</li>
<li>Net margins remained flat YoY at 17%, as a decline in franchisee fees and taxes was offset by an increase in A&amp;P spend as marketshare declined to 39% (vs 45%). </li>
<li>The stock trades at 6.9x FY25e, with multiple expansion catalysts. On the flipside, the <a href="https://www.bloomberg.com/news/articles/2025-08-14/philippines-to-remove-online-gambling-links-from-e-wallets%20" target="_blank" rel="noopener">regulatory concerns (on restrictions on online gaming)</a> still cloud the sector. </li>
</ul>



DigiPlus Interactive (PLUS PM)  reported robust Q2 FY25 results with revenue/net profits up 30.6%/30.1% YoY, driven by an increase in MAUs to 8.5 million from 7.5 million in Q1FY25.
Net margins remained flat YoY at 17%, as a decline in franchisee fees and taxes was offset by an increase in A&amp;P spend as marketshare declined to 39% (vs 45%). 
The stock trades at 6.9x FY25e, with multiple expansion catalysts. On the flipside, the regulatory concerns (on restrictions on online gaming) still cloud the sector. 


Digi Plus Interactive (PLUS PM): Strong Q2 FY25, But Regulatory Cloud A Massive Overhang

Philippines

DigiPlus Interactive is a digital entertainment company operating in the Philippines, specializing in online and land-based gaming. The company offers a diverse portfolio of products including bingo, e-casino, specialty games, sports betting, and poker through platforms like BingoPlus, ArenaPlus, SpinPlus, and GameZone. Headquartered in Taguig City, Philippines, the company was founded in 1957.

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DigiPlus Interactive (PLUS 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

Philippines: Wealthy Households to Enjoy the Rise in Discretionary Spending Capa. Through to 2030

As a result of high income inequality, the Philippines' consumer market is characterised by marked differences in spending patterns across income...

Euromonitor International Ltd.

Asian Equities: Changes to Our Model Portfolio; More Selective on Chinese Consumption

In our Model Portfolio we reduce Chinese EV & restaurants & include contract research & digital music exposures. We thus seek to correct our...

Manishi Raychaudhuri

Digi Plus Interactive (PLUS PM): Strong Q2 FY25, But Regulatory Cloud A Massive Overhang

We summarize the Digi Plus (PLUS PM) results announced yesterday. The business is clouded with a regulatory overhang, which we elaborate on, and...

Sameer Taneja

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