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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<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> reported steady growth in Q3 2025, with revenues/profits increasing by 5.5% and 18.9% YoY, respectively. Volume/Pricing grew -1%/6.6% YoY as the company offset excise-duty increases.</li>
<li>EBITDA margins were maintained at 16.8%, while the company's net cash and investments remained stable at 16.7 billion pesos (59 pesos/share, or 21% of market capitalization).</li>
<li>Trading at 9.3x PE and demonstrating pricing power/profit growth of 10-15% CAGR (with a dividend yield of 5.4%), this is a name to explore.</li>
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Ginebra San Miguel (GSMI PM) reported steady growth in Q3 2025, with revenues/profits increasing by 5.5% and 18.9% YoY, respectively. Volume/Pricing grew -1%/6.6% YoY as the company offset excise-duty increases.
EBITDA margins were maintained at 16.8%, while the company's net cash and investments remained stable at 16.7 billion pesos (59 pesos/share, or 21% of market capitalization).
Trading at 9.3x PE and demonstrating pricing power/profit growth of 10-15% CAGR (with a dividend yield of 5.4%), this is a name to explore.


Ginebra San Miguel (GSMI PM) Q3 2025: Steady 19% Growth, Market Leader At <10x PE, With A >35% ROCE

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<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>  reported steady growth in Q2 2025, with revenues and profits increasing by 7.3% and 20.7% YoY. Volume/Pricing grew 1%/6.3% YoY as company offset excise-duty increases.</li>
<li>EBITDA margins were maintained at 16.8%, while the company saw its net cash and investments stable at 16.1 billion pesos (56 pesos/share or 19% of market capitalization). </li>
<li>Trading at 9.9x PE and demonstrating pricing power/profit growth of 10-15% CAGR (with a dividend yield of 5.4%), this is a name to explore.</li>
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Ginebra San Miguel (GSMI PM)  reported steady growth in Q2 2025, with revenues and profits increasing by 7.3% and 20.7% YoY. Volume/Pricing grew 1%/6.3% YoY as company offset excise-duty increases.
EBITDA margins were maintained at 16.8%, while the company saw its net cash and investments stable at 16.1 billion pesos (56 pesos/share or 19% of market capitalization). 
Trading at 9.9x PE and demonstrating pricing power/profit growth of 10-15% CAGR (with a dividend yield of 5.4%), this is a name to explore.


Ginebra San Miguel (GSMI PM) Q2 2025: A Solid Result, Market Leader At <10x PE, With A >35% ROCE

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<li>
<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> reported a solid Q3 FY24, with revenues/profits up 15%/25% YoY, led by 5% volume growth (10% YTD growth).</li>
<li>Net cash and investments are now &gt;15 bn pesos (21% of market capitalization). For Q4 2024, the company paid a dividend of 4 pesos/share (6.2% dividend yield). </li>
<li>This is one of the cheapest liquor companies we know, trading at 10x FY24 PE/6.3 EV-EBITDA. It has a &gt;33% ROCE and a great growth/dividend payment profile.</li>
</ul>



Ginebra San Miguel (GSMI PM) reported a solid Q3 FY24, with revenues/profits up 15%/25% YoY, led by 5% volume growth (10% YTD growth).
Net cash and investments are now &gt;15 bn pesos (21% of market capitalization). For Q4 2024, the company paid a dividend of 4 pesos/share (6.2% dividend yield). 
This is one of the cheapest liquor companies we know, trading at 10x FY24 PE/6.3 EV-EBITDA. It has a &gt;33% ROCE and a great growth/dividend payment profile.


Ginebra San Miguel (GSMI PM) Q3 2024: Solid Set of Numbers And Increasing Dividends

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<li>
<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> reported steady growth in Q1 2025, with revenues and profits increasing by 7.6% and 10.8% YoY.  Volume/Pricing grew 1%/6.6% YoY as company offset excise-duty increases.</li>
<li>EBITDA margins were maintained at 16.2%, while the company saw a massive increase in cash and investments to 16.2 bn pesos from 12.8 bn pesos, led by working capital inflows. </li>
<li>Trading at 10x PE with 20% of the market cap in cash and investments, and demonstrating pricing power/profit growth of 10-15% CAGR, this is a name to explore. </li>
</ul>



Ginebra San Miguel (GSMI PM) reported steady growth in Q1 2025, with revenues and profits increasing by 7.6% and 10.8% YoY.  Volume/Pricing grew 1%/6.6% YoY as company offset excise-duty increases.
EBITDA margins were maintained at 16.2%, while the company saw a massive increase in cash and investments to 16.2 bn pesos from 12.8 bn pesos, led by working capital inflows. 
Trading at 10x PE with 20% of the market cap in cash and investments, and demonstrating pricing power/profit growth of 10-15% CAGR, this is a name to explore. 


Ginebra San Miguel (GSMI PM) Q1 2025: Steady Pricing Led Growth

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<li>On March 21st, we attended the PSE conference in Manila and met <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>. We will share updates from our discussion and examine the FY24 annual report.</li>
<li>For FY24, revenue/operating profits were up 16.5%/26% YoY, driven by 9% volume growth to 50.6 mn cases and operating margin expansion by 110 bps to 13.8%. </li>
<li>With a PE ratio of 11.4x, a dividend yield of 5.4% (approximately 16 pesos per share), and 16% of the market capitalization held in cash, the stock merits further investigation.</li>
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On March 21st, we attended the PSE conference in Manila and met Ginebra San Miguel (GSMI PM). We will share updates from our discussion and examine the FY24 annual report.
For FY24, revenue/operating profits were up 16.5%/26% YoY, driven by 9% volume growth to 50.6 mn cases and operating margin expansion by 110 bps to 13.8%. 
With a PE ratio of 11.4x, a dividend yield of 5.4% (approximately 16 pesos per share), and 16% of the market capitalization held in cash, the stock merits further investigation.


Gleanings From the Ginebra San Miguel (GSMI PM) FY24 Annual Report

Philippines

Ginebra San Miguel Inc. manufactures and distributes liquor products. Ginebra San Miguel's products are marketed under brand names such as Ginebra San Miguel, Anejo Rum, Tondena Manila Rum, VIVA!, and Magnolia FunChum.

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Ginebra San Miguel (GSMI PM)