Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Philippines imports came in stronger than expected rising 11.7% y-o-y in March compared to a 5.6% y-o-y decline in February. Exports data which had been released a few weeks ago had seen a decline of 15.1% y-o-y in March compared to a fall of 4.5% y-o-y in February. The trade balance in March recorded a wider deficit of USD 1.746bn compared to a deficit of USD 1.104bn in February.On a 3-month moving average basis, non-oil imports increased around 10.8% y-o-y compared to an increase of 11.4%…

Philippines imports came in stronger than expected rising 11.7% y-o-y in March compared to a 5.6% y-o-y decline in February. Exports data which had been released a few weeks ago had seen a decline of 15.1% y-o-y in March compared to a fall of 4.5% y-o-y in February. The trade balance in March recorded a wider deficit of USD 1.746bn compared to a deficit of USD 1.104bn in February.On a 3-month moving average basis, non-oil imports increased around 10.8% y-o-y compared to an increase of 11.4%…

Philippines: Strong Domestic Demand Reflected in Rising Imports Data

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 are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.</li>
<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.</li>
<li>In the spotlight is one of our top picks, the <a target="_blank">Philippine Stock Exchange (PSE PM)</a>, which we met at the InvestPH conference and got interesting updates from on the business. </li>
</ul>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
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 spotlight is one of our top picks, the Philippine Stock Exchange (PSE PM), which we met at the InvestPH conference and got interesting updates from on the business. 


Shortlist of High Conviction Philippines Equity Ideas - March 2026

<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 focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation —essential elements for identifying potential multi-bagger opportunities.</li>
<li>In the spotlight is one of our top picks <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>, which has a surge in core operating profit in Q4FY25 of almost 50% QoQ</li>
</ul>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
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 spotlight is one of our top picks Philippine Stock Exchange (PSE PM), which has a surge in core operating profit in Q4FY25 of almost 50% QoQ


Shortlist of High Conviction Philippines Equity Ideas - February 2026

<ul>
<li>We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.</li>
<li>A new initiation makes our top picks list: <a href="https://www.smartkarma.com/insights/taseco-air-services-ast-vn-pure-play-on-vietnam-tourism-net-cash-11x-pe-with-48-roce" target="_blank" data-smartkarma-citation="insights:220071" rel="noopener">Taseco Air Services (AST VN)- Pure Play On Vietnam Tourism, Net Cash, &lt;11x PE, With ~48% ROCE</a> </li>
<li>Our regular top picks are <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/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a>, <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>, and <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>.</li>
</ul>


We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.
A new initiation makes our top picks list: Taseco Air Services (AST VN)- Pure Play On Vietnam Tourism, Net Cash, &lt;11x PE, With ~48% ROCE 
Our regular top picks are The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).


Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety- February 2026

<ul>
<li>We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.</li>
<li>With <a target="_blank" rel="noopener">Dream International (1126 HK)</a> trading at 9 HKD/share, a ~7% dividend yield, and 27% of its market cap in cash, it makes an entry into our top picks.</li>
<li>Our regular top picks are <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/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a>, <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>, and <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>.</li>
</ul>


We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.
With Dream International (1126 HK) trading at 9 HKD/share, a ~7% dividend yield, and 27% of its market cap in cash, it makes an entry into our top picks.
Our regular top picks are The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).


Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety- January 2026

Philippines

Ginebra San Miguel, Inc. is a Philippines-based company engaged in the manufacture and sale of alcoholic beverages, including gins, brandies, wines, and distilled spirits such as vodka and rum. It is the world's largest gin producer by volume and markets brands like Ginebra San Miguel Gin, GSM Blue Gin, Primera Light Brandy, and Vino Kulafu. The company is headquartered in Mandaluyong City, Philippines, and was founded in 1834.

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Ginebra San Miguel (GSMI PM)

Philippines: Strong Domestic Demand Reflected in Rising Imports Data

Philippines imports came in stronger than expected rising 11.7% y-o-y in March compared to a 5.6% y-o-y decline in February. Exports data which had...

Rajan Govil

Shortlist of High Conviction Philippines Equity Ideas - March 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 - February 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 Ideas: Income, Value, and Margin of Safety- February 2026

We compile our selection of small and mid-cap names, focusing on those with the desired characteristics of high dividend yields, value, and a...

Sameer Taneja

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety- January 2026

We compile our selection of small and mid-cap names, focusing on those with the desired characteristics of high dividend yields, value, and a...

Sameer Taneja

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