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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<li>
<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> declares its Q2 2023 in the second week of August. We expect a 15-20% revenue growth and a similar profit growth. </li>
<li>The stock trades at 9.3x/7.9x FY23e/24e, with structural growth drivers arising from rising imported spirit consumption and a monopolistic position with a &gt;70% marketshare by volume.</li>
<li>With healthy profit growth and a sound balance sheet ( 15% of the market cap in cash), Keepers can pay 50% of profits resulting in a 4.2% FY23e yield. </li>
</ul>



The Keepers Holdings (KEEPR PM) declares its Q2 2023 in the second week of August. We expect a 15-20% revenue growth and a similar profit growth. 
The stock trades at 9.3x/7.9x FY23e/24e, with structural growth drivers arising from rising imported spirit consumption and a monopolistic position with a &gt;70% marketshare by volume.
With healthy profit growth and a sound balance sheet ( 15% of the market cap in cash), Keepers can pay 50% of profits resulting in a 4.2% FY23e yield. 


Keepers Holdings (KEEPR PM): What to Expect from Q2 2023

Perfect Medical Health Management / Equity Bottom-Up

Perfect Medical Health Management (1830 HK)

<ul>
<li>We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety. </li>
<li>Post the interim results, we provide short updates on each company and links to our latest work on them. </li>
<li>Our top picks are <a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health (1830 HK)</a>, <a href="https://www.smartkarma.com/entities/water-oasis-group-ltd" target="_blank" data-smartkarma-citation="entities:17348:1" rel="noopener">Water Oasis (1161 HK)</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/uchi-technologies-bhd" target="_blank" data-smartkarma-citation="entities:10723:1" rel="noopener">Uchi Technologies (UCHI MK)</a>, and <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>.</li>
</ul>


We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety. 
Post the interim results, we provide short updates on each company and links to our latest work on them. 
Our top picks are Perfect Medical Health (1830 HK), Water Oasis (1161 HK), Taste Gourmet (8371 HK), Uchi Technologies (UCHI MK), and The Keepers Holdings (KEEPR PM).


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

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<li>
<a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts Intl (113 HK)</a>, an HK distributor of luxury goods, is a classic example of a Graham net-net with a &gt;40% discount to NCAV (Net Current Asset Value). </li>
<li>The company has 4.7 bn HKD of cash against total liabilities of 2.3 bn HKD (on a market cap of 1.6 bn HKD), thus representing deep value. </li>
<li>With an economic environment in HK for retail sales improving + an existing 8% dividend yield, we could make a case for higher dividend payments.</li>
</ul>



Dickson Concepts Intl (113 HK), an HK distributor of luxury goods, is a classic example of a Graham net-net with a &gt;40% discount to NCAV (Net Current Asset Value). 
The company has 4.7 bn HKD of cash against total liabilities of 2.3 bn HKD (on a market cap of 1.6 bn HKD), thus representing deep value. 
With an economic environment in HK for retail sales improving + an existing 8% dividend yield, we could make a case for higher dividend payments.


Dickson Concepts 113 HK: Straight From The Ben Graham Stable, >40% Discount to NCAV

<ul>
<li>
<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> reported solid revenue growth of 33% YoY for Q1 2023, but profitability disappointed our expectations coming in a 26.5% YoY(vs. &gt;50% our expectation).</li>
<li>The primary reason for the disappointment was Bodegas W&amp;H coming in with a 6mn peso profit in Q1 due to seasonality, one-offs, and cost increases (Vs. 100mn peso Q42022 profit).</li>
<li>While trends remain strong on the core business, with the stock trading at 8.3x/7.1x FY23e/24e, with a 4.7/5.5% dividend yield, Bodega's performance is an eyesore that we will monitor. </li>
</ul>



The Keepers Holdings (KEEPR PM) reported solid revenue growth of 33% YoY for Q1 2023, but profitability disappointed our expectations coming in a 26.5% YoY(vs. &gt;50% our expectation).
The primary reason for the disappointment was Bodegas W&amp;H coming in with a 6mn peso profit in Q1 due to seasonality, one-offs, and cost increases (Vs. 100mn peso Q42022 profit).
While trends remain strong on the core business, with the stock trading at 8.3x/7.1x FY23e/24e, with a 4.7/5.5% dividend yield, Bodega's performance is an eyesore that we will monitor. 


Keepers Holdings: Q1 2023 Concall Highlights, Building Into Better Quarters

<ul>
<li>It's barely three weeks since the annual results in April, and now <a href="https://www.smartkarma.com/entities/shakey-s-pizza-asia-ventures" target="_blank" data-smartkarma-citation="entities:23706:1" rel="noopener">Shakey's Pizza (PIZZA 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> will declare their Q1 2023 results mid-May. </li>
<li>Both results are expected around the 14th/15th of May, with a confirmation of <a href="https://www.smartkarma.com/entities/shakey-s-pizza-asia-ventures" target="_blank" data-smartkarma-citation="entities:23706:1" rel="noopener">Shakey's Pizza (PIZZA PM)</a> holding its post-results call on the 17th of May. </li>
<li>We expect stellar Q1 results and good guidance for 2023 for both companies. </li>
</ul>


It's barely three weeks since the annual results in April, and now Shakey's Pizza (PIZZA PM) / The Keepers Holdings (KEEPR PM) will declare their Q1 2023 results mid-May. 
Both results are expected around the 14th/15th of May, with a confirmation of Shakey's Pizza (PIZZA PM) holding its post-results call on the 17th of May. 
We expect stellar Q1 results and good guidance for 2023 for both companies. 


Shakeys Pizza/Keepers Holdings Q1 2023 Results: What to Expect?

Philippines

Keepers Holdings, Inc. is a publicly-listed investment holding company engaged in the liquor, wine, and specialty beverage distribution business in the Philippines. The company distributes a wide range of alcoholic and non-alcoholic beverages, including brandy, whiskies, spirits, wines, beers, sparkling water, and energy drinks, through its subsidiaries Montosco, Inc., Meritus Prime Distributions, Inc., and Premier Wine & Spirits Inc. It was incorporated in 1963 and is based in Manila, the Philippines.

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Keepers (KEEPR PM)

Keepers Holdings (KEEPR PM): What to Expect from Q2 2023

Keepers Holdings trades at 9.3x/7.9x FY23e/24e, with structural growth drivers arising from rising imported spirit consumption and a monopolistic...

Sameer Taneja

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

Post results we screen and filter our top picks are Perfect Medical Health (1830 HK), Water Oasis (1161 HK), Taste Gourmet (8371 HK), Uchi...

Sameer Taneja

Dickson Concepts 113 HK: Straight From The Ben Graham Stable, >40% Discount to NCAV

Dickson Concepts Intl (113 HK), an HK distributor of luxury goods, is a classic example of a Graham net-net with a >40% discount to NCAV (Net...

Sameer Taneja

Keepers Holdings: Q1 2023 Concall Highlights, Building Into Better Quarters

Keepers Holdings, the largest distributor of imported liquor (67% Mkt share) in the Philippines trades at 8.4x/7.1x FY23e/24e with 4.7%/5.5% div...

Sameer Taneja

Shakeys Pizza/Keepers Holdings Q1 2023 Results: What to Expect?

Shakey's Pizza and Keepers Holdings declare Q1 2023 results next week. We discuss what to expect from the results, current valuations and summarize...

Sameer Taneja

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