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>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>
<li>Q2 earnings for <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> are out so far, and the rest will report earnings over the next two weeks. </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.
Our top picks are: Ginebra San Miguel (GSMI PM), The Keepers Holdings (KEEPR PM), ICTSI (ICT PM), and Philippine Stock Exchange (PSE PM) 
Q2 earnings for ICTSI (ICT PM) are out so far, and the rest will report earnings over the next two weeks. 


Shortlist of High Conviction Philippines Equity Ideas - August 2026

<ul>
<li>Despite <a href="https://www.marubeni.com/en/news/2025/release/00041.html#:~:text=Maynilad%20Water%20Services%2C%20Inc.,from%20an%20exchange%20in%20Asia." target="_blank" rel="noopener">Maynilad Water Services Inc.'s largest IPO in the Philippines, completed in November 2025</a> and raising ₱34 billion, PSE's IPO pipeline might fall short of our ₱190 billion expectation.</li>
<li>We expect a significant push in listing revenues for Q4FY25, as the pipeline completed for 11MFY25 was around ₱142 billion (vs. ₱70 billion by August 2025). </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>


Despite Maynilad Water Services Inc.'s largest IPO in the Philippines, completed in November 2025 and raising ₱34 billion, PSE's IPO pipeline might fall short of our ₱190 billion expectation.
We expect a significant push in listing revenues for Q4FY25, as the pipeline completed for 11MFY25 was around ₱142 billion (vs. ₱70 billion by August 2025). 
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) Q3FY25: Multiple Growth Levers And Preparation For Big Push In Q4

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> is looking to raise up to US$972m by selling shares at ₱6.6/share, valuing the company at ₱442bn (US$7bn).</li>
<li>The offer period runs from 6-12 October and the stock is expected to start trading on 20 October. Demand is said to be multiples of the offer size.</li>
<li>The earliest global index inclusion will come in June 2027, followed by a possible <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a> inclusion in July.</li>
</ul>



GCash (Mynt) (GCASH PM) is looking to raise up to US$972m by selling shares at ₱6.6/share, valuing the company at ₱442bn (US$7bn).
The offer period runs from 6-12 October and the stock is expected to start trading on 20 October. Demand is said to be multiples of the offer size.
The earliest global index inclusion will come in June 2027, followed by a possible Philippines Stock Exchange PSEi Index (PCOMP INDEX) inclusion in July.


Mynt (GCASH PM): No Quick Index Inclusion to Absorb Float

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Bolsa Mexicana De Valores Sab / Equity Bottom-Up

Bolsa Mexicana De Valores Sab (BOLSAA MM)

<ul>
<li>We upgrade BolsaMex to a buy rating; we believe that it is too cheap to ignore and that it has sound growth credentials with its healthy share of post-trade revenues</li>
<li>We downgrade B3 Exchange to a neutral from buy, after its strong share price performance since mid-October lows; we feel it is still attractive but not as compelling as BolsaMex</li>
<li>We upgrade BSE to a neutral rating from sell despite it trading on rich fundamental valuations; India’s strong IPO pipeline is one major factor in de-railing our sell recommendation</li>
</ul>


We upgrade BolsaMex to a buy rating; we believe that it is too cheap to ignore and that it has sound growth credentials with its healthy share of post-trade revenues
We downgrade B3 Exchange to a neutral from buy, after its strong share price performance since mid-October lows; we feel it is still attractive but not as compelling as BolsaMex
We upgrade BSE to a neutral rating from sell despite it trading on rich fundamental valuations; India’s strong IPO pipeline is one major factor in de-railing our sell recommendation


GEM Exchanges –Bolsa Mexicana (BOLSAA MM) Is Our Top Pick

<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 recent initiation on <a href="https://www.smartkarma.com/insights/ictsi-ict-pm-terminal-operator-serial-grower-with-pricing-power-20-roce-30-net-margins" target="_blank" data-smartkarma-citation="insights:182122" rel="noopener">ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins</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 recent initiation on ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins 


Shortlist of High Conviction Philippines Equity Ideas - October 2025

Philippines

The Philippine Stock Exchange, Inc. (PSE) operates as the national stock exchange of the Philippines, providing listing, trading, market data, clearing, and settlement services. It facilitates the trading of various securities, including shares of stock, Exchange Traded Funds (ETFs), and Real Estate Investment Trusts (REITs). The company is headquartered in Taguig City, Philippines, and has been in operation since 1927, including its previous forms.

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Philippine Stock Exchange (PSE PM)

Shortlist of High Conviction Philippines Equity Ideas - August 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 Exchange (PSE PM) Q3FY25: Multiple Growth Levers And Preparation For Big Push In Q4

We review PSE PM’s Q3FY25 results and highlight key corporate developments, including the year-end pipeline and a planned acceleration of IPO...

Sameer Taneja

Mynt (GCASH PM): No Quick Index Inclusion to Absorb Float

GCash (Mynt) seeks to raise up to US$972m by selling shares at ₱6.6 each, valuing the company at US$7bn. No immediate index inclusions to absorb...

Brian Freitas

GEM Exchanges –Bolsa Mexicana (BOLSAA MM) Is Our Top Pick

We Upgrade BolsaMex to buy for its deep value, strong post-trade revenues, more attractive than downgraded-to-neutral B3; BSE upgraded to neutral...

Victor Galliano

Shortlist of High Conviction Philippines Equity Ideas - October 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shortlist of High Conviction Philippines Equity Ideas - August 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 Exchange (PSE PM) Q3FY25: Multiple Growth Levers And Preparation For Big Push In Q4

We review PSE PM’s Q3FY25 results and highlight key corporate developments, including the year-end pipeline and a planned acceleration of IPO...

Sameer Taneja

Mynt (GCASH PM): No Quick Index Inclusion to Absorb Float

GCash (Mynt) seeks to raise up to US$972m by selling shares at ₱6.6 each, valuing the company at US$7bn. No immediate index inclusions to absorb...

Brian Freitas

GEM Exchanges –Bolsa Mexicana (BOLSAA MM) Is Our Top Pick

​We Upgrade BolsaMex to buy for its deep value, strong post-trade revenues, more attractive than downgraded-to-neutral B3; BSE upgraded to neutral...

Victor Galliano

Shortlist of High Conviction Philippines Equity Ideas - October 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

We Upgrade BolsaMex to buy for its deep value, strong post-trade revenues, more attractive than downgraded-to-neutral B3; BSE upgraded to neutral...