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

<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>We turn our attention to the top picks for 2026. Our overwhelming favorite is  <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>, but we also highlight four other names. </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.
We turn our attention to the top picks for 2026. Our overwhelming favorite is  The Keepers Holdings (KEEPR PM), but we also highlight four other names. 


Shortlist of High Conviction Philippines Equity Ideas - December 2025, And Top Pick For 2026

<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> delivered a softer 3QFY25, with volume growth decelerating to 4% from ~22% in 1HFY25. Demand was impacted by calamities (earthquakes, typhoons) affecting on-premise consumption. </li>
<li>Q4 began with a strong October rebound, as Halloween nearly doubled sales. While it's early in the quarter, management remains bullish about the demand trajectory for the upcoming celebratory season.</li>
<li>The <a href="https://www.reuters.com/world/asia-pacific/marcos-vows-jail-time-suspects-philippines-graft-scandal-2025-11-13/" target="_blank" rel="noopener">recent graft scandal investigations</a> and weak demand-related pullback have brought the stock to an attractive 8.7x PE for FY25e, with ROCEs &gt;20%, a div yield &gt;5% and net cash.</li>
</ul>



The Keepers Holdings (KEEPR PM) delivered a softer 3QFY25, with volume growth decelerating to 4% from ~22% in 1HFY25. Demand was impacted by calamities (earthquakes, typhoons) affecting on-premise consumption. 
Q4 began with a strong October rebound, as Halloween nearly doubled sales. While it's early in the quarter, management remains bullish about the demand trajectory for the upcoming celebratory season.
The recent graft scandal investigations and weak demand-related pullback have brought the stock to an attractive 8.7x PE for FY25e, with ROCEs &gt;20%, a div yield &gt;5% and net cash.


Keepers Holdings (KEEPR PM) Q3FY25 Conference Call: Big Seasonal Q4 Jump On The Cards

<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

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/the-keepers-holdings-inc">The Keepers Holdings</a> (KEEPR) is the dominant distributor of imported spirits in the Philippines, boasting a market share of 74% by volume. This commanding position is anchored by its exclusive distribution rights for high-demand products like Alfonso Brandy.</li>
  <li>The company is pursuing growth through strategic acquisitions, such as the planned purchase of Booze Online Inc. to enter the beer market and a 50% stake in Bodegas William &amp; Humbert to secure its supply of Alfonso Brandy.</li>
  <li>While demonstrating robust double-digit revenue and profit growth, KEEPR faces headwinds from margin compression due to foreign exchange volatility and an unfavorable product mix. However, its strong balance sheet, net cash position, and attractive valuation present a compelling investment case.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
The Keepers Holdings (KEEPR) is the dominant distributor of imported spirits in the Philippines, boasting a market share of 74% by volume. This commanding position is anchored by its exclusive distribution rights for high-demand products like Alfonso Brandy.
  The company is pursuing growth through strategic acquisitions, such as the planned purchase of Booze Online Inc. to enter the beer market and a 50% stake in Bodegas William &amp; Humbert to secure its supply of Alfonso Brandy.
  While demonstrating robust double-digit revenue and profit growth, KEEPR faces headwinds from margin compression due to foreign exchange volatility and an unfavorable product mix. However, its strong balance sheet, net cash position, and attractive valuation present a compelling investment case.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: The Keepers Holdings (KEEPR PM) - Oct 2025

<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 initiation <a href="https://www.smartkarma.com/insights/asian-terminals-inc-ati-pm-steady-and-cheap-container-port-terminal-operator" target="_blank" data-smartkarma-citation="insights:192234" rel="noopener">Asian Terminals Inc (ATI PM): Steady And Cheap Container Port Terminal Operator</a>, and our updates on <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/shakey-s-pizza-asia-ventures" target="_blank" data-smartkarma-citation="entities:23706:1" rel="noopener">Shakey's Pizza (PIZZA PM)</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 initiation Asian Terminals Inc (ATI PM): Steady And Cheap Container Port Terminal Operator, and our updates on The Keepers Holdings (KEEPR PM) / Shakey's Pizza (PIZZA PM) 


Shortlist of High Conviction Philippines Equity Ideas - August 2025

Philippines

Keepers Holdings Inc. operates as a holding company. The Company, through its subsidiaries, engages in the distribution of liquor such as wine, spirits, and other beverages. Keepers Holdings serves customers in Philippine.

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The Keepers Holdings (KEEPR PM)

Shortlist of High Conviction Philippines Equity Ideas - December 2025, And Top Pick For 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

Keepers Holdings (KEEPR PM) Q3FY25 Conference Call: Big Seasonal Q4 Jump On The Cards

We summarize the PSE webinar highlights of Q3 FY25 for Keepers (KEEPR PM). Trading at 8.7x with 15% CAGR growth, >20% ROCEs, net cash, and >5%...

Sameer Taneja

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

Primer: The Keepers Holdings (KEEPR PM) - Oct 2025

The Keepers Holdings (KEEPR) is the dominant distributor of imported spirits in the Philippines, boasting a market share of 74% by volume. This...

αSK

Shortlist of High Conviction Philippines Equity Ideas - August 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)

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Dividend (Yield)