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/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a> declared strong Q1FY25 results with revenues/profits up 20%/14% YoY. Net margins declined by 100 bps YoY to 17% due to the discounting of volumes ex-Alfonso. </li>
<li>Currently in the final stages of acquiring Booze Online Inc., the company intends to finalize the transaction by the end of Q2, contingent upon the resolution of regulatory approvals.</li>
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The company trades at 10.5x FY25e, net cash, and an ROCE exceeding 20%. Supported by multiple growth levers, this presents an attractive opportunity within the Philippine domestic consumer discretionary sector.</li>
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The Keepers Holdings (KEEPR PM) declared strong Q1FY25 results with revenues/profits up 20%/14% YoY. Net margins declined by 100 bps YoY to 17% due to the discounting of volumes ex-Alfonso. 
Currently in the final stages of acquiring Booze Online Inc., the company intends to finalize the transaction by the end of Q2, contingent upon the resolution of regulatory approvals.

The company trades at 10.5x FY25e, net cash, and an ROCE exceeding 20%. Supported by multiple growth levers, this presents an attractive opportunity within the Philippine domestic consumer discretionary sector.


Keepers Q1 2025 Concall Highlights: 20% Revenue Growth, Venture Into Beer, Retail

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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>  reported Q4 2024 revenues/profits of 11.8%/23.5% YoY. Based on current trends, they provided a  outlook for FY25.</li>
<li>For FY24, the company reported 13.6%/21.3% YoY revenue/profit growth, led by a 14% YoY expansion in volumes. The company declared a 0.12 peso/share dividend (~4.7% dividend yield).</li>
<li>Trading at 10.6x FY24 PE, net cash, &gt;20% ROE, and a 4.7%  dividend yield based on a 50% payout is a structural play on the premiumization of alcohol consumption.</li>
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The Keepers Holdings (KEEPR PM)  reported Q4 2024 revenues/profits of 11.8%/23.5% YoY. Based on current trends, they provided a  outlook for FY25.
For FY24, the company reported 13.6%/21.3% YoY revenue/profit growth, led by a 14% YoY expansion in volumes. The company declared a 0.12 peso/share dividend (~4.7% dividend yield).
Trading at 10.6x FY24 PE, net cash, &gt;20% ROE, and a 4.7%  dividend yield based on a 50% payout is a structural play on the premiumization of alcohol consumption.


Keepers Holdings (KEEPR PM) Concall Highlights: Solid Q4 2024, Growth Unabated In FY25

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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> reported a stellar H1 2024, with revenue up 19% YoY and profits up 23% YoY, led by volume growth of 22% YoY.</li>
<li>Gross margins were maintained at 28%, and operating margins were 20.6%. The company remained net cash (2.7 bn pesos) despite distributing two years worth of dividends in H1 2024</li>
<li>Trading at 7.7x PE, a 6% dividend yield, and with the structural tailwinds of premiumization in alcohol, we love the name. </li>
</ul>



The Keepers Holdings (KEEPR PM) reported a stellar H1 2024, with revenue up 19% YoY and profits up 23% YoY, led by volume growth of 22% YoY.
Gross margins were maintained at 28%, and operating margins were 20.6%. The company remained net cash (2.7 bn pesos) despite distributing two years worth of dividends in H1 2024
Trading at 7.7x PE, a 6% dividend yield, and with the structural tailwinds of premiumization in alcohol, we love the name. 


Keepers Holdings (KEEPR PM): Solid Q2 2024, >20% Growth, >20% ROCE, <8x PE, Net Cash, 6% Div Yield

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<li>Keepers Holdings (KEEPR PM) declared a strong result for Q1 FY24, with 16% revenue growth and 44% YoY profit growth, driven by 19% volume growth. </li>
<li>The company maintained its OPM of 19%, and earnings contributions from Bodegas W&amp;H started to kick in for Q1 2024, contributing to its net profit margin of 18% (vs.14.5% Q1FY23). </li>
<li>Trading at 7.2x FY24 PE, with a trailing dividend yield of 6.5% on the recently declared 10-cent dividend for FY23 and a consistent 20% ROE, we love the name. </li>
</ul>


Keepers Holdings (KEEPR PM) declared a strong result for Q1 FY24, with 16% revenue growth and 44% YoY profit growth, driven by 19% volume growth. 
The company maintained its OPM of 19%, and earnings contributions from Bodegas W&amp;H started to kick in for Q1 2024, contributing to its net profit margin of 18% (vs.14.5% Q1FY23). 
Trading at 7.2x FY24 PE, with a trailing dividend yield of 6.5% on the recently declared 10-cent dividend for FY23 and a consistent 20% ROE, we love the name. 


Keepers Holdings Q1 FY24 Concall: Solid Results 7.2x PE FY24e, 6.5% Yield and Mid Teens CAGR Growth

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<li>We are gradually building a high-conviction coverage of ideas for the mid and small-caps in the Philippines.</li>
<li>We set criteria for high ROCE, reasonable growth (10-15% YoY), strong balance sheets, and reasonable capital allocation (dividend yields), all ingredients for being multi-baggers.</li>
<li>We update results declared for Q3 by <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/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> and <a href="https://www.smartkarma.com/entities/digiplus-interactive-corp" target="_blank" data-smartkarma-citation="entities:23060:1" rel="noopener">DigiPlus Interactive (PLUS PM)</a> </li>
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We are gradually building a high-conviction coverage of ideas for the mid and small-caps in the Philippines.
We set criteria for high ROCE, reasonable growth (10-15% YoY), strong balance sheets, and reasonable capital allocation (dividend yields), all ingredients for being multi-baggers.
We update results declared for Q3 by Shakey's Pizza (PIZZA PM), Ginebra San Miguel (GSMI PM), The Keepers Holdings (KEEPR PM) and DigiPlus Interactive (PLUS PM) 


Shortlist of High Conviction Philippines Equity Ideas - November 2024

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)

Keepers Q1 2025 Concall Highlights: 20% Revenue Growth, Venture Into Beer, Retail

We summarize the Q1 FY25 concall for Keepers Holdings (KEEPR PM). Trading at 10.5x FY25e PE, net cash, >20% ROCE, and a 4.8% div yield, this is an...

Sameer Taneja

Keepers Holdings (KEEPR PM) Concall Highlights: Solid Q4 2024, Growth Unabated In FY25

We highlight Keepers Holdings' FY24 results and conference call. Trading at 10.6x PE with a 4.7% yield, >20% ROEs, and double-digit growth, it's a...

Sameer Taneja

Keepers Holdings (KEEPR PM): Solid Q2 2024, >20% Growth, >20% ROCE, <8x PE, Net Cash, 6% Div Yield

We summarize the H1 FY24 results for Keepers Holdings (KEEPR PM). Trading at 7.7x PE, a 6% dividend yield, and with the structural tailwinds of...

Sameer Taneja

Keepers Holdings Q1 FY24 Concall: Solid Results 7.2x PE FY24e, 6.5% Yield and Mid Teens CAGR Growth

We summarize our gleanings from the conference call of Keepers Holdings for Q1 FY24. Trading at 7.2x FY24e PE, net cash, and a 6.5% dividend yield...

Sameer Taneja

Shortlist of High Conviction Philippines Equity Ideas - November 2024

We compile our selection of small and mid-cap names for the Philippines with our desired characteristics of high dividend yields, value, and margin...

Sameer Taneja

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