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 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

<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 updates on <a href="https://www.smartkarma.com/insights/philippines-exchange-pse-pm-ipo-pipeline-to-cross-200-bn-142-yoy-pesos-for-2025" target="_blank" data-smartkarma-citation="insights:200310" rel="noopener">Philippines Exchange (PSE PM): IPO Pipeline to Cross 200 Bn (&gt;142% YoY) Pesos For 2025</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/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI 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 updates on Philippines Exchange (PSE PM): IPO Pipeline to Cross 200 Bn (&gt;142% YoY) Pesos For 2025, The Keepers Holdings (KEEPR PM), and Ginebra San Miguel (GSMI PM) 


Shortlist of High Conviction Philippines Equity Ideas - September 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

<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>  declared strong Q2FY25 results with revenues/profits up 14%/13% YoY. Net margins declined by 20 bps YoY to 18.7% due to the discounting/fx.</li>
<li>Currently in the final stages of acquiring Booze Online Inc., the company intends to finalize the transaction by the end of Q3, contingent upon the resolution of regulatory approvals.</li>
<li>The company trades at 9.7x 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>
</ul>



The Keepers Holdings (KEEPR PM)  declared strong Q2FY25 results with revenues/profits up 14%/13% YoY. Net margins declined by 20 bps YoY to 18.7% due to the discounting/fx.
Currently in the final stages of acquiring Booze Online Inc., the company intends to finalize the transaction by the end of Q3, contingent upon the resolution of regulatory approvals.
The company trades at 9.7x 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 Holdings Solid Q2 2025: Multiple Catalysts Lined Up

<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> 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>
<li>
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>
</ul>



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

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

The Keepers Holdings (KEEPR PM)

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

Shortlist of High Conviction Philippines Equity Ideas - September 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

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

Keepers Holdings Solid Q2 2025: Multiple Catalysts Lined Up

We summarize the Q2FY25 results/concall of Keepers Holdings (KEEPR PM), an imported liquor distributor in the Philippines >70% market share,...

Sameer Taneja

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)