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>
<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 announce its FY22 results in the second week of April 2023. Good results(&gt;50% YoY profit)/high dividend payout(50%) have been catalysts for the share price.</li>
<li>We believe Q1 2023 business momentum will also be good, rendering the growth story intact. The company also made a very small acquisition of "Island Mixers" from Diageo Philippines. </li>
<li>Despite the move recently, the stock trades at 9.4x/7.3x FY22/23e with 8-9% of the market cap in cash. With an attractive dividend yield of 5.3% for FY23. </li>
</ul>



The Keepers Holdings (KEEPR PM) will announce its FY22 results in the second week of April 2023. Good results(&gt;50% YoY profit)/high dividend payout(50%) have been catalysts for the share price.
We believe Q1 2023 business momentum will also be good, rendering the growth story intact. The company also made a very small acquisition of "Island Mixers" from Diageo Philippines. 
Despite the move recently, the stock trades at 9.4x/7.3x FY22/23e with 8-9% of the market cap in cash. With an attractive dividend yield of 5.3% for FY23. 


Keepers Holdings: Cycling into Good Results in Q4 2022, Good Momentum to Q1 2023

<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> set a new precedent of paying out 50% of its earnings. If sustained, the yield for FY22e/FY23e will be 6.6%/8.4%. </li>
<li>The move has made <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 growth/dividend yield stock with mid-teens profit growth and a forward yield &gt;6% (~10% cash as % of mkt cap). </li>
<li>The catalyst for the company will arise from its strong Q4 2022 earnings. The management has already indicated the growth trajectory is similar to the prior quarters.</li>
</ul>



The Keepers Holdings (KEEPR PM) set a new precedent of paying out 50% of its earnings. If sustained, the yield for FY22e/FY23e will be 6.6%/8.4%. 
The move has made The Keepers Holdings (KEEPR PM) a growth/dividend yield stock with mid-teens profit growth and a forward yield &gt;6% (~10% cash as % of mkt cap). 
The catalyst for the company will arise from its strong Q4 2022 earnings. The management has already indicated the growth trajectory is similar to the prior quarters.


Keeper's 50% Payout Ratio Makes The Yield Better and The Investment Exciting

<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, Inc. (KEEPR PM)</a> reported strong Q3 2022 revenue growth of 48.6% YoY and profit growth of 47.8%, led by strong growth in all categories of spirits.</li>
<li>The stock trades at 8.2x FY22e/6.7x FY23e (numbers exclude the incremental earnings from its 50% stake in W&amp;H, which we estimate could at least add 7-8% to our numbers).</li>
<li>We will get more color from the post-results call on the 16th of November 2022 (aftermarket). </li>
</ul>



The Keepers Holdings, Inc. (KEEPR PM) reported strong Q3 2022 revenue growth of 48.6% YoY and profit growth of 47.8%, led by strong growth in all categories of spirits.
The stock trades at 8.2x FY22e/6.7x FY23e (numbers exclude the incremental earnings from its 50% stake in W&amp;H, which we estimate could at least add 7-8% to our numbers).
We will get more color from the post-results call on the 16th of November 2022 (aftermarket). 


Keepers Holdings: Stellar Q3 2022/ More to Follow in Management Call on 16th November

<ul>
<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>
</ul>


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

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

<ul><li>The Keepers Holdings is a Philippine spirit importer and distributor trading at PHP1.73 per share with a 7.6x FY24E P/E and a 6% dividend yield.</li><li>Despite its success in growing volumes at an 18% CAGR over the past decade, imported spirits still represent a small portion of the Philippine market, indicating significant growth potential.</li><li>KEEPR's asset-light business model and 50% payout ratio suggest room for further growth, with the potential for book value per share and dividends to compound at 20% annually. The company's valuation is seen as undervalued at its current multiple, with a more appropriate 15x P/E multiple projected.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

The Keepers Holdings is a Philippine spirit importer and distributor trading at PHP1.73 per share with a 7.6x FY24E P/E and a 6% dividend yield.Despite its success in growing volumes at an 18% CAGR over the past decade, imported spirits still represent a small portion of the Philippine market, indicating significant growth potential.KEEPR's asset-light business model and 50% payout ratio suggest room for further growth, with the potential for book value per share and dividends to compound at 20% annually. The company's valuation is seen as undervalued at its current multiple, with a more appropriate 15x P/E multiple projected.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

The Keepers Holdings (KEEPR PM) - Tuesday, Aug 20, 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.

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)

Keepers Holdings: Cycling into Good Results in Q4 2022, Good Momentum to Q1 2023

Despite its upward move recently, Keepers Holdings trades at 9.4x/7.3x FY22/23e with 8-9% of the market cap in cash. With an attractive dividend...

Sameer Taneja

Keeper's 50% Payout Ratio Makes The Yield Better and The Investment Exciting

The increase in payout to 50% makes Keepers Holdings a mouth-watering 6x PE FY23, with a dividend yield of 6.6% FY23 and 10% of the market cap in...

Sameer Taneja

Keepers Holdings: Stellar Q3 2022/ More to Follow in Management Call on 16th November

Keepers Holdings reported strong Q3 2022 revenue growth of 48.6% YoY and profit growth of 47.8%. The stock trades at 8.2x/6.7x FY22/23 PE and is...

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

The Keepers Holdings (KEEPR PM) - Tuesday, Aug 20, 2024

The Keepers Holdings is a Philippine spirit importer and distributor trading at PHP1.73 per share with a 7.6x FY24E P/E and a 6% dividend yield.

Value Investors Club

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)