Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. 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 Analyst

Ginebra San Miguel (GSMI PM): Q1FY26 Results Update,>35% ROCE Stock Trading at 8.4x FY26 PE

GINEBRA SAN MIGUEL INC. (GSMI PM): Slight Stalling of Growth >35% ROCE and 7.4% Yield Intact

Shortlist of High Conviction Philippines Equity Ideas - September 2026

Gleanings From the Ginebra San Miguel (GSMI PM) FY24 Annual Report

Ginebra San Miguel (GSMI PM) Q2 2025: A Solid Result, Market Leader At <10x PE, With A >35% ROCE

Ginebra San Miguel (GSMI PM) Q3 2025: Steady 19% Growth, Market Leader At <10x PE, With A >35% ROCE

Ginebra San Miguel (GSMI PM) Q1 2025: Steady Pricing Led Growth

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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FY25 delivered record net income of PHP 8.6bn (+19.5% YoY), EPS of PHP 30.1, and EBITDA margins expanding 170bps to 16.1% — driven by molasses cost relief.</li>
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Balance sheet fortress: PHP 17.1 bn cash and investments (22% of Mkt Cap), zero debt. The company still makes a 39% ROCE on its business. </li>
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The dividend is likely to remain at 16 pesos/share (~6% yield) as the company will invest 6 bn pesos in modernization. With sufficient cover for molasses margins can expand further. </li>
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FY25 delivered record net income of PHP 8.6bn (+19.5% YoY), EPS of PHP 30.1, and EBITDA margins expanding 170bps to 16.1% — driven by molasses cost relief.

Balance sheet fortress: PHP 17.1 bn cash and investments (22% of Mkt Cap), zero debt. The company still makes a 39% ROCE on its business. 

The dividend is likely to remain at 16 pesos/share (~6% yield) as the company will invest 6 bn pesos in modernization. With sufficient cover for molasses margins can expand further. 


Ginebra San Miguel (GSMI PM) FY25: Monopoly Gin Business At 9x PE, >35% ROCE, Net Cash, And 6% Yield