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) Q2 2025: A Solid Result, Market Leader At <10x PE, With A >35% ROCE

Shortlist of High Conviction Philippines Equity Ideas - September 2025

Shortlist of High Conviction Philippines Equity Ideas - October 2025

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

Ginebra San Miguel (GSMI PM): Structural Growth Name 7x PE, 20% of Mkt Cap in Cash & 7.5% Div Yield

Previewing FY24 Earnings For Two Market Leaders in the Philippines: GSMI PM/KEEPR PM

Shortlist of High Conviction Philippines Equity Ideas and Updates from PSE Conference - March 2025

Shortlist of High Conviction Philippines Equity Ideas - February 2025

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/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a> reported steady growth in Q1 2025, with revenues and profits increasing by 7.6% and 10.8% YoY.  Volume/Pricing grew 1%/6.6% YoY as company offset excise-duty increases.</li>
<li>EBITDA margins were maintained at 16.2%, while the company saw a massive increase in cash and investments to 16.2 bn pesos from 12.8 bn pesos, led by working capital inflows. </li>
<li>Trading at 10x PE with 20% of the market cap in cash and investments, and demonstrating pricing power/profit growth of 10-15% CAGR, this is a name to explore. </li>
</ul>



Ginebra San Miguel (GSMI PM) reported steady growth in Q1 2025, with revenues and profits increasing by 7.6% and 10.8% YoY.  Volume/Pricing grew 1%/6.6% YoY as company offset excise-duty increases.
EBITDA margins were maintained at 16.2%, while the company saw a massive increase in cash and investments to 16.2 bn pesos from 12.8 bn pesos, led by working capital inflows. 
Trading at 10x PE with 20% of the market cap in cash and investments, and demonstrating pricing power/profit growth of 10-15% CAGR, this is a name to explore. 


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