Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 15 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): Gleanings From The Last 12 Years of Annual Reports and Q1 2024 Bonanza

Ginebra San Miguel- The World’s Best Selling Gin Brand On Sale for Under 3 Times TTM EBITDA

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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<li>
<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> is a monopoly in the Philippines, with over 95% of the gin market. It has a 10 Revenue CAGR of 14%. </li>
<li>The company has experienced margin expansion due to premiumization and operating leverage on SG&amp;A, the former of which is likely to continue in the future with new premium gin launches.</li>
<li>There is value in the name trading at 7x PE, with &gt;20% of the market cap in cash and a 7.3% dividend yield predicated on a 50% payout ratio. </li>
</ul>



Ginebra San Miguel (GSMI PM) is a monopoly in the Philippines, with over 95% of the gin market. It has a 10 Revenue CAGR of 14%. 
The company has experienced margin expansion due to premiumization and operating leverage on SG&amp;A, the former of which is likely to continue in the future with new premium gin launches.
There is value in the name trading at 7x PE, with &gt;20% of the market cap in cash and a 7.3% dividend yield predicated on a 50% payout ratio. 


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