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

Shortlist of High Conviction Philippines Equity Ideas - September 2026

Shortlist of High Conviction Philippines Equity Ideas - October 2026

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

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

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

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>Dominant Philippine gin franchise with intact pricing power: ASP per case rose 5.0% YoY in Q2 FY26, holding half-year revenue flat against a 5% volume decline.</li>
<li>Gross margin of 28.3% is a series high, and EBITDA margin 17.5%; debt-free balance sheet holds PHP 18.6bn net cash and investments, funding a 6% higher H1 dividend.</li>
<li>Trades at 7.5x FY26E earnings, 4.8x EV/EBITDA and a 7.4% yield on estimates; FY26E EPS PHP 32.80, DPS PHP 18, ROCE 35%.</li>
</ul>


Dominant Philippine gin franchise with intact pricing power: ASP per case rose 5.0% YoY in Q2 FY26, holding half-year revenue flat against a 5% volume decline.
Gross margin of 28.3% is a series high, and EBITDA margin 17.5%; debt-free balance sheet holds PHP 18.6bn net cash and investments, funding a 6% higher H1 dividend.
Trades at 7.5x FY26E earnings, 4.8x EV/EBITDA and a 7.4% yield on estimates; FY26E EPS PHP 32.80, DPS PHP 18, ROCE 35%.


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