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) Q1 2025: Steady Pricing Led Growth

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 and Updates from PSE Conference - March 2025

Ginebra San Miguel (GSMI PM) Q3 2024: Solid Set of Numbers And Increasing Dividends

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

Shortlist of High Conviction Philippines Equity Ideas - February 2025

Digiplus Interactive (PLUS PM): FY24 Earnings Preview, Cheap Despite Quadrupling Since Jan 2024

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>On March 21st, we attended the PSE conference in Manila and met <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>. We will share updates from our discussion and examine the FY24 annual report.</li>
<li>For FY24, revenue/operating profits were up 16.5%/26% YoY, driven by 9% volume growth to 50.6 mn cases and operating margin expansion by 110 bps to 13.8%. </li>
<li>With a PE ratio of 11.4x, a dividend yield of 5.4% (approximately 16 pesos per share), and 16% of the market capitalization held in cash, the stock merits further investigation.</li>
</ul>


On March 21st, we attended the PSE conference in Manila and met Ginebra San Miguel (GSMI PM). We will share updates from our discussion and examine the FY24 annual report.
For FY24, revenue/operating profits were up 16.5%/26% YoY, driven by 9% volume growth to 50.6 mn cases and operating margin expansion by 110 bps to 13.8%. 
With a PE ratio of 11.4x, a dividend yield of 5.4% (approximately 16 pesos per share), and 16% of the market capitalization held in cash, the stock merits further investigation.


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