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 - April 2026

Keepers Holdings (KEEPR PM): 30% of Market Cap in Cash, 6% Yield, 7.5x PE, and Nobody's Watching

Shortlist of High Conviction Philippines Equity Ideas - May 2026

Keepers Holdings: Cheap Consumption Multibagger in the Philippines

Keepers Holdings Solid Q2 2025: Multiple Catalysts Lined Up

Keepers Holdings (KEEPR PM) Q3FY25 Conference Call: Big Seasonal Q4 Jump On The Cards

Keepers Q1 2025 Concall Highlights: 20% Revenue Growth, Venture Into Beer, Retail

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>
 FY25 revenue grew 9% YoY to PHP 20.2bn. Net income was PHP 3.56bn, up 0.8% YoY, impacted by forex headwinds as the EUR/PHP cross moved from ~60 to 69 pesos.</li>
<li>
Booze Online acquisition (AB InBev portfolio: Corona, Stella, Budweiser, Hoegaarden, Paulaner) is progressing; deal closure is expected mid-2026. A third "pillar" beyond wine and spirits will significantly expand the TAM.</li>
<li>
Balance sheet remains fortress-like: PHP 8.4bn in cash with ROE of ~19.5%, disciplined payout at 50% (PHP 0.12/share dividend approved). Stock trades at 8.7x FY25 P/E with ~5.5% dividend yield.</li>
</ul>



 FY25 revenue grew 9% YoY to PHP 20.2bn. Net income was PHP 3.56bn, up 0.8% YoY, impacted by forex headwinds as the EUR/PHP cross moved from ~60 to 69 pesos.

Booze Online acquisition (AB InBev portfolio: Corona, Stella, Budweiser, Hoegaarden, Paulaner) is progressing; deal closure is expected mid-2026. A third "pillar" beyond wine and spirits will significantly expand the TAM.

Balance sheet remains fortress-like: PHP 8.4bn in cash with ROE of ~19.5%, disciplined payout at 50% (PHP 0.12/share dividend approved). Stock trades at 8.7x FY25 P/E with ~5.5% dividend yield.


Keepers Holdings (KEEPR PM): FY25 Concall Summary