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 - May 2025

DigiPlus Interactive (PLUS PM): Galloping Away Into A Strong Q2 FY25

Shortlist of High Conviction Philippines Equity Ideas - June 2025

Philippines Exchange (PSE PM): Deep Value Exchange With Growth Option Embedded

Philippine Stock Exchange (PSE PM): A Detailed Analysis Of Two Value Doubling Catalysts

Philippines Exchange (PSE PM): Steady FY24 Sets The Stage For Catalyst-Filled FY25

Philippines Exchange (PSE PM): Q1 2024, Slow Quarter, Some Positives Emerging

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

Philippine Stock Exchange / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> reported an encouraging Q1 2025 with revenue/operating income up 82%/72% YoY, buoyed by the acquisition of PDS. </li>
<li>Despite acquiring 91.6% of PDS (as of 15 May 2025), the company has net cash and investments of 4.8 bn pesos, representing more than 30% of its current market capitalization. </li>
<li>Trading at 13x PE, with a &gt;6% forward dividend yield, and ex-cash ROCE&gt;20%, the stock is cheap. We believe there is a long runway for growth with multiple catalysts.</li>
</ul>



Philippine Stock Exchange (PSE PM) reported an encouraging Q1 2025 with revenue/operating income up 82%/72% YoY, buoyed by the acquisition of PDS. 
Despite acquiring 91.6% of PDS (as of 15 May 2025), the company has net cash and investments of 4.8 bn pesos, representing more than 30% of its current market capitalization. 
Trading at 13x PE, with a &gt;6% forward dividend yield, and ex-cash ROCE&gt;20%, the stock is cheap. We believe there is a long runway for growth with multiple catalysts.


Philippine Stock Exchange (PSE PM): Inflection In Q1 2025, More Catalysts To Come