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

Philippines Exchange (PSE PM): IPO Pipeline to Cross 200 Bn (>142% YoY) Pesos For 2025

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

Shortlist of High Conviction Philippines Equity Ideas - April 2025

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>Despite <a href="https://www.marubeni.com/en/news/2025/release/00041.html#:~:text=Maynilad%20Water%20Services%2C%20Inc.,from%20an%20exchange%20in%20Asia." target="_blank" rel="noopener">Maynilad Water Services Inc.'s largest IPO in the Philippines, completed in November 2025</a> and raising ₱34 billion, PSE's IPO pipeline might fall short of our ₱190 billion expectation.</li>
<li>We expect a significant push in listing revenues for Q4FY25, as the pipeline completed for 11MFY25 was around ₱142 billion (vs. ₱70 billion by August 2025). </li>
<li>Trading at 15x FY25 PE, with 18% of the market cap in cash, a 6% dividend yield, and multiple growth levers in the future, this is a stock to explore.</li>
</ul>


Despite Maynilad Water Services Inc.'s largest IPO in the Philippines, completed in November 2025 and raising ₱34 billion, PSE's IPO pipeline might fall short of our ₱190 billion expectation.
We expect a significant push in listing revenues for Q4FY25, as the pipeline completed for 11MFY25 was around ₱142 billion (vs. ₱70 billion by August 2025). 
Trading at 15x FY25 PE, with 18% of the market cap in cash, a 6% dividend yield, and multiple growth levers in the future, this is a stock to explore.


Philippines Exchange (PSE PM) Q3FY25: Multiple Growth Levers And Preparation For Big Push In Q4