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

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

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

Keepers Holdings (KEEPR PM): FY25 Concall Summary

Shortlist of High Conviction Philippines Equity Ideas - December 2025, And Top Pick For 2026

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

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 Volume and margin: Q2 FY26 revenue fell 1.3% to PHP 4.9bn as volumes declined 6.7%; gross margin compressed 431bp to 22.1% on EUR/PHP and excise costs.</li>
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 Earnings held below the line: H1 net income still rose 7.2% to PHP 1.74bn, carried by a PHP 239mn other income line on FX gains and higher interest income.</li>
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At PHP 1.93, the stock trades at 7.3x FY26e PE, 4.6x EV/EBITDA, and 6.1% yield. We need to monitor the current weak consumer sentiment and FX scenario for earnings downgrades.</li>
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 Volume and margin: Q2 FY26 revenue fell 1.3% to PHP 4.9bn as volumes declined 6.7%; gross margin compressed 431bp to 22.1% on EUR/PHP and excise costs.

 Earnings held below the line: H1 net income still rose 7.2% to PHP 1.74bn, carried by a PHP 239mn other income line on FX gains and higher interest income.

At PHP 1.93, the stock trades at 7.3x FY26e PE, 4.6x EV/EBITDA, and 6.1% yield. We need to monitor the current weak consumer sentiment and FX scenario for earnings downgrades.


The Keepers Holdings, Inc. (KEEPR PM) Q2 FY2026 Concall: Tepid Demand In The Short Term