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

Shortlist of High Conviction Philippines Equity Ideas - July 2026

Shortlist of High Conviction Philippines Equity Ideas - August 2026

Shortlist of High Conviction Philippines Equity Ideas - June 2026

ICT Svcs, Inc. (ICTSI PM) Q2 FY26 Results: MICT and VICT Concession Renewals and +20% Growth

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>Q2 revenue of P672mn was flat year on year, and operating profit fell 7.3%; the headline first half growth rests almost entirely on Q1.</li>
<li>PDS accounted for 56% of group net profit in Q2, up from 47%, so the integration story, not equity trading, is driving earnings.</li>
<li>FY26e EPS of P17.73 on 11.7x P/E, 7.2x EV/EBITDA, 26.5% ROE and P3.0bn net cash. Massive capex over the next two years.</li>
</ul>


Q2 revenue of P672mn was flat year on year, and operating profit fell 7.3%; the headline first half growth rests almost entirely on Q1.
PDS accounted for 56% of group net profit in Q2, up from 47%, so the integration story, not equity trading, is driving earnings.
FY26e EPS of P17.73 on 11.7x P/E, 7.2x EV/EBITDA, 26.5% ROE and P3.0bn net cash. Massive capex over the next two years.


The Philippine Stock Exchange, Inc. (PSE PM) Q2 FY26 Concall: PDS Carrying The Incremental Growth