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

Ginebra San Miguel (GSMI PM) Q2 2025: A Solid Result, Market Leader At <10x PE, With A >35% ROCE

Ginebra San Miguel (GSMI PM) Q3 2025: Steady 19% Growth, Market Leader At <10x PE, With A >35% ROCE

Ginebra San Miguel (GSMI PM) FY25: Monopoly Gin Business At 9x PE, >35% ROCE, Net Cash, And 6% Yield

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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<a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a> reported a decent quarter, led by 3% YoY sales growth and 8% YoY profit growth, with volumes declining 3% YoY while ASPs increased 6% YoY.</li>
<li>Strong balance sheet with PHP 19.3bn in net cash (25% of market capitalization); the company increased its dividend for the quarter by 12.5% YoY to 4.5 pesos/share (~18 pesos/share).</li>
<li>Trading at 8.4x FY26 PE, with a 6.5% dividend yield, ROCE&gt;35%, and steady results in a weak demand environment, this is a good name to explore. </li>
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Ginebra San Miguel (GSMI PM) reported a decent quarter, led by 3% YoY sales growth and 8% YoY profit growth, with volumes declining 3% YoY while ASPs increased 6% YoY.
Strong balance sheet with PHP 19.3bn in net cash (25% of market capitalization); the company increased its dividend for the quarter by 12.5% YoY to 4.5 pesos/share (~18 pesos/share).
Trading at 8.4x FY26 PE, with a 6.5% dividend yield, ROCE&gt;35%, and steady results in a weak demand environment, this is a good name to explore. 


ジネブラ・サン・ミゲル (GSMI PM): 2026 年度第 1 四半期決算最新情報、ROCE 株の取引高は 35% を超え、26 年度 PER は 8.4 倍