Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

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/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a> reported a stellar H1 2024, with revenue up 19% YoY and profits up 23% YoY, led by volume growth of 22% YoY.</li>
<li>Gross margins were maintained at 28%, and operating margins were 20.6%. The company remained net cash (2.7 bn pesos) despite distributing two years worth of dividends in H1 2024</li>
<li>Trading at 7.7x PE, a 6% dividend yield, and with the structural tailwinds of premiumization in alcohol, we love the name. </li>
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The Keepers Holdings (KEEPR PM) reported a stellar H1 2024, with revenue up 19% YoY and profits up 23% YoY, led by volume growth of 22% YoY.
Gross margins were maintained at 28%, and operating margins were 20.6%. The company remained net cash (2.7 bn pesos) despite distributing two years worth of dividends in H1 2024
Trading at 7.7x PE, a 6% dividend yield, and with the structural tailwinds of premiumization in alcohol, we love the name. 


Keepers Holdings (KEEPR PM): Solid Q2 2024, >20% Growth, >20% ROCE, <8x PE, Net Cash, 6% Div Yield

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<li>Keepers Holdings (KEEPR PM) declared a strong result for Q1 FY24, with 16% revenue growth and 44% YoY profit growth, driven by 19% volume growth. </li>
<li>The company maintained its OPM of 19%, and earnings contributions from Bodegas W&amp;H started to kick in for Q1 2024, contributing to its net profit margin of 18% (vs.14.5% Q1FY23). </li>
<li>Trading at 7.2x FY24 PE, with a trailing dividend yield of 6.5% on the recently declared 10-cent dividend for FY23 and a consistent 20% ROE, we love the name. </li>
</ul>


Keepers Holdings (KEEPR PM) declared a strong result for Q1 FY24, with 16% revenue growth and 44% YoY profit growth, driven by 19% volume growth. 
The company maintained its OPM of 19%, and earnings contributions from Bodegas W&amp;H started to kick in for Q1 2024, contributing to its net profit margin of 18% (vs.14.5% Q1FY23). 
Trading at 7.2x FY24 PE, with a trailing dividend yield of 6.5% on the recently declared 10-cent dividend for FY23 and a consistent 20% ROE, we love the name. 


Keepers Holdings Q1 FY24 Concall: Solid Results 7.2x PE FY24e, 6.5% Yield and Mid Teens CAGR Growth

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<a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings, Inc. (KEEPR PM)</a> is a play on the imported liquor distribution business in the Philippines, with a &gt;74% marketshare conservatively growing at 12-15% CAGR.</li>
<li>Trading at 11.5x/10.0x FY21/22 PE with 35% of the market capitalization in cash ( implying an ex-cash PE of 7.5x), the stock is cheap with a significant margin of safety. </li>
<li>Value enhancing asset injection angle with potential for the chairman Lucio Co to inject his Bodegas William and Humbers (W&amp;H) stake into the listco.</li>
</ul>



The Keepers Holdings, Inc. (KEEPR PM) is a play on the imported liquor distribution business in the Philippines, with a &gt;74% marketshare conservatively growing at 12-15% CAGR.
Trading at 11.5x/10.0x FY21/22 PE with 35% of the market capitalization in cash ( implying an ex-cash PE of 7.5x), the stock is cheap with a significant margin of safety. 
Value enhancing asset injection angle with potential for the chairman Lucio Co to inject his Bodegas William and Humbers (W&amp;H) stake into the listco.


Keepers Holdings: Cheap Consumption Multibagger in the Philippines

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<a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a> is set to declare Q3 2023 earnings in the 2nd week of November. We expect the company to report a 9%/18% YoY revenue/net profit growth.</li>
<li>We expect a steady improvement in Bodegas W&amp;H and operations and overall gross profit margins to remain stable at 26-27%. </li>
<li>The stock is cheap at 7.7x/6.6x FY23e/24e with a 5.1%/5.9% dividend yield and 10% of the market capitalization in cash. </li>
</ul>



The Keepers Holdings (KEEPR PM) is set to declare Q3 2023 earnings in the 2nd week of November. We expect the company to report a 9%/18% YoY revenue/net profit growth.
We expect a steady improvement in Bodegas W&amp;H and operations and overall gross profit margins to remain stable at 26-27%. 
The stock is cheap at 7.7x/6.6x FY23e/24e with a 5.1%/5.9% dividend yield and 10% of the market capitalization in cash. 


Keepers Holdings (KEEPR PM): Preview Q3 2023, Steady Into The Q4 High Season

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<li>In our insight, we summarized the FY23 results: <a href="https://www.smartkarma.com/insights/keepers-holdings-keepr-pm-fy23-30-yoy-net-cash-growth-6-8x-pe-and-a-7-6-dividend-yield" target="_blank" data-smartkarma-citation="insights:136757" rel="noopener">Keepers Holdings (KEEPR PM) FY23: 30% YoY, Net Cash, Growth 6.8x PE, And A 7.6% Dividend Yield</a>.  </li>
<li>For the council held on April 19th, the company reiterated its long-term teen growth CAGR for revenue but emphasized that the trend would not be linear.</li>
<li>The company will aim to maintain a 50% payout ratio and improve its working capital position to enhance cash flow generation.</li>
</ul>


In our insight, we summarized the FY23 results: Keepers Holdings (KEEPR PM) FY23: 30% YoY, Net Cash, Growth 6.8x PE, And A 7.6% Dividend Yield.  
For the council held on April 19th, the company reiterated its long-term teen growth CAGR for revenue but emphasized that the trend would not be linear.
The company will aim to maintain a 50% payout ratio and improve its working capital position to enhance cash flow generation.


Keepers Holdings FY23 Concall Highlights: Premiumization Growth Trajectory to Continue

Philippines

Keepers Holdings Inc. operates as a holding company. The Company, through its subsidiaries, engages in the distribution of liquor such as wine, spirits, and other beverages. Keepers Holdings serves customers in Philippine.

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The Keepers Holdings (KEEPR PM)

Keepers Holdings (KEEPR PM): Solid Q2 2024, >20% Growth, >20% ROCE, <8x PE, Net Cash, 6% Div Yield

We summarize the H1 FY24 results for Keepers Holdings (KEEPR PM). Trading at 7.7x PE, a 6% dividend yield, and with the structural tailwinds of...

Sameer Taneja

Keepers Holdings Q1 FY24 Concall: Solid Results 7.2x PE FY24e, 6.5% Yield and Mid Teens CAGR Growth

We summarize our gleanings from the conference call of Keepers Holdings for Q1 FY24. Trading at 7.2x FY24e PE, net cash, and a 6.5% dividend yield...

Sameer Taneja

Keepers Holdings: Cheap Consumption Multibagger in the Philippines

Trading at 11.5x/10.0x FY21/22 PE with 35% of the market capitalization in cash ( implying an ex-cash PE of 7.5x), Keepers Holdings is a great...

Sameer Taneja

Keepers Holdings (KEEPR PM): Preview Q3 2023, Steady Into The Q4 High Season

Keepers Holdings is cheap at 7.7x/6.6x FY23e/24e with a 5.1%/5.9% dividend yield and 10% of the market capitalization in cash. We preview the...

Sameer Taneja

Keepers Holdings FY23 Concall Highlights: Premiumization Growth Trajectory to Continue

We summarize the concall for Keepers Holdings. The stock trades at an attractive 6.9x FY23 PE and a 7.7% dividend yield (50% payout ratio for FY24...

Sameer Taneja

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