Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 15 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): Updates from Q3/Q4, Catalysts Lining Up for Long-Term

Philippines Exchange (PSE PM): Slow Q4 2023, FY24 Catalysts in the Pipeline

Philippines Exchange (PSE PM): Q1 2024, Slow Quarter, Some Positives Emerging

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

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<li>
<a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> is a monopoly making &gt;60%&gt;/45% EBITDA/NPAT margins across its history with ex-cash ROCE's &gt;30% (cash at five bn pesos is 33% of market cap).</li>
<li>With a relatively low penetration of brokerage accounts (1.5%), an underowned market with 100mn USD volume, and low fee structures, there is ample low-hanging fruit on earnings growth.</li>
<li>The stock trades at 18x PE (9x ex-cash and real estate). With an 80-100% payout, the dividend yield is 5-6%, so you are paid to wait for future catalysts. Our meeting with management in Manila last week gives us added confidence. </li>
</ul>



Philippine Stock Exchange (PSE PM) is a monopoly making &gt;60%&gt;/45% EBITDA/NPAT margins across its history with ex-cash ROCE's &gt;30% (cash at five bn pesos is 33% of market cap).
With a relatively low penetration of brokerage accounts (1.5%), an underowned market with 100mn USD volume, and low fee structures, there is ample low-hanging fruit on earnings growth.
The stock trades at 18x PE (9x ex-cash and real estate). With an 80-100% payout, the dividend yield is 5-6%, so you are paid to wait for future catalysts. Our meeting with management in Manila last week gives us added confidence. 


Philippines Exchange (PSE PM): Deep Value Exchange With Growth Option Embedded