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): Slow Q4 2023, FY24 Catalysts in the Pipeline

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

The Week That Was in ASEAN@Smartkarma - Kalbe Farma, Grab Holdings, and Philippine StockExchange

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

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>Q3 2023 results for the <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> were uneventful. EBITDA margins were rock solid at&gt;60%, and net margins were&gt;40%. Revenues and profits were up 1.3%/51% YoY.</li>
<li>Cash and Investments at 4.8 bn pesos account for 32% of the market capitalization. The cash will aid in acquiring the remaining 79% stake in PDS.</li>
<li>Trading at 19x/17x FY23e/24e and a dividend yield of 5.3%/5.9%, there are several catalysts to drive earnings over the next few years (and investors are paid to wait). </li>
</ul>


Q3 2023 results for the Philippine Stock Exchange / (PSE PM) were uneventful. EBITDA margins were rock solid at&gt;60%, and net margins were&gt;40%. Revenues and profits were up 1.3%/51% YoY.
Cash and Investments at 4.8 bn pesos account for 32% of the market capitalization. The cash will aid in acquiring the remaining 79% stake in PDS.
Trading at 19x/17x FY23e/24e and a dividend yield of 5.3%/5.9%, there are several catalysts to drive earnings over the next few years (and investors are paid to wait). 


Philippines Exchange (PSE PM): Updates from Q3/Q4, Catalysts Lining Up for Long-Term