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Ginebra San Miguel (GSMI PM)

The world’s largest gin producer at 7x P/E
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Ginebra San Miguel (GSMI PM - US$838 million) is the leading gin producer in the Philippines. It’s also the largest gin producer globally, selling 37 million cases annually.

The company dominates the gin market with an estimated 95% market share. But if you define the spirits market more broadly, there is competition from rum (Tanduay) and brandy (Emperador). Geographically, gin is more popular on the northern island of Luzon, while rum is more popular in the southern parts of Visayas and Mindanao.

The biggest draw of Ginebra is the low price. A 700ml bottle of gin costs 120 Philippine pesos, or roughly US$2. The taste is a bit rough around the edges, but for the price — I can’t complain.

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Michael Fritzell