Philippines

Concepcion Industrial (CIC PM)

Philippine air-conditioning giant at 7x P/E and 7% dividend yield

Asian Terminals (ATI PM)

Duopoly port operator at 10x P/E and 6% dividend yield

Ginebra San Miguel (GSMI PM)

The world’s largest gin producer at 7x P/E

The Philippine Stock Exchange (PSE PM)

Exchange monopoly at a reasonable price with a GGash kicker

Travel notes: Manila

Estimated reading time: 9 minutes

MacroAsia (MAC PM)

The leading aviation services business in the Philippines enjoying a COVID recovery

Deep-dive 2022-1: Holcim Philippines

The highest-quality cement producer in Asia trading at a decade low valuation

Deep-dive 2021-13: Bloomberry Resorts