As of: 6/17/2013

Ticker

Company Name

Price

COL
Rating

Date of
Update

COL
FV

Buy
Below

Outstanding
Shares (Mil)

Market Cap
(PhpMil)

2010

1,295,914
284,322
305,847
89,164
34,473
241,965
92,871
76,157
84,396
86,720

236,596
51,999
38,997
13,319
7,394
48,100
21,722
24,925
13,209
16,930

252,019
54,678
41,758
12,744
7,304
48,980
26,826
26,968
11,659
21,103

2,068,688
31,672
250,193
60,928
115,005
45,144
132,244
14,218
110,625
63,571
29,308
168,829
7,469
377,578
139,970
70,469
24,361
44,085
131,064
96,548
62,356
93,053
1,916,440
343,973
268,363
232,098
47,795
134,560
265,090
624,561

661,037
27,860
59,551
1,263
29,089
43,484
6,888
24,902
53,290
12,015
23,759
3,853
38,161
18,565
11,013
4,515
8,336
229,094
29,108
13,394
22,898
524,363
82,080
72,017
36,883
61,508
5,999
100,696
165,179

587,809
26,357
136,047
211,797
239,965
811,979
197,949
614,031
1,041,728
393,975
16,482
43,407
102,008
87,199
68,978
280,411
49,269

Banks and Financials

BDO
BPI
CHIB
EW
MBT
PNB
RCB
SECB
UBP

BANCO DE ORO
BANK OF PHILIPPINE ISLANDS
CHINA BANKING CORP
EASTWEST BANKING CORP
METROPOLITAN BANK & TRUST
PHILIPPINE NATIONAL BANK
RIZAL COMMERCIAL BANKING CORP c
SECURITY BANK CORP
UNION BANK OF PHILIPPINES c

79.40
86.00
68.70
30.55
114.60
85.50
59.70
168.00
135.20

BUY
BUY
HOLD
BUY
BUY
HOLD
N/A
BUY
N/A

02/19/13
05/03/13
02/19/13
02/19/13
02/19/13
05/22/13
N/A
02/19/13
N/A

112.00
118.00
68.00
42.00
149.00
112.00
N/A
237.00
N/A

97.40
102.60
59.10
36.50
129.60
97.40
N/A
206.10
N/A

3,581
3,556
1,298
1,128
2,111
662
1,141
502
641

38.50
34.00
5.77
10.86
74.50
49.80
13.72
5.90
18.90
8.72
83.00
7.47
335.00
5.38
35.00
19.20
17.50
13.98
34.90
12.64
261.20

N/A
HOLD
N/A
HOLD
HOLD
HOLD
HOLD
BUY
BUY
N/A
BUY
N/A
BUY
HOLD
BUY
HOLD
HOLD
N/A
BUY
N/A
BUY

N/A
02/19/13
N/A
02/19/13
02/19/13
02/22/13
05/17/13
04/05/13
04/05/13
N/A
04/26/13
N/A
02/19/13
05/09/13
03/25/13
05/17/13
02/19/13
N/A
02/19/13
N/A
05/17/13

N/A
40.60
N/A
17.40
80.40
51.21
16.50
8.00
29.50
N/A
106.50
N/A
380.00
6.55
44.00
19.15
18.40
N/A
48.00
N/A
324.00

N/A
35.30
N/A
15.10
69.90
44.50
14.30
6.96
25.70
N/A
92.60
N/A
330.40
5.70
38.30
16.70
16.00
N/A
41.70
N/A
281.70

780
7,359
10,559
10,590
606
2,655
1,036
18,750
3,350
3,364
1,942
982
1,127
24,614
2,041
1,114
2,517
9,375
2,766
4,933
356

574.00
48.60
22.60
86.50
772.00
39.00
991.00

BUY
N/A
HOLD
BUY
N/A
N/A
HOLD

02/19/13
N/A
05/16/13
04/05/13
N/A
N/A
02/19/13

640.00
N/A
28.11
134.40
N/A
N/A
1,030.00

556.50
N/A
24.40
116.90
N/A
N/A
895.70

594
5,522
10,110
605
174
6,797
623

7.38
130.00
89.00
110.00

BUY
HOLD
N/A
BUY

04/26/13
02/19/13
N/A
02/25/13

10.00
135.00
N/A
110.50

8.70
117.40
N/A
96.10

3,571
1,047
2,373
2,182

GLOBE TELECOM INC

PHILIPPINE LONG DISTANCE TEL

1,495.00
2,842.00

HOLD
BUY

05/09/13
02/19/13

1,370.00
3,500.00

1,191.30
3,043.50

132
213

AYALA LAND INC

CENTURIES PROPERTIES GROUP
FILINVEST LAND INC
MEGAWORLD CORP
ROBINSONS LAND
c
SM DEVELOPMENT CORP
SM PRIME HOLDINGS
VISTA LAND & LIFESCAPES INC

27.80
1.70
1.79
3.47
21.30
7.44
16.14
5.77

HOLD
BUY
BUY
BUY
BUY
N/A
N/A
HOLD

02/19/13
02/28/13
05/16/13
04/18/13
06/10/13
N/A
06/06/13
05/16/13

28.30
2.80
2.36
4.90
28.17
N/A
N/A
6.52

24.60
2.43
2.05
4.26
24.50
N/A
N/A
5.67

13,752
8,900
24,250
28,324
4,094
9,271
17,374
8,405

Commercial and Industrial

ABS
AP
BEL
BLOOM
CEB
DMC
EEI
EDC
FGEN
GMA7
ICT
LR
MER
MPI
MWC
MWIDE
NIKL
PCOR
PGOLD
PX
SCC

ABS-CBN BROADCASTING CORP c

ABOITIZ POWER CORP
BELLE CORP c
BLOOMBERY RESORTS CORP
CEBU AIR INC
DMCI HOLDINGS INC
EEI CORPORATION
PNOC ENERGY DEV CORP
FIRST GEN CORPORATION
GMA NETWORK INC c
INTL CONTAINER TERM SVCS
LIESURE & RESORTS WORLD CORP c
MANILA ELECTRIC COMPANY
METRO PACIFIC INVESTMENTS
MANILA WATER COMPANY
MEGAWIDE CONSTRUCTION CORP
NICKEL ASIA CORP
c
PETRON CORP
PUREGOLD PRICE CLUB INC
c
PHILEX MINING CORP
SEMIRARA MINING

Conglomerates
AC
AEV
AGI
FPH
GTCAP
JGS
SM

AYALA CORPORATION
c
ABOITIZ EQUITY VENTURES INC
ALLIANCE GLOBAL
FIRST PHILIPPINE HLDGS
c
GT CAPITAL HLDGS
c
JG SUMMIT HLDGS
SM INVESTMENTS CORP

Consumer
DNL
JFC
SMC
URC

D&L INDUSTRIES, INC

JOLLIBEE FOODS CORPORATION
SAN MIGUEL CORP c
UNIVERSAL ROBINA CORPORATION

Telecoms
GLO
TEL

Property
ALI
CPG
FLI
MEG
RLC
SMDC
SMPH
VLL

MARKET
PSEi
PSEi ex-TEL, GLO
*
c

Source: Bloomberg
Consensus Forecast

Revenue
2011
2012E

Revenue Growth
2011
2012E

2013E

2010

260,879
57,826
47,374
12,971
8,866
53,996
27,107
22,135
13,936
16,668

283,820
66,276
51,432
14,237
10,463
57,232
28,819
24,278
13,116
17,967

12%
13%
13%
8%
36%
10%
6%
11%
67%
-5%

7%
5%
7%
-4%
-1%
2%
23%
8%
-12%
25%

4%
6%
13%
2%
21%
10%
1%
-18%
20%
-21%

2013E
9%
15%
9%
10%
18%
6%
6%
10%
-6%
8%

754,182
25,143
54,476
697
33,935
47,803
8,775
24,540
57,615
11,157
28,784
3,846
48,315
22,070
12,004
7,742
12,389
273,956
38,988
16,134
25,814
699,573
100,238
68,915
107,490
78,532
7,179
118,675
218,545

927,506
27,920
61,023
650
38,568
54,229
12,712
28,369
64,134
12,934
30,631
49,100
27,047
14,553
10,029
11,157
388,758
56,314
10,696
28,683
797,064
112,271
85,049
125,633
76,361
23,969
134,957
238,824

1,054,765
33,672
63,324
1,315
15,736
47,587
63,070
15,386
29,292
62,412
37,598
50,870
30,351
16,747
11,894
11,222
446,130
74,146
7,183
36,830
890,037
112,271
84,610
125,633
80,908
99,699
148,091
238,824

34%
12%
157%
-10%
25%
59%
10%
13%
10%
-13%
18%
-1%
37%
15%
16%
129%
78%
30%
21%
48%
92%
19%
30%
112%
15%
8%
50%
-3%
12%

14%
-10%
-9%
-45%
17%
10%
27%
-1%
8%
-7%
21%
0%
27%
19%
9%
71%
49%
20%
34%
20%
13%
33%
22%
-4%
191%
28%
20%
18%
32%

23%
11%
12%
-7%
14%
13%
45%
16%
11%
16%
6%
2%
23%
21%
30%
-10%
42%
44%
-34%
11%
14%
12%
23%
17%
-3%
234%
14%
9%

14%
21%
4%
102%
23%
16%
21%
3%
-3%
23%
4%
12%
15%
19%
1%
15%
32%
-33%
28%
12%
0%
-1%
0%
6%
316%
10%
0%

357,229
9,947
53,353
246,156
57,720
222,151
65,548
156,603
83,228
35,408
2,785
7,064
16,038
10,595
N/A
N/A
11,339

665,498
3,502
62,555
535,775
67,168
245,233
82,683
162,550
98,431
41,231
3,952
6,956
20,106
12,673
N/A
N/A
13,513

826,524
10,876
72,430
680,932
73,162
255,181
82,683
172,498
120,926
48,696
9,065
8,767
24,316
14,348
N/A
N/A
15,734

920,053
11,944
79,642
759,093
81,318
259,712
86,989
172,723
141,606
56,689
11,648
10,874
28,393
15,979
N/A
N/A
18,023

31%
9%
11%
41%
14%
0%
3%
-1%
23%
28%
133%
92%
8%
1%
N/A
N/A
18%

86%
-65%
17%
118%
16%
10%
26%
4%
18%
16%
42%
-2%
25%
20%
N/A
N/A
19%

24%
211%
16%
27%
9%
4%
0%
6%
23%
18%
129%
26%
21%
13%
N/A
N/A
16%

11%
10%
10%
11%
11%
2%
5%
0%
17%
16%
28%
24%
17%
11%
N/A
N/A
15%

7,722,558

2,084,605

2,714,936

3,188,079

3,549,993

22%

30%

17%

11%

6,473,535

1,576,742

2,116,205

2,432,677

2,611,775

22%

34%

15%

7%

5,661,555

1,354,591

1,870,972

2,177,496

2,352,062

27%

38%

16%

8%

2010

Net Income
2011
2012E

2013E

2010

Net Income Growth

2011
2012E

2013E

2010

2011

EPS
2012E

2013E

2010

EPS Growth
2011
2012E

3.37
3.38
3.86
2.63
4.18
4.03
4.06
17.10
8.35

3.91
3.61
3.86
2.52
5.02
7.05
4.45
13.34
10.28

4.01
4.23
3.73
1.87
5.80
4.95
4.68
14.95
11.62

4.25
4.72
4.18
1.91
6.36
4.99
5.45
13.17
11.96

41%
31%
29%
22%
117%
36%
22%
30%
109%
24%

8%
16%
7%
0%
-4%
20%
75%
10%
-22%
23%

4.21
3.40
0.08
11.78
2.96
0.63
0.22
0.95
0.58
2.34
0.25
8.59
0.14
1.62
0.58
1.49
0.77
0.40
0.81
12.10

3.26
2.94
0.03
5.93
3.61
0.71
-0.01
0.32
0.35
2.73
-0.04
11.73
0.22
1.74
0.68
1.76
0.90
0.97
1.17
16.93

2.26
3.29
0.03
3.84
5.00
0.87
0.46
1.89
0.46
2.65
15.87
0.23
2.34
0.83
1.33
0.21
1.05
0.50
15.69

2.92
2.82
0.09
0.22
4.07
6.03
1.00
0.44
1.49
3.19
15.98
0.28
2.71
1.01
1.35
0.55
1.45
0.15
25.92

17.13
3.96
0.71
41.08
2.42
30.17

16.27
3.84
1.18
3.10
3.19
34.68

18.60
4.07
1.23
2.52
32.75
1.90
38.96

23.59
3.70
1.46
4.04
47.63
2.07
42.90

73%
89%
342%
21%
111%
67%
17%
24%
53%
0%
70%
3%
58%
-22%
24%
346%
548%
71%
261%
39%
82%
82%
20%
165%
44%
197%
92%
15%

54,749
8,825
11,312
5,003
1,811
8,366
2,671
4,248
7,160
5,353

64,119
10,531
12,822
5,009
1,731
11,031
4,669
5,029
6,701
6,595

73,241
12,893
15,043
4,845
1,796
12,728
5,380
5,597
7,508
7,451

79,865
15,551
16,772
5,431
2,152
13,910
5,418
6,347
6,615
7,670

43%
46%
33%
22%
191%
39%
22%
28%
134%
24%

17%
19%
13%
0%
-4%
32%
75%
18%
-6%
23%

14%
22%
17%
-3%
4%
15%
15%
11%
12%
13%

9%
21%
11%
12%
20%
9%
1%
13%
-12%
3%

93,605
3,179
25,041
466
6,922
7,867
657
4,116
3,165
2,821
4,430
205
9,685
2,871
3,979
335
1,547
7,894
510
3,963
3,953
102,548
11,161
21,865
6,909
24,850
3,002
16,322
18,440

95,513
2,420
21,608
201
3,624
9,595
741
-167
1,516
1,705
5,651
-36
13,227
5,059
4,266
750
3,536
8,469
1,545
5,771
6,031
90,373
9,395
21,191
11,608
2,117
3,324
21,513
21,225

111,727
1,731
24,191
399
2,324
13,271
900
8,659
6,426
2,210
6,014
18,181
5,512
5,717
920
2,660
2,017
2,560
2,447
5,589
89,699
11,038
22,464
12,652
1,616
5,174
12,922
23,834

121,921
2,349
20,772
906
2,289
2,465
16,016
1,039
8,341
4,998
7,090
19,352
6,724
6,628
1,121
2,723
4,919
4,008
946
9,236
100,713
14,001
19,538
14,989
2,266
8,158
15,523
26,238

100%
87%
343%
21%
112%
67%
17%
24%
297%
0%
70%
2%
61%
25%
23%
371%
411%
86%
288%
40%
114%
81%
37%
163%
44%
185%
37%
91%
15%

2%
-24%
-14%
-57%
-48%
22%
13%
-104%
-52%
-40%
28%
-118%
37%
76%
7%
124%
129%
7%
203%
46%
53%
-12%
-16%
-3%
68%
-91%
11%
32%
15%

17%
-28%
12%
99%
-36%
38%
21%
324%
30%
6%
37%
9%
34%
23%
-25%
-76%
66%
-58%
-7%
-1%
17%
6%
9%
-24%
56%
-40%
12%

9%
36%
-14%
127%
6%
21%
16%
-4%
-22%
18%
6%
22%
16%
22%
2%
144%
57%
-61%
65%
12%
27%
-13%
18%
40%
58%
20%
10%

30,998
701
3,090
20,091
7,817
51,773
9,745
42,028
20,267
5,458
225
2,952
5,026
3,593
N/A
N/A
3,013

25,386
670
3,232
17,518
4,636
49,065
10,030
39,035
24,238
7,140
864
2,942
5,789
3,974
N/A
N/A
3,528

24,903
1,030
3,465
14,468
6,970
48,499
11,182
37,317
29,630
8,748
1,860
3,358
6,899
4,630
N/A
N/A
4,135

32,326
1,350
3,800
19,613
8,913
51,466
11,572
39,894
34,418
10,103
2,281
4,007
8,013
5,220
N/A
N/A
4,794

-52%
210%
16%
-65%
101%
-4%
-22%
2%
24%
35%
-68%
46%
24%
10%
N/A
N/A
31%

-18%
-4%
5%
-13%
-41%
-5%
3%
-7%
20%
31%
284%
0%
15%
11%
N/A
N/A
17%

-2%
54%
7%
-17%
50%
-1%
11%
-4%
22%
23%
115%
14%
19%
17%
N/A
N/A
17%

30%
31%
10%
36%
28%
6%
3%
7%
16%
15%
23%
19%
16%
13%
N/A
N/A
16%

353,941

348,694

377,698

420,708

28%

-1%

8%

11%

276,505

287,054

315,983

347,122

19%

4%

10%

10%

224,732

237,989

267,483

295,656

26%

6%

12%

11%

0.28
3.01
6.18
3.75

0.40
3.14
4.97
2.25

0.41
3.36
6.13
3.38

0.38
3.68
6.25
4.09

73.63
225.00

75.83
203.80

83.90
192.47

86.60
208.38

0.41
0.06
0.12
0.20
1.31
N/A
N/A
0.36

0.55
0.10
0.12
0.22
1.16
N/A
N/A
0.42

0.67
0.21
0.14
0.23
1.13
N/A
N/A
0.48

0.78
0.26
0.17
0.27
1.28
N/A
N/A
0.56

288

292

323

349

P/E (x)
2011
2012E

P/BV
Trailing

ROE
Trailing

Div Yield
2012

2.48
4.65
1.42
4.53
1.57
1.20
1.48

2.0
1.7
2.9
1.9
1.7
1.9
1.1
1.7
2.2
1.6

17.4
16.0
18.9
13.3
12.8
19.1
9.8
15.1
21.9
18.0

1.4%
1.3%
2.1%
1.7%
0.0%
0.9%
0.0%
1.9%
1.2%
2.2%

1.39
2.49

2.6
1.5
2.9
3.7
7.1
1.9
2.6
2.7
3.3
1.1
4.8
3.5
2.6
5.8
1.6
2.6
4.5
2.3
1.4
7.5
2.8
5.2
2.4
2.7
2.7
2.7
0.7
2.5
1.6
3.0

17.0
10.0
29.3
8.1
-13.3
17.3
39.6
21.0
27.9
11.9
15.5
10.7
11.4
27.7
8.0
21.4
11.3
1.1
27.2
-2.8
32.7
15.1
9.7
27.7
17.7
14.7
8.6
14.1

1.4%
2.2%
2.9%
0.0%
0.0%
0.0%
1.0%
0.7%
2.4%
0.0%
0.8%
3.1%
0.6%
2.2%
0.0%
2.2%
0.6%
0.6%
0.8%
3.8%
1.4%
0.3%
3.7%
1.6%
2.3%
0.4%
0.4%
1.2%

1.62
2.17
0.13
0.75
1.64
3.74
N/A
N/A
0.76

2.2
3.3
6.2
0.9
4.7
4.7
4.8
4.7
2.3
4.4
1.5
0.9
1.4
1.8
N/A
N/A
1.1

15.5
19.9
18.7
7.2
18.5
24.0
11.1
25.9
8.8
12.7
24.0
7.9
10.3
9.4
N/A
N/A
10.7

1.4%
1.3%
0.9%
1.4%
1.6%
5.9%
4.5%
6.1%
0.7%
0.4%
0.6%
2.6%
1.0%
1.8%
N/A
N/A
2.4%

17.6

2.18

2.5

16.3

1.8%

17.9

2.08

2.7

17.8

2.0%

18.8

1.79

2.5

16.7

1.4%

2013E

2010

2013E

8%
3%
17%
-3%
-26%
16%
-30%
5%
12%
13%

6%
6%
12%
12%
2%
10%
1%
17%
-12%
3%

20.2
23.6
25.4
17.8
11.6
27.4
21.2
14.7
9.8
16.2

18.8
20.3
23.8
17.8
12.1
22.8
12.1
13.4
12.6
13.2

17.4
19.8
20.3
18.4
16.3
19.8
17.3
12.8
11.2
11.6

16.4
18.7
18.2
16.4
16.0
18.0
17.1
11.0
12.8
11.3

-3%
-22%
-14%
-57%
-50%
22%
13%
-104%
-66%
-40%
16%
-116%
37%
56%
7%
17%
18%
17%
141%
45%
40%
-13%
-5%
-3%
66%
-92%
32%
15%

16%
-31%
12%
5%
-35%
39%
21%
490%
30%
-3%
35%
4%
35%
22%
-25%
-76%
8%
-57%
-7%
4%
14%
6%
4%
-19%
-40%
12%

11%
29%
-14%
171%
6%
21%
16%
-4%
-21%
21%
1%
22%
16%
22%
2%
160%
38%
-71%
65%
10%
27%
-9%
19%
60%
45%
9%
10%

21.6
9.1
10.0
76.9
6.3
16.8
21.6
26.9
20.0
15.0
35.4
30.2
39.0
37.9
21.6
33.1
11.7
18.2
86.6
15.7
21.6
18.8
33.5
12.3
31.8
2.1
16.1
32.8

22.3
11.8
11.6
177.5
12.6
13.8
19.2
59.0
24.9
30.4
28.6
24.3
20.1
28.2
9.9
15.5
36.0
10.8
15.4
21.6
35.3
12.7
19.2
27.9
12.2
28.6

19.2
17.0
10.3
169.7
19.4
10.0
15.8
12.8
10.0
19.2
31.4
21.1
23.4
15.0
23.1
13.2
65.6
33.2
25.4
16.6
20.7
30.9
11.9
18.4
34.3
23.6
20.5
25.4

17.2
13.2
12.1
62.7
50.3
18.3
8.3
13.7
13.4
12.6
26.0
21.0
19.2
12.9
19.0
12.9
25.3
24.1
10.1
18.8
24.3
13.1
15.5
21.4
16.2
18.9
23.1

-43%
15%
-68%
108%
0%
-22%
2%
21%
32%
0%
33%
14%
10%
N/A
N/A
28%

-23%
42%
4%
-20%
-40%
-8%
3%
-9%
15%
34%
54%
0%
12%
-11%
N/A
N/A
17%

28%
3%
7%
23%
50%
-4%
11%
-6%
14%
22%
115%
15%
3%
-3%
N/A
N/A
15%

10%
-8%
10%
2%
21%
8%
3%
8%
17%
16%
23%
20%
16%
13%
N/A
N/A
17%

24.6
26.3
43.1
14.4
29.3
13.3
20.3
12.6
31.9
67.8
27.0
14.9
17.4
16.3
N/A
N/A
16.2

32.2
18.5
41.4
17.9
48.9
14.5
19.7
13.9
27.7
50.5
17.5
14.9
15.4
18.4
N/A
N/A
13.8

25.2
17.9
38.7
14.5
32.5
15.1
17.8
14.8
24.4
41.5
8.1
13.0
15.0
18.8
N/A
N/A
12.0

22.9
19.5
35.3
14.3
26.9
14.0
17.3
13.6
20.9
35.6
6.6
10.8
12.9
16.6
N/A
N/A
10.3

32%

-5%

8%

9%

19.8

20.8

19.2

21%

1%

10%

8%

21.6

21.3

19.3

30%

5%

14%

8%

24.3

23.3

20.4

PEG
2012

0.34
0.86
0.09
3.84
1.26
1.86
0.60
1.06
1.49
0.70
2.87
1.51
1.62
2.42
2.27
1.37
4.67
1.20
0.94
2.59
-