F. Yap Securities, Inc.

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TECHNICAL ANALYSIS

A member of the Philippine Stock Exchange

07 June 2012

First Philippine Holdings Corporation (FPH)

1-year chart

6-month chart

Closing: P70.95 (07 June 2012)

Support 1: P70.00
Resistance 1: P72.00
Support 2: P68.00

Resistance 2: P73.00

FPH plans energy portfolio expansion

FPH units plan to create 400MW-500MW additional
capacity in the next 2-3 years, at an estimated cost of
$1.5bn. Meanwhile, the company is on track to triple net
income this year from P3.4bn (attributable to parent only).

Following a break-out from an ascending triangle in

April, the stock is currently consolidating between
P60-P70/share.
Uptrend momentum is confirmed by a bullish flagand-pole pattern.
Buy on dips.
Immediate upside is seen around P90, if participation
in end-May is sustained.

The Information contained herein was obtained from sources which we believe to be reliable, but whose accuracy and completeness we do not guarantee.
This document is for information purposes only and does not constitute a solicitation by us for the purchase and sale of any securities mentioned herein.