As of: 2/4/2016

Price

COL
Rating

Date of
Update

COL
FV

Buy
Below

Consensus
FV

Outstanding
Shares (Mil)

99.00
90.00
35.10
16.12
72.00
51.35
33.00
142.40
56.30

HOLD
HOLD
HOLD
BUY
BUY
BUY
N/A
HOLD
BUY

1/5/16
1/5/16
1/5/16
1/5/16
1/5/16
1/5/16
N/A
1/22/16
1/5/16

106.00
89.00
39.00
26.00
92.00
63.00
N/A
165.00
77.00

92.00
77.00
31.00
20.80
80.00
50.00
N/A
137.00
61.00

117.00
90.27
39.78
21.85
96.20
63.43
38.50
170.00
62.82

3,581
3,932
1,854
1,162
2,830
1,249
1,276
603
1,058

54.80
77.15
5.32
6.60
56.30
5.00
9.00
24.80
5.50
6.53

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

1/5/16
1/5/16
1/5/16
1/5/16
1/5/16
1/5/16
N/A
1/5/16
N/A
N/A

67.50
134.00
12.10
7.40
94.20
9.60
N/A
22.10
N/A
N/A

56.00
116.00
9.60
5.90
75.00
7.60
N/A
N/A
N/A
N/A

71.90
111.18
9.60
7.85
83.38
8.89
23.48
12.50

872
606
1,036
3,361
2,036
1,857
5,824
2,047
2,399
9,375

678.00
57.25
14.46
7.41
11.80
56.80
1,250.00
65.00
15.70
5.38
840.00
73.40

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

1/5/16
1/5/16
1/5/16
1/5/16
1/5/16
1/5/16
1/5/16
1/5/16
N/A
1/27/16
1/5/16
N/A

800.00
49.20
19.95
11.04
14.00
138.20
1,280.00
65.20
N/A
6.46
750.00
N/A

695.00
42.00
15.90
8.80
11.20
115.00
1,113.00
56.00
N/A
5.30
652.00
N/A

816.71
55.75
19.06
10.82
13.26
138.20
1,387.38
67.25
14.78
6.51
917.33
-

619
5,544
10,147
7,405
13,277
554
174
7,017
10,821
26,046
796
2,378

37.15
16.00
7.86
7.28
207.00
33.65
3.05
3.80
60.25
194.60

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

1/5/16
1/14/16
1/5/16
1/5/16
1/5/16
1/5/16
N/A
N/A
1/5/16
1/5/16

41.30
21.50
8.30
8.23
175.50
45.55
N/A
N/A
70.40
183.00

33.00
17.20
7.20
6.50
146.00
37.00
N/A
N/A
58.00
152.00

50.65
21.89
9.80
9.24
219.58
43.48
3.40
#N/A N/A
83.77
219.41

340
2,231
7,143
16,120
1,067
2,766
3,694
3,500
1,385
2,182

2.43
4.22
7.30
2.14
3.76

HOLD
HOLD
N/A
HOLD
BUY

1/5/16
1/5/16
N/A
1/5/16
1/5/16

3.67
7.40
N/A
3.27
5.10

2.90
5.90
N/A
2.60
4.00

3.72
7.02
4.67
4.64

10,559
11,033
1,180
4,911
15,756

NICKEL ASIA CORP

PHILEX MINING CORP
SEMIRARA MINING

5.09
4.68
124.50

HOLD
HOLD
HOLD

1/5/16
1/5/16
1/5/16

7.12
4.85
144.00

5.60
3.80
115.00

7.47
6.13
149.07

7,592
4,940
1,069

ABOITIZ POWER CORP

PNOC ENERGY DEV CORP
FIRST GEN CORPORATION
MANILA ELECTRIC COMPANY

41.85
5.26
18.92
306.80

HOLD
BUY
BUY
HOLD

1/5/16
1/5/16
1/5/16
1/5/16

43.80
8.22
32.70
294.00

38.00
6.50
28.00
255.00

40.79
7.53
29.47
334.41

7,359
18,750
3,643
1,127

AYALA LAND INC

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

32.00
0.51
1.50
3.47
26.00
21.00
4.24

BUY
BUY
BUY
BUY
HOLD
HOLD
BUY

1/5/16
1/5/16
1/5/16
1/5/16
1/5/16
1/5/16
1/5/16

41.67
1.13
2.24
5.58
29.60
21.70
8.92

36.00
0.90
1.90
4.60
25.70
18.80
7.10

41.74
1.13
2.11
5.49
32.22
23.15
8.44

14,190
11,600
24,250
32,363
4,094
28,879
8,539

1,855.00
2,136.00

HOLD
BUY

1/5/16
1/5/16

1,682.00
2,965.00

1,345.00
2,372.00

2,121.25
2,302.74

133
216

Ticker

Company Name

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

Commercial and Industrial

ABS
CEB
EEI
GMA7
ICT
IMI
LRI
MWC
MWIDE
PCOR

ABS-CBN BROADCASTING CORP

CEBU AIR INC
EEI CORPORATION
GMA NETWORK INC
INTL CONTAINER TERM SVCS
INTEGRATED MICRO-ELECTRONICS INC
LAFARGE REPUBLIC INC c
MANILA WATER COMPANY
MEGAWIDE CONSTRUCTION CORP c
PETRON CORP c

Conglomerates
AC
AEV
AGI
COSCO
DMC
FPH
GTCAP
JGS
LTG
MPI
SM
SMC

AYALA CORPORATION
ABOITIZ EQUITY VENTURES INC
ALLIANCE GLOBAL
COSCO CAPITAL INC
DMCI HOLDINGS INC
FIRST PHILIPPINE HLDGS
GT CAPITAL HLDGS
JG SUMMIT HLDGS
LT GROUP INC c
METRO PACIFIC INVESTMENTS
SM INVESTMENTS CORP
SAN MIGUEL CORP c

Consumer
CIC
CNPF
DNL
EMP
JFC
PGOLD
PIP
RFM
RRHI
URC

CONCEPCION INDUSTRIAL CORPORATION

CENTURY PACIFIC FOOD INC
D&L INDUSTRIES INC
EMPERADOR INC
JOLLIBEE FOODS CORPORATION
PUREGOLD PRICE CLUB INC
PEPSI-COLA PRODUCTS PHILS. INC c
RFM CORPORATION c
ROBINSONS RETAIL HOLDINGS INC
UNIVERSAL ROBINA CORPORATION

Gaming
BEL
BLOOM
LR
MCP
RWM

BELLE CORP
BLOOMBERY RESORTS CORP
LIESURE & RESORTS WORLD CORP c
MELCO CROWN PHILS RESORTS CORP
TRAVELLERS INTERNATIONAL HOTEL GROUP INC

Mining
NIKL
PX
SCC

Power
AP
EDC
FGEN
MER

Property
ALI
CPG
FLI
MEG
RLC
SMPH
VLL

Telecoms
GLO
TEL

GLOBE TELECOM INC

PHILIPPINE LONG DISTANCE TEL

MARKET
PSEi
PSEi ex-TEL, GLO
*
c

Source: Bloomberg
Consensus Forecast

Market Cap
(PhpMil)

2013

Revenue
2014
2015E

2016E

2013

Revenue Growth
2014
2015E

1,288,497
360,892
353,618
65,066
24,180
228,972
64,143
46,197
85,843
59,585
422,594
46,624
46,749
5,513
22,183
114,472
9,284
52,414
50,938
13,197
61,219
2,981,966
420,096
317,982
148,502
54,727
156,674
31,456
217,875
465,585
169,896
150,023
674,567
174,584

321,455
75,010
52,498
15,097
13,165
78,924
24,565
28,391
12,312
21,493
679,152
33,198
41,004
10,524
12,951
36,188
31,630
23,212
15,926
10,880
463,638
1,151,362
136,941
89,570
113,206
77,180
55,971
92,953
97,947
147,633
55,792
30,877
253,293
748,241

335,232
80,712
55,787
18,848
14,886
74,894
26,412
26,565
16,769
20,359
732,989
33,261
52,000
17,080
11,983
47,111
37,491
25,128
16,357
10,042
482,535
1,322,989
156,416
107,989
120,595
98,787
56,561
99,191
136,962
184,812
52,125
33,832
275,718
782,434

342,000
87,014
61,459
18,771
16,254
69,919
26,809
24,035
18,752
18,988
590,245
40,640
56,918
18,656
13,853
50,921
45,799
17,088
346,372
1,481,909
171,498
99,862
138,924
101,876
69,202
99,712
162,474
245,168
56,993
35,058
301,142
-

377,066
94,899
68,254
20,480
18,578
76,270
28,416
26,884
21,852
21,433
671,211
47,706
59,246
20,389
15,519
56,707
49,968
17,359
404,316
1,623,813
184,927
110,294
146,679
114,139
78,943
110,297
188,662
259,091
62,586
40,633
327,561
-

20%
24%
11%
8%
35%
41%
40%
-5%
-12%
19%
10%
15%
8%
-23%
7%
18%
13%
16%
9%
33%
9%
20%
25%
15%
20%
27%
8%
-7%
507%
9%
-11%
11%
13%
7%

4%
8%
6%
25%
13%
-5%
8%
-6%
36%
-5%
8%
0%
27%
62%
-7%
30%
19%
8%
3%
-8%
4%
15%
14%
21%
7%
28%
1%
7%
40%
25%
-7%
10%
9%
5%

2%
8%
10%
0%
9%
-7%
2%
-10%
12%
-7%
-19%
22%
9%
9%
16%
8%
22%
4%
-28%
12%
10%
-8%
15%
3%
22%
1%
19%
33%
9%
4%
9%
-

10%
9%
11%
9%
14%
9%
6%
12%
17%
13%
14%
17%
4%
9%
12%
11%
9%
2%
17%
10%
8%
10%
6%
12%
14%
11%
16%
6%
10%
16%
9%
-

1,070,895
12,617
37,771
56,143
117,354
221,422
93,055
11,266
13,302
83,446
424,520
152,018
25,513
46,427
8,759
12,077
59,242

400,396
7,588
19,023
10,766
28,607
80,283
73,177
22,462
10,240
67,254
80,995
50,876
2,624
12,290
5,061
53
30,848

461,675
9,175
20,439
16,121
31,458
90,671
84,697
25,325
11,010
80,401
92,376
63,272
3,164
24,037
6,580
430
29,060

538,073
10,353
22,979
23,360
43,224
100,065
95,701
28,801
11,925
92,615
109,051
70,542
5,336
26,645
14,842
23,720

595,350
11,497
27,899
25,546
44,846
110,011
107,039
32,679
13,011
105,470
117,352
83,523
7,159
29,363
22,899
24,103

24%
9%
69%
25%
13%
27%
15%
-7%
17%
14%
48%
431%
14%
5%

15%
21%
7%
50%
10%
13%
16%
13%
8%
20%
14%
24%
21%
96%
30%
712%
-6%

17%
13%
12%
45%
37%
10%
13%
14%
8%
15%
18%
11%
69%
11%
3350%
-18%

11%
11%
21%
9%
4%
10%
12%
13%
9%
14%
8%
18%
34%
10%
54%
2%

194,849
38,668
23,121
133,059
821,591
307,958
98,575
69,265
345,794
1,390,268
470,260
5,916
36,375
111,871
106,440
606,464
52,943
707,732
246,237
461,495
8,835,561

48,243
11,110
9,802
27,331
235,646
72,055
25,656
81,284
56,651
221,872
76,337
9,559
12,513
27,740
15,904
59,794
20,025
254,552
90,500
164,052
3,315,312

63,379
24,746
10,048
28,585
260,879
86,759
30,867
84,755
58,498
255,409
89,028
11,316
15,468
34,072
17,051
66,240
22,235
264,095
99,025
165,070
3,696,540

58,254
19,594
8,917
29,743
252,653
75,937
32,645
88,785
55,285
292,247
109,214
12,890
15,586
39,359
19,489
71,474
24,235
265,234
105,768
159,466
3,832,904

64,516
19,137
8,917
36,463
272,107
84,346
34,785
98,640
54,337
331,241
127,236
13,734
18,075
43,886
21,107
79,518
27,685
271,531
111,919
159,612
4,225,843

9%
-4%
13%
13%
14%
16%
-10%
26%
11%
20%
40%
9%
17%
17%
18%
5%
23%
5%
9%
2%
17%

31%
123%
3%
5%
11%
20%
20%
4%
3%
15%
17%
18%
24%
23%
7%
11%
11%
4%
9%
1%
11%

-8%
-21%
-11%
4%
-3%
-12%
6%
5%
-5%
14%
23%
14%
1%
16%
14%
8%
9%
0%
7%
-3%
4%

11%
-2%
0%
23%
8%
11%
7%
11%
-2%
13%
17%
7%
16%
12%
8%
11%
14%
2%
6%
0%
10%

7,687,865

2,568,164

2,843,133

2,927,849

3,217,313

17%

11%

3%

10%

6,980,132

2,313,612

2,579,038

2,662,615

2,945,782

19%

11%

3%

11%

2016E

Ticker
BDO
BPI
CHIB
EW
MBT
PNB
RCB
SECB
UBP
ABS
CEB
EEI
GMA7
ICT
IMI
LRI
MWC
MWIDE
PCOR
AC
AEV
AGI
COSCO
DMC
FPH
GTCAP
JGS
LTG
MPI
SM
SMC
CIC
CNPF
DNL
EMP
JFC
PGOLD
PIP
RFM
RRHI
URC
BEL
BLOOM
LR
MCP
RWM
NIKL
PX
SCC
AP
EDC
FGEN
MER
ALI
CPG
FLI
MEG
RLC
SMPH
VLL
GLO
TEL

2013

Net Income
2014
2015E

2016E

2013

Net Income Growth

2014
2015E

2016E

95,570
22,608
18,811
5,103
2,056
22,488
5,146
5,321
5,012
9,025
29,045
2,146
512
916
1,667
7,318
445
3,647
5,752
1,396
5,247
138,291
12,778
21,027
17,218
3,332
18,864
2,350
8,963
10,434
8,669
7,209
27,446
38,053

93,481
22,805
18,039
5,116
2,073
20,113
5,359
4,411
7,164
8,401
27,748
2,387
853
918
1,005
8,080
1,293
3,212
5,813
868
3,320
138,817
18,609
18,381
13,246
4,027
10,775
5,632
9,153
18,245
4,410
7,940
28,399
14,692

93,077
23,946
19,478
5,125
1,984
18,159
6,147
4,909
7,783
5,546
33,565
2,706
6,949
970
2,365
8,865
1,275
6,006
4,430
159,988
19,595
17,549
14,362
4,470
13,060
5,385
12,685
25,023
5,604
11,399
30,857
-

103,799
26,199
21,899
5,389
2,547
20,270
6,588
5,734
8,707
6,466
39,611
3,799
6,908
1,001
3,018
10,243
1,473
5,707
7,461
175,311
21,924
19,166
15,407
4,873
15,100
6,315
14,995
26,525
7,798
10,388
32,818
-

21%
56%
15%
2%
13%
46%
9%
-11%
-33%
19%
16%
36%
-86%
-6%
3%
21%
89%
30%
5%
38%
208%
5%
22%
-12%
24%
118%
94%
-74%
36%
-23%
-32%
22%
11%
42%

-2%
1%
-4%
0%
1%
-11%
4%
-17%
43%
-7%
-4%
11%
67%
0%
-40%
10%
191%
-12%
1%
-38%
-37%
0%
46%
-13%
-23%
21%
-43%
140%
2%
75%
-49%
10%
3%
-61%

0%
5%
8%
0%
-4%
-10%
15%
11%
9%
-34%
21%
13%
714%
6%
135%
10%
-1%
3%
33%
15%
5%
-5%
8%
11%
21%
-4%
39%
37%
27%
44%
9%
-

12%
9%
12%
5%
28%
12%
7%
17%
12%
17%
18%
40%
-1%
3%
28%
16%
16%
-5%
68%
10%
12%
9%
7%
9%
16%
17%
18%
6%
39%
-9%
6%
-

31,627
541
744
1,399
5,831
4,672
3,959
903
788
2,745
10,045
904
1,619
(1,315)
324
(2,463)
2,740

37,803
637
1,592
2,719
6,204
5,362
4,520
811
838
3,561
11,559
4,998
1,034
4,072
750
(6,303)
5,445

41,051
720
2,027
2,326
6,845
5,507
4,894
944
951
4,307
12,531
(3,545)
1,188
(2,039)
(6,726)
4,032

45,997
823
2,806
2,686
7,107
6,575
5,427
1,005
1,140
4,505
13,922
4,193
2,251
1,287
(3,908)
4,563

35%
27%
38%
17%
25%
46%
6%
17%
129%
29%
-87%
108%
16%
-59%

20%
18%
114%
94%
6%
15%
14%
-10%
6%
30%
15%
453%
-36%
132%
99%

9%
13%
27%
-14%
10%
3%
8%
16%
13%
21%
8%
-171%
15%
7%
-26%

12%
14%
38%
15%
4%
19%
11%
6%
20%
5%
11%
-218%
89%
-42%
13%

9,915
2,054
342
7,520
45,540
18,577
4,740
5,013
17,211
52,291
11,742
1,845
3,918
8,971
4,478
16,275
5,063
40,380
4,960
35,420
433,648

16,418
8,552
1,006
6,861
55,015
16,705
11,681
8,575
18,053
71,552
14,803
2,159
4,534
21,220
4,737
18,390
5,710
47,467
13,376
34,091
476,881

15,404
6,187
1,061
8,156
51,402
16,716
8,814
6,750
19,122
67,020
16,701
2,321
5,092
10,160
5,616
20,911
6,220
47,757
13,519
34,238
490,314

17,424
6,058
968
10,398
56,113
18,062
9,365
8,258
20,429
75,687
19,261
2,473
5,970
11,192
6,185
23,579
7,027
45,659
12,433
33,227
546,369

13%
-7%
64%
18%
-22%
-24%
-47%
-37%
1%
13%
30%
0%
14%
23%
6%
0%
15%
-6%
-28%
-2%
5%

66%
316%
194%
-9%
21%
-10%
146%
71%
5%
37%
26%
17%
16%
137%
6%
13%
13%
18%
170%
-4%
10%

-6%
-28%
6%
19%
-7%
0%
-25%
-21%
6%
-6%
13%
7%
12%
-52%
19%
14%
9%
1%
1%
0%
3%

13%
-2%
-9%
27%
9%
8%
6%
22%
7%
13%
15%
7%
17%
10%
10%
13%
13%
-4%
-8%
-3%
11%

357,730

392,006

402,773

445,336

8%

10%

3%

11%

317,350

344,539

355,016

399,676

10%

9%

3%

13%

2013

EPS
2014

2015E

2016E

6.22
5.19
3.57
1.82
8.02
4.82
3.95
8.31
14.07

6.27
4.62
3.08
1.84
7.15
4.60
3.11
11.88
7.94

6.59
4.96
2.99
1.44
5.76
4.92
3.75
12.91
5.24

7.22
5.58
3.14
1.70
6.22
5.27
4.33
12.60
6.11

2.68
0.84
0.88
0.34
3.06
0.25
0.64
2.34
1.13
0.46

2.87
1.41
0.89
0.21
3.51
0.75
0.57
2.36
0.35
(0.15)

3.27
11.47
0.94
0.49
4.38
0.67
2.43
0.47

4.60
11.40
0.97
0.62
5.06
0.78
2.31
0.79

20.53
3.81
1.70
0.45
1.43
4.09
49.70
1.53
0.85
0.28
34.85
13.43

29.83
3.32
1.31
0.54
0.81
10.10
52.51
2.60
0.41
0.31
35.66
3.61

32.70
3.16
1.41
0.60
0.98
9.60
72.78
3.57
0.51
0.41
38.42
-

36.58
3.45
1.51
0.66
1.14
11.26
86.03
3.78
0.73
0.37
40.87
-

2.21
0.50
0.20
0.52
4.36
1.43
0.24
0.25
3.79
4.60

1.88
0.76
0.38
0.41
4.96
1.63
0.22
0.25
2.60
5.30

2.12
0.91
0.33
0.42
5.12
1.77
0.26
0.27
3.15
5.74

2.42
1.19
0.38
0.44
6.10
1.96
0.27
0.33
3.30
6.38

0.16
(0.12)
0.22
(0.74)
0.17

0.10
0.38
0.52
(1.35)
0.35

0.11
(0.18)
(1.19)
0.26

0.21
0.12
(0.69)
0.29

0.27
0.07
21.11

1.12
0.20
6.42

0.81
0.21
7.63

0.80
0.20
9.73

2.52
0.25
0.98
15.27

2.27
0.62
1.85
16.02

2.27
0.47
1.35
16.97

2.45
0.50
1.76
18.13

0.84
0.19
0.16
0.31
1.09
0.59
0.59

1.05
0.19
0.19
0.67
1.16
0.66
0.67

1.14
0.20
0.21
0.31
1.37
0.72
0.73

1.31
0.21
0.25
0.35
1.51
0.82
0.82

37.25
163.67

100.60
157.51

101.58
158.28

93.42
153.60

339

351

359

393

2013

EPS Growth
2014
2015E

14%
38%
13%
1%
3%
47%
-32%
-19%
-33%
19%
11%
26%
-86%
-6%
3%
23%
202%
31%
4%
24%
473%
0%
21%
-12%
24%
114%
93%
-75%
12%
-23%
-41%
16%
10%
54%

-8%
1%
-11%
-14%
1%
-11%
-5%
-21%
43%
-44%
-11%
7%
68%
0%
-40%
15%
196%
-11%
1%
-69%
-133%
2%
45%
-13%
-23%
21%
-43%
147%
6%
70%
-52%
10%
2%
-73%

-14%
-32%
-5%
-73%
24%
29%
4%
16%
31%
24%
-26%
106%
-24%
-59%

P/E (x)
2015E

2016E

PEG
2015E

P/BV
2015E

ROE
2015E

Div Yield
2015E

13.8
15.0
18.1
11.8
11.2
12.5
10.4
8.8
11.0
10.7
12.0
16.7
6.7
5.7
13.5
12.9
7.5
10.2
13.8
17.4
20.7
18.1
10.3
12.3
12.0
5.9
17.2
18.2
30.6
13.1
21.9
-

12.7
13.7
16.1
11.2
9.5
11.6
9.7
7.6
11.3
9.2
10.5
11.9
6.8
5.5
10.6
11.1
6.4
10.7
8.2
16.0
18.5
16.6
9.6
11.3
10.4
5.0
14.5
17.2
21.5
14.4
20.6
-

5.3
2.1
1.8
12.2
0.0
0.0
1.5
0.5
3.7
0.0
0.4
0.6
0.0
1.3
0.2
0.6
5.4
0.0
0.0
1.5
1.9
9.6
1.4
1.2
0.6
1.1
0.6
0.9
0.9
1.2
3.1
-

1.5
1.9
2.3
1.0
0.8
1.2
0.7
0.7
1.6
1.2
1.5
1.6
1.7
0.7
3.2
1.5
0.8
1.3
1.1
1.9
2.4
2.7
1.1
1.1
2.3
0.5
1.7
2.2
1.4
1.3
2.4
-

12.2
12.8
13.0
8.5
7.5
10.9
7.4
8.7
15.8
12.0
13.5
9.7
37.0
13.8
20.7
11.6
11.0
14.7
5.4
11.9
11.3
14.7
10.5
9.1
16.0
7.7
14.7
12.1
4.5
9.9
11.6
-

2.0%
2.1%
2.0%
3.1%
0.0%
1.4%
0.0%
2.8%
1.4%
4.2%
1.8%
1.6%
1.9%
3.8%
2.8%
1.5%
0.0%
0.0%
3.3%
0.0%
0.8%
1.4%
0.7%
1.9%
2.8%
0.0%
4.1%
3.5%
0.7%
0.3%
0.9%
1.9%
1.6%
-

30.0
19.8
21.1
20.6
17.8
41.8
20.6
13.9
15.2
23.2
36.7
13.7
23.9
11.0
14.1
10.7

27.9
17.5
17.6
24.1
17.1
40.4
19.0
12.0
14.1
19.1
33.9
124.0
21.5
(22.8)
14.7

25.0
15.3
13.5
20.9
16.5
33.9
17.2
11.3
11.5
18.3
30.5
20.1
11.4
36.2
13.0

2.9
1.3
0.7
0.0
4.6
3.7
2.0
1.1
0.9
1.5
3.5
-7.0
0.5
0.5
0.1
0.0

4.6
3.9
3.4
4.5
2.3
7.3
2.4
1.3
2.0
7.0
1.7
1.0
2.0
1.4
1.4

17.3
22.5
23.9
19.7
7.6
19.0
13.5
11.3
10.2
9.2
20.6
-0.3
5.3
(8.8)
(75.9)
9.5

1.4%
1.6%
1.3%
1.2%
2.5%
0.8%
1.0%
2.5%
1.8%
1.4%
1.8%
3.0%
7.4%
1.2%
0.0%
0.0%
1.8%

7.7
18.7
67.8
5.9
19.0
16.6
20.9
19.4
20.1
25.2
38.1
2.6
9.4
11.3
23.9
35.8
7.2
15.1
49.8
13.1
18.4

13.3
4.5
22.9
19.4
13.4
18.4
8.4
10.2
19.2
19.4
30.5
2.8
7.9
5.2
22.4
31.8
6.3
14.2
18.4
13.6
17.6

13.6
6.2
21.8
16.3
15.3
18.4
11.2
14.1
18.1
20.4
28.1
2.6
7.1
11.1
19.0
29.0
5.8
14.2
18.3
13.5
17.1

11.9
6.4
23.9
12.8
13.9
17.1
10.5
10.8
16.9
18.0
24.4
2.4
6.1
10.0
17.2
25.7
5.2
14.7
19.9
13.9
15.6

2.3
0.0
0.0
0.7
-8.2
4.6
0.0
0.0
2.8
5.6
2.4
0.4
0.5
0.0
1.3
2.6
0.5
-9.0
0.0
0.0
4.5

2.2
1.2
0.8
5.0
2.2
3.0
2.1
0.7
4.1
2.1
3.5
0.4
0.7
0.9
1.9
2.7
0.6
3.3
4.4
3.1
2.1

20.0
19.8
3.5
33.1
18.0
16.5
18.4
6.9
22.9
11.1
13.9
0.2
9.5
8.8
10.3
10.1
0.1
23.3
24.5
23.1
14.0

2.2%
6.8%
1.3%
3.2%
4.2%
3.7%
4.7%
3.8%
4.4%
1.2%
1.4%
3.4%
3.5%
1.1%
1.6%
0.7%
3.2%
6.7%
4.1%
7.3%
2.2%

10%

19.6

19.1

18.6

16.9

5.1

2.3

14.4

2.2%

12%

20.7

19.9

19.2

17.2

5.2

2.2

13.4

1.6%

2016E

2013

2014

-3%
5%
7%
-3%
-22%
-19%
7%
21%
9%
-34%
46%
14%
713%
6%
136%
25%
-11%
3%
-415%
14%
10%
-5%
8%
11%
21%
-5%
39%
37%
25%
34%
8%
-

8%
10%
12%
5%
18%
8%
7%
15%
-2%
17%
15%
40%
-1%
3%
28%
16%
16%
-5%
68%
9%
12%
9%
7%
9%
16%
17%
18%
6%
42%
-9%
6%
-

12.3
15.9
17.3
9.8
8.9
9.0
10.7
8.4
17.1
4.0
15.6
20.5
91.8
6.0
19.2
18.4
19.6
14.1
10.6
4.9
14.3
20.4
33.0
15.0
8.5
16.5
8.3
13.9
25.2
42.5
18.5
19.4
24.1
5.5

13.4
15.8
19.5
11.4
8.8
10.1
11.2
10.6
12.0
7.1
17.6
19.1
54.7
6.0
31.9
16.1
6.6
15.9
10.5
15.7
(43.5)
19.9
22.7
17.2
11.1
13.6
14.6
5.6
23.8
25.0
38.3
17.6
23.6
20.3

5%
-15%
52%
94%
-21%
14%
14%
-8%
0%
-31%
15%
261%
-36%
141%
101%

7%
13%
20%
-14%
4%
3%
9%
16%
8%
21%
8%
-89%
11%
-12%
-27%

12%
14%
31%
15%
4%
19%
11%
6%
22%
5%
11%
516%
89%
-42%
13%

31.3
16.8
32.0
40.1
14.0
47.5
23.5
12.7
15.3
15.9
42.3
49.4
15.4
33.9
21.6

17%
-7%
64%
18%
-30%
-24%
-48%
-49%
1%
10%
24%
-9%
14%
10%
5%
0%
14%
-4%
-28%
-2%
1%

-42%
314%
196%
-70%
41%
-10%
147%
90%
5%
30%
25%
-4%
19%
118%
6%
13%
13%
6%
170%
-4%
5%

-2%
-28%
5%
19%
-12%
0%
-25%
-27%
6%
-5%
8%
7%
11%
-53%
18%
10%
9%
1%
1%
0%
3%

15%
-2%
-9%
27%
10%
8%
6%
31%
7%
13%
15%
7%
17%
10%
10%
13%
13%
-4%
-8%
-3%
10%

5%

4%

2%

10%

4%

3%