T HU 16 FEB 2O17

Stocks in Focus:
(as of Feb 15, 2017)

ALI: FY16 income in line, outlook unchanged INDICES

4Q16 income up 21.7% on strong revenue growth. ALIs 4Q16 net income jumped 21.7% Close Points % YTD%

to Php5.85 Bil on the back of a 21% jump in revenues as commercial lot sales remained high PSEi 7,174.30 -32.54 -0.45 4.88
All Shares 4,356.25 -18.33 -0.42 4.82
during the quarter. Operating profit margin narrowed 100 basis points during the quarter to
Financials 1,763.79 -14.86 -0.84 6.54
32.3% due to higher land cost of the newly launched residential projects. Newer lot sales also
Holding Firms 7,228.07 -28.66 -0.39 3.37
had lower gross profit margins. For the full year 2016, ALIs net income reached Php20.91 Bil,
Industrial 11,031.62 -60.87 -0.55 3.58
18.6% higher than last year and is slightly ahead of COL estimates but in line with consensus. Mining & Oil 11,899.66 -52.40 -0.44 0.35
Property 3,306.25 -0.57 -0.02 7.82
Still optimistic on office segment. We asked ALI about the reports that PEZA accreditation Services 1,415.01 1.47 0.10 8.61
of BPO office buildings has been very slow since the new administration and management
said they are still optimistic on this issue. ALI believes that although slower than expected, the Dow Jones 20,611.86 107.45 0.52 4.30
government will eventually give the PEZA accreditation when the time comes. The PEZA also S&P 500 2,349.25 11.67 0.50 4.93
understands the importance of the matter and is very of the office developers. ALI also added Nasdaq 5,819.44 36.87 0.64 8.11
that although the government wants to incentivize offices outside Metro Manila, demand in the
business districts in Metro Manila will still be present given that that talent pool is still better in
Metro Manila. ALI has made no changes to its 2020 target of1.5 Mil sqm of leasable space. INDEX GAINERS

Ticker Company Price %

ICT Int'l Container Term 76.50 2.82
Top Stories: ALI Ayala Land Inc 36.00 1.12
JGS JG Summit Hldgs iNc 73.00 1.11
URC: Forms JV with Vitasoy Group LTG LT Group Inc 14.70 0.68
IMI: Upgrading forecasts on favorable growth outlook, reiterate BUY GTCAP GT Capital Hldgs Inc 1228.00 0.66

Other News:
INDEX LOSERS
SMC: Proposes Php699.0Bil international airport in Bulacan
Ticker Company Price %
ALI: Allocating Php15Bil for nine Seda hotels over the next two years
RLC Robinsons Land Corp 24.50 -3.73
MEG: To double residential inventory for Makati project
JFC Jollibee Foods Corp 201.40 -2.23
Economy: December cash remittances went up 3.6% y/y
MPI Metro Pacific Inv Corp 6.67 -2.20
BPI Bank of the Phil Islands 92.60 -1.80
Market Summary:
AC Ayala Corporation 786.00 -1.75

The PSEi continued to decline on Wednesday, losing 32.54 points or 0.45% to close at 7,174.30.

Index decliners led gainers 21 to 8, while 1 issue remained unchanged. Likewise, most sectors TOP 5 MOST ACTIVE STOCKS
declined with Financials (-0.84%) leading the decliners and Services (+0.10%) gaining alone. Ticker Company Turnover
Significant index decliners were RLC (-3.73%), JFC (-2.23%), MPI (-2.20%), BPI (-1.80%) and AC SMPH SM Prime Hldgs Inc 859,968,600
(-1.75%). On the other hand, significant index gainers were ICT (+2.82%), ALI (+1.12%) and JGS ALI Ayala Land Inc 474,149,700
(+1.11%).
ICT Int'l Container Term 431,925,600
AGI Alliance Global Inc 399,985,100
Value turnover increased to Php8.0Bil from Php7.3Bil the previous session. Meanwhile, foreigners
SM SM Investments Corp 340,821,600
continued to be net sellers for the eighth consecutive day, liquidating Php465Mil worth of shares.

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside of
the COL Financial website as these may be subject to tampering or unauthorized alterations.
 D ai l y N o t es I P h i l i p i ne Equi ty Resear ch

TH U 16 F EB 2017

Stocks in Focus:

Richard Laeda, CFA ALI: FY16 income in line, outlook unchanged

Senior Research Manager
4Q16 income up 21.7% on strong revenue growth. ALIs 4Q16 net income jumped 21.7%
Stock Data
to Php5.85 Bil on the back of a 21% jump in revenues as commercial lot sales remained high
Ticker ALI during the quarter. Operating profit margin narrowed 100 basis points during the quarter to
Rating BUY 32.3% due to higher land cost of the newly launched residential projects. Newer lot sales also
Target Price Php39.14 had lower gross profit margins. For the full year 2016, ALIs net income reached Php20.91 Bil,
18.6% higher than last year and is slightly ahead of COL estimates but in line with consensus.

Exhibit 1: Results Summary

% % % of full-year estimate
4Q15 4Q16 FY15 FY16
in Php Mil change change COL Consensus
Revenues 31,829 38,499 21.0% 105,466 122,591 16.2% 104.4% 110.1%
Operating profit 9,521 11,127 16.9% 33,539 38,994 16.3% 104.4% 117.5%
Operating profit margin 29.9% 28.9% -1.0% 31.8% 31.8% 0.0%
Core Net income 4,805 5,847 21.7% 17,630 20,908 18.6% 103.6% 101.3%
Source: ALI, COL estimates, Bloomberg

Solid revenue growth. Residential and office units for sale were the main drivers of revenue
growth in 4Q16 as new sales bookings and project completions translated to higher revenues.
Meanwhile, sales of commercial lots remained high in 4Q16 after recovering the previous
quarter. It reached Php1.43 Bil in 4Q16 compared to Php108 Mil the same period last year.
For the full year, commercial lot sales were more than double our estimate of Php2.5 Bil.
Shopping centers and office revenues continued to trend up on higher lease rates and
GLA. Hotel revenues were down 11.2% in 4Q16 which was brought about by the closure of
InterContinental Manila.

Exhibit 2: Revenue breakdown

2016E 2017E
in US$ '000 % Change % Change
Old New Old New
Automotive 391,848 374,355 -4.5 434,951 441,738 1.6
Telecom 161,946 161,946 0.0 173,282 173,282 0.0
Industrial 128,382 134,218 4.5 140,579 161,061 14.6
Others 157,344 144,304 -8.3 132,352 111,980 -15.4
Total revenues 839,520 814,822 -2.9 881,164 888,063 0.8

Source: ALI

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 2
of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 D ai l y N o t es I P h i l i p i ne Equi ty Resear ch

T H U 16 FEB 2017

Investment properties continue to scale up. ALIs recurring income business continues to
grow as a result of not only more space but also higher revenues on its existing assets. For
shopping centers, revenues were up 12% as ALI had 11.7% more GLA compared to the end
of 2015. Same-mall rentals were also up 5%. For offices, revenues were up 7.5% on the back
of a 16.9% growth in total GLA and 4% improvement in average lease rates. We believe the
reason why revenue growth is lower than GLA growth is because new tenants are still in fit-out
stage and revenues usually come in a couple of months after. Meanwhile, hotel and resorts
revenues for 2016 were up 1.3% notwithstanding the foregone revenues from the closure of
InterContinental Manila back in Dec2015. ALI added 36 resort rooms last year but also lost
333 rooms from the closure of InterCon Manila.

Flat take-up sales for 2H16. Take-up sales in 4Q16 grew 5.8% y/y to Php23.7 Bil, recovering
the 4.3% decline in 3Q16.Taking these two quarters together, 2H16 take-up sales were flat
y/y at Php52.9 Bil. For the full year of 2016, take-up sales were up 2.6% brought about by the
5.2% growth in 1H16. Take-up sales continued to outpace launches, as ALI launched just an
additional Php12.3 Bil worth of projects in 4Q16, bringing FY16 total to Php61.5 Bil; this is a
significant slowdown from the Php80 Bil launched in 2015. Going forward we do not expect
take-up sales growth to significantly improve given the current high base that ALI has now
and the declining launches. ALI said they have earmarked Php100 Bil worth of residential and
office units available for launch this year but actual launches will depend on market demand.
In our view, actual launches will be closer to the Php60 Bil mark as we believe ALI will remain
prudent in this segment.

Still optimistic on office segment. We asked ALI about the reports that PEZA accreditation
of BPO office buildings has been very slow since the new administration and management
said they are still optimistic on this issue. ALI believes that although slower than expected, the
government will eventually give the PEZA accreditation when the time comes. The PEZA also
understands the importance of the matter and is very of the office developers. ALI also added
that although the government wants to incentivize offices outside Metro Manila, demand in the
business districts in Metro Manila will still be present given that that talent pool is still better in
Metro Manila. ALI has made no changes to its 2020 target of1.5 Mil sqm of leasable space.

Maintain BUY and FV estimate to Php39.14. We remain positive on the long term outlook
of ALI. They continue to deliver solid earnings growth and expansion of its leasing portfolio is
on track to reach their 2020 target. It is also the most complete property company in terms of
product offering and geographical exposure. This diversification puts the company in a good
position to capitalize on the numerous growth areas available and at the same time make the
companys operations more sustainable over the long term. We maintain our BUY rating on
ALI with a fair value estimate of Php39.14 which is based on a 10% discount to NAV estimate
of Php43.51.

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 3
of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 D ai l y N o t es I P h i l i p i ne Equi ty Resear ch

TH U 16 F EB 2017

Top Stories:

Andy Dela Cruz URC: Forms JV with Vitasoy Group

Research Analyst
Forms JV with Vitasoy Group. URC and Hong Kongs Vitasoy group have established a
Stock Data
joint venture (JV) company named Vitasoy-URC, Inc. The company shall be equally owned
Ticker URC by each party and is expected to start commercial operations in May 2017. The JV primarily
Rating HOLD recognizes the potential of the Philippines as a market for nutritious food and beverage
Target Price Php192.00 products and it aims to bring these products to the country.

For example, one of the more famous products of Vitasoy Group is the Vitasoy soy milk
drink. We think that the JV is synergistic with URCs move to promote nutritious snack and
beverages. However, more specific details of the JV have not yet been disclosed.

Leading plant-based food and beverages company. Vitasoy Group, based in Hong Kong,
has a strong track record as it grew total revenue by a compounded annual growth rate
(CAGR) of 11.0% from HK$3.7Bil in 2011 to HK$5.6Bil in 2015/16. The strong growth of the
company largely came from its overseas operations which grew at a 14.0% CAGR over the
same period. Currently, Vitasoy Group has been serving its products to more than 40 markets
worldwide. On the one hand, local (Hong Kong) operations still grew by a buoyant 6.0%
CAGR.

We will release a more detailed report once we get to talk with management on the prospects
of the JV.

Andy Dela Cruz IMI: Upgrading forecasts on favorable growth outlook,

Research Analyst reiterate BUY
Stock Data
2015 and 2016 are years of rebalancing. IMI will be disclosing its full year results soon.
Ticker IMI
Revenues and profits for 2016 would most likely remain weak. We are expecting revenues
Rating BUY
to remain flat y/y at US$814.8Mil and profits to grow by only 2.1% to US$29.4Mil. However,
Target Price Php8.90
we are not concerned as IMI explained that its weak profits are a result of its move to exit
mature product lines that it believes are no longer attractive either due to the shift in market
trends or because margins are too low. In 2015 and 2016, IMI started to exit most of its
businesses in the computing (such as the optical disk drive) and consumer (such as lighting
products) markets. The computing and consumer businesses together account for 8.0% of
IMIs revenues as of 9M16 (13.0% of total revenues in 2015).

Long term outlook continues to impress. However, IMI remains positive on its long term
growth prospects mainly due to the expanding contract portfolio of its focus segments, namely
automotive & industrial.

According to IMI, mass production for a supply contract only starts three years after a contract
win. Since most of the bigger contracts were won in 2015 and 2016, revenues should ramp
up starting 2018 and 2019. For example, in 2015, IMI won a contract to produce a steering
application that has an annualized revenue potential (ARP) of around US$70.0Mil. Another
recent contract win for IMI was to manufacture part/s for an electric vehicle with an ARP of

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 4
of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 D ai l y N o t es I P h i l i p i ne Equi ty Resear ch

T H U 16 FEB 2017

~US$50.0Mil. Moreover, the recent move of Ayala Corp. (IMIs parent company) to grow AC
Industrials provides IMI the opportunity to win manufacturing contracts from AC Industrials.
Just last year, IMI became the manufacturer of the KTM motorcycle brand the Philippines
which AC Industrials aims to sell locally and in China.

Moving forward, it would be interesting to see if IMI can successfully win more high value
contracts. Contracts that are ending would need to be offset by higher value contracts in
order for the companys profitability to grow continuously. Nevertheless, we think that IMI is
moving up the list as a manufacturing partner of choice. Previously, IMIs contracts would
only contribute an ARP of around US$10Mil to US$20Mil due to IMIs smaller presence in the
industry. However, IMI has recently been winning contracts with ARPs higher than its status
quo of US$10Mil to US$20Mil.

VIA Optronics to contribute substantially starting 2017. IMI is also expecting to generate
substantial revenues from its recently acquired 76% stake in VIA Optronics. IMI is expecting
VIA Optronics to generate around EUR60Mil (~US$65Mil) to EUR70Mil (~US$75Mil) in
revenues for 2017, which is equivalent to 8.0% to 9.0% of 2016 revenues. Moreover, the
company remains excited by the range of opportunities that the acquisition will bring to their
automotive and industrial businesses. Since VIA Optronics specializes in sunlight readable
interactive display solutions, this gives IMI the capability to meet the increasing demand for
displays in various applications such as automotive camera monitors, among others.

Capex to remain elevated on back of aggressive expansion plans. IMI spent around
US$55.0Mil for capex in 2016 largely related to its power module factory, as well as to
purchase new land. Moving forward, IMI expects capex to remain elevated as compared to the
normal ~US$25Mil annual capex as plants are expected to operate in full capacity soon. For
2017, management is guiding around US$40Mil to US$45Mil in capex for its plant expansions
in China and Serbia.

Several risks remain. Although prospects for IMI remain favorable, several risk factors may
hamper its growth potential. The main risk facing IMI is the weakness of the EUR currency,
especially with the uncertainties of the upcoming French presidential election. Note that
revenues from the European Union account for around 25% of IMIs total revenues and a
weakening EUR would result to considerable amounts of forex losses. Moreover, the potential
tariff on imports to the USA from countries such as Mexico could hurt IMI since its factory in
Mexico sells primarily to the USA and accounts for ~8% of total revenues.

ST weakness, more than offset by LT strength; raising FV to Php8.90/sh, reiterate BUY

rating. We reduced our 2016 revenue forecast by 2.9% to US$814.8Mil after factoring in the
faster than expected decline in revenues from IMIs mature segments.

However, starting 2017, we expect revenue contribution from VIA Optronics and the new
contracts from the automotive and industrial businesses to offset the decline in revenues from
the mature segments, leading to an increase in our revenue forecasts. Our profit forecast for
2018 going forward is also higher given the higher margin of the new contracts.

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 5
of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 D ai l y N o t es I P h i l i p i ne Equi ty Resear ch

TH U 16 F EB 2017

Exhibit 1: Summary of revenue forecast changes

2016E 2017E
in US$ '000 % Change % Change
Old New Old New
Automotive 391,848 374,355 -4.5 434,951 441,738 1.6
Telecom 161,946 161,946 0.0 173,282 173,282 0.0
Industrial 128,382 134,218 4.5 140,579 161,061 14.6
Others 157,344 144,304 -8.3 132,352 111,980 -15.4
Total revenues 839,520 814,822 -2.9 881,164 888,063 0.8
Source: COL Estimates

After factoring our higher long term earnings forecast, we increased our FV estimate by 3.5%
to Php8.90/sh from Php8.60/sh.

We would also like to reiterate our BUY rating for IMI. Although we expect 2016 profits to
remain flat compared to 2015, this is due to the companys efforts to intentionally exit its
mature businesses. Moreover, we believe that profits will be in an uptrend starting 2017
given the first time contribution of VIA Optronics and the ramp up of production for high value
contracts that were won in 2015 and 2016. Finally, valuations are very attractive. At IMIs
current price of Php6.29/sh, the stock is trading at 7.2X 2017E P/E, significantly lower than
its global peer median 2017E P/E of 13.8X. The resumption of earnings growth in 2017 could
be the catalyst that would allow share prices to rebound and reach our fair value estimate.

Exhibit 2: Summary of changes in earnings forecast (in US$ 000)

45,000

39,064
40,000 37,988
35,388 35,694
35,000 33,030 32,693
31,125
29,390
30,000

25,000

20,000
2016E 2017E 2018E 2019E

Old New

Source: COL Estimates

Exhibit 3: Relative valuation

Company name Ticker 2017E P/E
Benchmark Electronics Inc BHE US 21.4
Celestica Inc CLS CN 10.7
Fabrinet FN US 13.5
Flextronics International Ltd FLEX US 13.9
Hana Microelectronics PCL HANA TB 14.4
Hon Hai Precision Industry Co Ltd 2317 TT 10.8
Johnson Controls Inc JCI US 15.7
Magna International Inc MG CN 7.8
Plexus Corp PLXS US 17.0
Sanmina Corp SANM US 13.7
Wistron NeWeb Corp 6285 TT 13.4
CTS Corp CTS US 20.3
Delphi Automotive PLC DLPH US 11.6
Omron Corp 6645 JP 25.0
Integrated Micro-Electronics, Inc. IMI PM 7.2
Median (ex-IMI) 13.8
Source: Bloomberg, COL Estimates

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 6
of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 D ai l y N o t es I P h i l i p i ne Equi ty Resear ch

T H U 16 FEB 2017

Other News:

Research Analysts SMC: Proposes Php699.0Bil international airport in Bulacan

Frances Rolfa Nicolas
Andy Dela Cruz San Miguel Corp. (SMC) expressed its interest in allocating Php699.0Bil for its proposed
Justin Richmond Cheng
international airport in a 2,500-hectare land in Bulacan. The airport will consist of four runways,
Kyle Velasco
John Martin Luciano with a provision for two more runways. If approved by the government, the construction of the
airport is targeted to be completed in six years. The proposal is currently being reviewed by
the Department of Transportation (DOTr) since the DOTr sees SMCs unsolicited proposal
as a potential alternative to the congested Ninoy Aquino International Airport. (source: PhilStar)

ALI: Allocating Php15Bil for nine Seda hotels over the next two years

Ayala Land Inc. is allocating Php15Bil over the next two years to develop nine hotels under the
Seda brand. Upon completion, this would bring an additional 2,464 hotel rooms to its portfolio
boosting the property groups room inventory to 3,281 by 2019. Currently, Seda operates five
hotels with roughly 817 rooms and in 2017 the group aims to add 3 new hotels providing an
additional 745 rooms. For 2018, two new hotels will be opened followed by the remaining four
hotels in 2019. Management noted that these expansion plans are in line with their vision of
having a total of 6,000 rooms by 2020. (source: Philstar)

MEG: To double residential inventory for Makati project

In a disclosure to the PSE, MEG announced that it is expanding its residential condominium
project in Makati City, the San Antonio Residence, with additional 478 units that will comprise
the East Wing. The condominium, located along Sen. Gil Puyat Avenue and Calle Malugay
in San Antonio Village, was launched in 2015 with 478 units, which is now referred to as
the West Wing. MEG Vice President for Sales and Marketing Eugene Lozano said that the
West Wing is now 90% sold and that they continue to receive inquiries about the project.
The company estimates sales for both wings to reach Php4.5Bil, making it one of its biggest
residential condominium developments in Makati. (source: MEG)

Economy: December cash remittances went up 3.6% y/y

Cash Remittances in December from overseas Filipino workers went up 3.6% y/y to US$2.6Bil
from the US$2.5Bil seen in the same period in 2015. This is better than the consensus forecast
of -1.6% y/y. This brought the 2016 remittances to $US26.9Bil, up 5% y/y from the US$25.6Bil
seen in 2015. The higher remittances were driven by the US$21.3Bil remittances from land-
based workers, which grew 7.6% y/y. In contrast, remittances from sea-based workers
declined 3.8% y/y to US$5.6Bil. According to the BSP, the decline may have been due to
stiffer competition in the supply of seafarers from East Asia and Eastern Europe. More than
80% of the total remittances came from the US, Saudi Arabia, UAE, Singapore, UK, Japan,
Qatar, Kuwait, Hong Kong, and Germany. (Source: BSP)

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 7
of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 Cale nd a r o f Ev e nts
FEBRUARY D ai l y N o t es I P h i l i p i ne Equi ty Resear ch

TH U 16 F EB 2017
S M T W TH F S

1 2 3 1 2 3 4

5 6 7 8 9 10 11

12 13 14 15 16 17 18

19 20 21 22 23 24 25

26 27 28 29 27 28 29

3301 2315 26 27 28 29 30

Key E vents Hol i day

F EB 1 FE B 10 FEB 21
TECH Ex-d a te Php 0.004 C a s h D iv id e n d T F C : An n u al S h ar eh ol der s M eet i n g AT: A n n u al S h ar eh ol der s M eet i ng

F EB 2 FE B 14 FEB 28
P P C: Annua l Sha rehold ers Me e tin g P F : E x -d a t e Ph p1 . 50 C ash Di v i den d L R : Ex - dat e Ph p0.0 7 C ash Di v i dend

F EB 7
P SB : E x- d a te Php0.75 Ca s h D iv id e n d
U BP : E x- d a te Php 1.9 0 Ca s h D iv id e n d
BRN: Sto ck D ivid end
VMC: Annua l Sha reholde rs Me e tin g
F EB 9
RFM: Ex- d a te Php0.09 C a s h D iv id e n d
FE B 15
P F : E x -d a t e Ph p0. 2 5 C ash Di v i den d
R OX: An nu al S h ar eh ol der s M eet i n g
FE B 16
GLO: E x -dat e Ph p2 2 .7 5 C ash Di v i den d

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 8
of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 D ai l y N o t es I P h i l i p i ne Equi ty Resear ch

T H U 16 FEB 2017

Important Rating Definitions

BUY
Stocks that have a BUY rating have attractive fundamentals and valuations based on our analysis. We expect the share price to outperform the market in the
next six to 12 months.

HOLD
Stocks that have a HOLD rating have either 1) attractive fundamentals but expensive valuations 2) attractive valuations but near-term earnings outlook might
be poor or vulnerable to numerous risks. Given the said factors, the share price of the stock may perform merely in line or underperform in the market in the
next six to twelve months.

SELL
We dislike both the valuations and fundamentals of stocks with a SELL rating. We expect the share price to underperform in the next six to12 months.

Important Disclaimer

Securities recommended, offered or sold by COL Financial Group, Inc. are subject to investment risks, including the possible loss of the principal amount
invested. Although information has been obtained from and is based upon sources we believe to be reliable, we do not guarantee its accuracy and said
information may be incomplete or condensed. All opinions and estimates constitute the judgment of COLs Equity Research Department as of the date of the
report and are subject to change without prior notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase
or sale of a security. COL Financial and/or its employees not involved in the preparation of this report may have investments in securities of derivatives of the
companies mentioned in this report and may trade them in ways different from those discussed in this report.

COL Research Team

April Lynn Tan, CFA

VP & Head of Research
april.tan@colfinancial.com

Charles William Ang, CFA George Ching Richard Laeda, CFA

Deputy Head of Research Senior Research Manager Senior Research Manager
charles.ang@colfinancial.com george.ching@colfinancial.com richard.laneda@colfinancial.com

Frances Rolfa Nicolas Andy Dela Cruz Justin Richmond Cheng

Research Analyst Research Analyst Research Analyst
rolfa.nicolas@colfinancial.com andy.delacruz@colfinancial.com justin.cheng@colfinancial.com

Kyle Velasco Jonh Martin Luciano

Research Analyst Research Analyst
kyle.velasco@colfinancial.com john.luciano@colfinancial.com

Contact

COL Financial Group, Inc.

2402-D East Tower, Philippine Stock Exchange Centre,
Exchange Road, Ortigas Center, Pasig City
1605 Philippines
Tel No. +632 636-5411
Fax No. +632 635-4632
Website: www.colfinancial.com

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 9
of the COL Financial website as these may be subject to tampering or unauthorized alterations.