As of: 2/1/2019

COL Date of COL Buy Outstanding Market Cap Revenue Revenue Growth
Ticker Company Name Price Rating Update FV Below Shares (Mil) (PhpMil) 2016 2017 2018E 2019E 2016 2017 2018E 2019E
Banks and Financials 1,736,874 372,923 417,227 458,356 511,598 18% 12% 10% 12%
BDO BANCO DE ORO 140.00 HOLD 9/18/18 127.00 110.00 4,369 612,377 106,853 128,959 146,154 168,315 20% 21% 13% 15%
BPI BANK OF PHIL ISLANDS 92.00 HOLD 10/26/18 97.00 84.00 4,051 414,225 66,551 71,020 77,795 85,935 12% 7% 10% 10%
CHIB CHINA BANKING CORP 28.30 BUY 9/18/18 36.00 30.00 2,685 76,011 21,789 25,728 28,125 31,836 11% 18% 9% 13%
EW EASTWEST BANKING COR 12.72 BUY 11/14/18 16.70 13.30 2,250 28,620 21,575 25,205 25,213 26,921 32% 17% 0% 7%
MBT METROPOLITAN BANK 84.15 BUY 11/16/18 93.50 81.00 3,980 334,918 78,171 83,553 91,868 103,758 16% 7% 10% 13%
PNB PHIL NATIONAL BANK 45.35 BUY 11/12/18 62.00 49.00 1,249 56,648 31,828 32,612 38,400 39,288 19% 2% 18% 2%
SECB SECURITY BANK CORP 179.10 BUY 10/23/18 205.00 178.00 754 134,959 20,832 25,085 25,518 28,544 12% 20% 2% 12%
UBP UNION BANK OF PHIL 65.00 BUY 9/18/18 75.50 62.00 1,093 79,115 25,324 25,065 25,282 27,001 26% -1% 1% 7%
Commercial and Industrial 569,450 627,781 746,478 924,919 992,784 1% 19% 24% 7%
ABS ABS-CBN BROADCASTING 23.30 BUY 9/18/18 41.70 33.00 872 20,089 41,631 40,698 39,314 42,794 9% -2% -3% 9%
CEB CEBU AIR INC 88.90 BUY 1/18/19 99.00 79.00 606 53,473 61,899 68,029 72,402 84,537 10% 10% 6% 17%
CHP CEMEX HOLDINGS PHIL 2.72 BUY 1/23/19 3.10 2.40 5,195 14,131 24,287 21,784 23,527 26,426 1% -10% 8% 12%
EAGLE EAGLE CEMENT CORP 16.10 HOLD 11/14/18 15.90 13.20 5,000 80,500 13,276 14,872 16,499 19,163 20% 12% 11% 16%
EEI EEI CORPORATION 8.20 HOLD 9/18/18 11.00 9.10 1,036 8,498 14,836 14,921 18,670 19,752 -22% 1% 25% 6%
GMA7 GMA NETWORK INC 5.79 BUY 11/23/18 6.30 5.00 3,361 19,460 16,673 15,345 15,263 16,925 21% -8% -1% 11%
ICT INTL CONTAINER TERM 108.50 HOLD 9/18/18 98.32 78.00 2,034 218,194 53,592 62,721 72,318 76,748 12% 17% 15% 6%
IMI INTEGRATED MICRO-ELE 13.00 BUY 11/6/18 15.10 12.50 2,209 28,825 40,036 54,967 73,305 84,169 8% 37% 33% 15%
MWC MANILA WATER COMPANY 27.15 HOLD 9/18/18 25.80 20.60 2,054 56,060 17,712 18,516 20,727 22,132 5% 5% 12% 7%
PCOR PETRON CORP 7.49 BUY 12/4/18 9.60 8.00 9,375 70,220 343,840 434,624 572,894 600,139 -5% 26% 32% 5%
Conglomerates 3,987,858 1,656,762 1,908,690 2,054,915 2,241,575 16% 15% 8% 9%
AC AYALA CORPORATION 940.00 BUY 11/15/18 1,075.00 934.00 621 592,790 218,167 266,786 305,022 344,970 25% 22% 14% 13%
AEV ABOITIZ EQUITY VENTU 64.00 HOLD 9/18/18 47.39 41.00 5,634 360,499 114,561 150,422 138,171 154,529 5% 31% -8% 12%
AGI ALLIANCE GLOBAL 13.90 BUY 9/18/18 19.78 15.80 10,270 139,284 136,912 136,834 150,736 163,509 1% 0% 10% 8%
COSCO COSCO CAPITAL INC 7.42 BUY 9/18/18 10.50 8.40 7,117 53,918 129,186 145,750 166,928 187,943 11% 13% 15% 13%
DMC DMCI HOLDINGS INC 12.76 HOLD 1/21/18 11.80 9.80 13,277 169,421 68,287 80,703 85,254 85,139 22% 18% 6% 0%
FPH FIRST PHIL HOLDINGS 73.80 BUY 9/18/18 123.56 98.00 554 39,294 91,910 104,890 123,656 125,619 -5% 14% 18% 2%
GTCAP GT CAPITAL HOLDINGS 1,119.00 BUY 9/18/18 1,150.00 958.00 199 223,059 191,785 227,420 215,339 244,799 46% 19% -5% 14%
JGS JG SUMMIT HLDGS 65.65 HOLD 9/18/18 52.15 45.00 7,163 470,241 240,503 273,445 286,640 306,945 5% 14% 5% 7%
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LTG LT GROUP INC 15.48 N/A N/A N/A N/A 10,821 167,515 57,800 63,780 71,243 75,355 12% 10% 12% 6%
MPI METRO PACIFIC INVEST 4.86 BUY 10/3/18 8.01 6.90 31,511 153,162 44,820 62,512 78,034 82,191 20% 39% 25% 5%
SM SM INVESTMENTS CORP 1,015.00 HOLD 9/18/18 906.00 787.00 1,205 1,222,652 362,831 396,149 433,892 470,576 23% 9% 10% 8%
SMC SAN MIGUEL CORP c 166.50 N/A N/A N/A N/A 2,382 396,024 685,314 826,086 1,016,306 1,102,032 2% 21% 23% 8%
Consumer 1,268,339 583,033 653,228 727,742 831,401 10% 12% 11% 14%
CIC CONCEPCION INDUST CO 40.05 BUY 11/20/18 43.00 35.00 404 16,240 12,342 13,859 14,259 15,835 17% 12% 3% 11%
CNPF CENTURY PACIFIC FOOD 15.80 BUY 9/18/18 17.80 15.40 3,542 55,968 28,288 34,496 39,015 42,746 21% 22% 13% 10%
DNL D&L INDUSTRIES INC 11.70 HOLD 9/18/18 10.90 9.40 7,143 83,571 22,232 27,778 28,441 31,268 14% 25% 2% 10%
EMP EMPERADOR INC 7.60 BUY 11/16/18 8.19 6.50 16,197 121,474 41,018 42,656 44,238 47,003 -6% 4% 4% 6%
JFC JOLLIBEE FOODS CORP 320.00 HOLD 9/18/18 268.00 233.00 1,087 348,173 113,811 131,577 156,195 183,827 13% 16% 19% 18%
MAXS MAXS GROUP INC 12.68 BUY 9/18/18 19.90 17.30 1,087 13,783 11,439 12,662 14,044 15,540 10% 11% 11% 11%
PGOLD PUREGOLD PRICE CLUB 46.70 HOLD 9/18/18 47.00 40.00 2,765 129,143 112,589 124,491 139,707 155,279 16% 11% 12% 11%
PIZZA SHAKEY'S PIZZA ASIA VENTU 13.00 HOLD 11/13/18 11.60 10.00 1,531 19,907 5,946 7,004 7,747 8,670 13% 18% 11% 12%
RRHI ROBINSONS RETAIL HLD 89.70 HOLD 9/18/18 92.00 80.00 1,385 141,411 105,293 115,238 131,737 171,040 16% 9% 14% 30%
SSI SSI GROUP INC 2.43 BUY 11/22/18 3.20 2.70 3,313 8,042 18,442 18,460 20,163 21,568 6% 0% 9% 7%
URC UNIVERSAL ROBINA COR 150.00 SELL 9/18/18 111.00 88.00 2,204 330,624 111,632 125,008 132,196 138,626 2% 12% 6% 5%
WLCON WILCON DEPOT INC 13.80 HOLD 10/29/18 12.10 9.60 4,100 56,576 12,298 17,748 20,920 25,162 - 44% 18% 20%
Gaming 233,772 61,803 63,922 71,612 76,367 13% 3% 12% 7%
BEL BELLE CORP 2.52 BUY 9/18/18 3.15 2.70 10,499 24,603 6,322 8,012 8,802 8,954 22% 27% 10% 2%
BLOOM BLOOMBERY RESORTS CO 11.10 BUY 9/18/18 13.74 11.90 11,002 122,196 30,387 36,651 40,811 42,081 21% 21% 11% 3%
RWM TRAVELLERS INT HOTEL 5.52 SELL 9/18/18 3.57 2.80 15,756 86,972 25,095 19,259 21,999 25,332 2% -23% 14% 15%
Mining 134,075 50,707 59,683 65,758 62,807 26% 18% 10% -4%
NIKL NICKEL ASIA CORP 2.50 BUY 11/12/18 3.20 2.50 13,685 34,187 14,123 15,739 17,841 18,129 -8% 11% 13% 2%
SCC SEMIRARA MINING 23.50 BUY 1/25/19 36.50 31.00 4,265 99,888 36,584 43,943 47,916 44,678 48% 20% 9% -7%
Power 781,361 222,678 266,097 274,730 294,094 -2% 19% 3% 7%
AP ABOITIZ POWER CORP 39.20 BUY 9/18/18 42.05 36.00 7,359 288,457 89,163 119,391 111,704 126,587 5% 34% -6% 13%
FGEN FIRST GEN CORP 20.65 BUY 9/18/18 26.78 21.40 3,661 75,201 74,161 86,092 102,854 103,569 -11% 16% 19% 1%
MER MANILA ELECTRIC CO 370.60 HOLD 10/3/18 325.40 282.00 1,127 417,703 59,353 60,614 60,172 63,938 3% 2% -1% 6%
Property 2,193,973 307,395 341,734 400,950 451,933 12% 11% 17% 13%
ALI AYALA LAND INC 44.95 BUY 9/18/18 49.33 42.00 14,725 662,333 117,700 133,098 157,700 181,250 17% 13% 18% 15%
FLI FILINVEST LAND INC 1.55 BUY 9/18/18 1.70 1.40 24,250 37,587 17,640 18,163 19,320 21,191 4% 3% 6% 10%
MEG MEGAWORLD CORP 5.27 BUY 9/18/18 5.84 5.00 32,239 169,902 40,326 43,814 53,466 58,168 5% 9% 22% 9%
RLC ROBINSONS LAND 22.35 BUY 9/18/18 24.89 21.60 5,194 116,082 22,512 22,517 26,314 30,128 14% 0% 17% 14%
SMPH SM PRIME HOLDINGS 39.20 HOLD 1/24/19 40.70 35.00 28,879 1,132,066 79,816 90,922 103,159 115,731 12% 14% 13% 12%
VLL VISTA LAND & LIFESCP 5.96 BUY 9/18/18 6.67 5.80 12,827 76,003 29,401 33,220 40,991 45,465 9% 13% 23% 11%
Telecoms 559,101 285,252 295,207 309,947 327,403 3% 3% 5% 6%
GLO GLOBE TELECOM INC 2,070.00 HOLD 11/9/18 1,800.00 1,440.00 133 275,420 119,990 135,281 145,083 154,245 6% 13% 7% 6%
TEL PH LONG DISTANCE TEL 1,313.00 HOLD 11/9/18 1,360.00 1,088.00 216 283,681 165,262 159,926 164,864 173,157 1% -3% 3% 5%
MARKET 11,330,728 4,117,628 4,692,582 5,223,171 5,727,155 10% 14% 11% 10%
PSEi 10,149,624 3,353,700 3,855,925 4,283,945 4,691,677 11% 15% 11% 10%
PSEi ex-TEL, GLO 9,590,523 3,068,448 3,560,718 3,973,998 4,364,274 12% 16% 12% 10%

* Source: Bloomberg
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Consensus Forecast
 Net Income Net Income Growth EPS EPS Growth P/E (x) PEG P/BV ROE Div Yield
Ticker 2016 2017 2018E 2019E 2016 2017 2018E 2019E 2016 2017 2018E 2019E 2016 2017 2018E 2019E 2016 2017 2018E 2019E 2018 2018 2018E 2018E
101,972 108,110 114,424 131,173 14% 6% 6% 15% 9% 1% 1% 11% 15.4 15.3 15.1 13.6 2.5 1.4 9.9 1.4%
BDO 26,234 28,070 30,289 36,440 5% 7% 8% 20% 6.81 6.42 6.85 8.25 4% -6% 7% 20% 20.6 21.8 20.4 17.0 1.5 1.9 9.8 0.9%
BPI 22,050 22,416 23,527 26,258 21% 2% 5% 12% 5.61 5.69 5.97 5.82 21% 1% 5% -3% 16.4 16.2 15.4 15.8 13.7 1.7 11.0 2.0%
CHIB 6,458 7,514 7,666 9,073 15% 16% 2% 18% 2.99 2.96 2.86 3.38 15% -1% -4% 18% 9.5 9.6 9.9 8.4 1.4 0.9 8.9 2.8%
EW 3,408 5,051 4,311 4,535 70% 48% -15% 5% 1.51 2.24 1.92 2.02 136% 49% -15% 5% 8.4 5.7 6.6 6.3 0.0 0.7 10.5 1.7%
MBT 18,086 18,223 22,743 27,947 -3% 1% 25% 23% 5.61 5.73 6.02 7.02 -4% 2% 5% 17% 15.0 14.7 14.0 12.0 1.3 1.2 9.7 1.2%
PNB 7,124 8,161 9,308 8,837 16% 15% 14% -5% 5.70 6.53 7.45 7.07 16% 15% 14% -5% 8.0 6.9 6.1 6.4 1.5 0.5 8.9 0.0%
SECB 8,554 10,265 8,968 10,178 11% 20% -13% 13% 11.95 13.62 11.90 13.51 -6% 14% -13% 13% 15.0 13.1 15.0 13.3 0.0 1.2 8.3 1.7%
UBP 10,058 8,411 7,614 7,905 67% -16% -9% 4% 9.50 7.95 6.26 6.49 67% -16% -21% 4% 6.8 8.2 10.4 10.0 0.0 1.0 10.8 2.9%
47,995 49,323 43,441 52,420 55% 3% -12% 21% 97% 0% -3% 21% 14.9 14.9 15.3 12.7 1.8 1.3 11.0 2.5%
ABS 3,885 3,334 2,034 3,015 33% -14% -39% 48% 4.72 4.05 2.47 3.66 33% -14% -39% 48% 4.9 5.8 9.4 6.4 0.0 0.6 5.9 3.9%
CEB 9,754 7,908 3,996 5,961 122% -19% -49% 49% 16.10 13.05 6.61 9.90 122% -19% -49% 50% 5.5 6.8 13.4 9.0 0.0 1.3 9.9 5.1%
CHP 1,413 659 86 1,219 -35% -53% -87% 1325% 0.50 0.13 0.02 0.23 - -74% -87% 1325% 5.4 20.9 165.2 11.6 4.8 0.5 0.3 0.0%
EAGLE 4,113 4,263 4,238 5,072 12% 4% -1% 20% 0.88 0.85 0.81 0.98 151% -3% -4% 21% 18.3 18.9 19.8 16.4 2.7 2.8 13.9 15.1%
EEI (848) 836 1,025 1,100 -518% -199% 23% 7% (0.82) 0.81 0.99 1.06 -518% -199% 23% 7% (10.0) 10.2 8.3 7.7 0.6 1.1 14.3 2.4%
GMA7 3,626 2,544 2,289 3,069 71% -30% -10% 34% 0.75 0.52 0.47 0.63 71% -30% -10% 34% 7.8 11.1 12.3 9.2 1.2 3.0 24.5 8.6%
ICT 8,550 9,180 11,557 12,871 221% 7% 26% 11% 3.13 3.48 4.61 5.26 526% 11% 33% 14% 34.6 31.2 23.5 20.6 1.0 2.0 10.3 0.8%
IMI 1,335 1,714 2,030 2,260 2% 28% 18% 11% 0.71 0.91 0.89 0.97 4% 27% -2% 8% 18.2 14.3 14.6 13.5 4.6 1.4 11.3 1.8%
MWC 6,065 6,147 6,574 6,582 2% 1% 7% 0% 2.45 2.49 2.66 2.67 2% 2% 7% 0% 11.1 10.9 10.2 10.2 2.9 1.1 12.9 3.2%
PCOR 10,100 12,739 9,612 11,271 80% 26% -25% 17% 0.60 0.86 1.03 1.20 300% 43% 19% 17% 12.5 8.7 7.3 6.2 0.4 0.8 13.1 1.3%
168,236 192,804 210,483 230,816 8% 15% 9% 10% 12% 12% 8% 10% 21.6 19.3 17.8 16.3 2.0 1.8 10.9 1.1%
AC 26,011 30,264 33,221 35,957 17% 16% 10% 8% 39.88 46.67 51.56 55.97 18% 17% 10% 9% 23.6 20.1 18.2 16.8 1.9 1.9 12.3 0.7%
AEV 22,473 21,609 23,247 23,871 27% -4% 8% 3% 4.02 3.84 4.13 4.24 26% -5% 8% 3% 15.9 16.7 15.5 15.1 3.0 1.9 13.6 2.0%
AGI 14,801 14,931 16,249 18,466 6% 1% 9% 14% 1.46 1.48 1.61 1.83 7% 1% 9% 14% 9.5 9.4 8.6 7.6 0.8 0.7 9.5 0.7%
COSCO 4,734 4,925 5,648 6,223 5% 4% 15% 10% 0.66 0.69 0.79 0.87 5% 5% 15% 10% 11.2 10.8 9.4 8.5 0.7 0.9 10.0 2.4%
DMC 12,680 14,765 15,374 15,887 5% 16% 4% 3% 0.96 1.11 1.16 1.20 5% 16% 4% 3% 13.3 11.5 11.0 10.7 2.9 2.0 14.2 3.8%
FPH 9,933 5,854 7,617 8,222 84% -41% 30% 8% 17.75 10.39 13.58 14.66 85% -41% 31% 8% 4.2 7.1 5.4 5.0 0.3 0.4 7.9 2.7%
GTCAP 14,634 14,182 14,514 17,067 21% -3% 2% 18% 83.96 72.68 69.85 82.66 21% -13% -4% 18% 13.3 15.4 16.0 13.5 2.4 1.1 8.0 0.3%
JGS 10,918 29,370 27,663 30,081 -52% 169% -6% 9% 1.52 4.32 3.94 4.29 -52% 184% -9% 9% 43.2 15.2 16.7 15.3 0.0 1.6 10.3 0.5%
LTG 9,390 10,831 16,499 19,086 42% 15% 52% 16% 0.87 1.00 1.54 1.78 43% 15% 54% 15% 17.8 15.5 10.0 8.7 0.4 1.1 11.2 1.4%
MPI 11,456 13,151 14,382 15,895 20% 15% 9% 11% 0.38 0.42 0.46 0.51 10% 9% 10% 11% 12.8 11.7 10.6 9.6 1.1 0.8 8.3 2.1%
SM 31,204 32,923 36,069 40,061 8% 6% 10% 11% 25.90 27.33 29.94 33.26 8% 6% 10% 11% 39.2 37.1 33.9 30.5 3.3 3.3 10.7 0.8%
SMC 29,289 28,225 24,191 27,258 135% -4% -14% 13% 9.43 8.78 10.17 11.46 273% -7% 16% 13% 17.7 19.0 16.4 14.5 2.1 1.1 8.0 1.8%
44,885 43,245 46,579 52,663 11% -4% 8% 13% 15% -10% 6% 11% 27.4 30.6 28.9 25.9 3.4 3.7 13.6 1.3%
CIC 912 987 956 1,129 37% 8% -3% 18% 2.69 2.43 2.36 2.78 37% -10% -3% 18% 14.9 16.5 17.0 14.4 2.4 3.2 19.9 1.8%
CNPF 2,656 2,552 2,873 3,374 37% -4% 13% 17% 0.75 0.72 0.81 0.95 -13% -4% 13% 17% 21.1 21.9 19.5 16.6 1.3 3.4 18.5 1.4%
DNL 2,627 2,902 3,294 3,847 15% 10% 13% 17% 0.37 0.41 0.46 0.54 16% 11% 12% 17% 31.6 28.5 25.4 21.7 1.7 5.0 20.6 2.1%
EMP 7,693 6,322 7,436 8,217 11% -18% 18% 11% 0.48 0.39 0.46 0.51 12% -19% 18% 11% 15.8 19.5 16.5 14.9 1.2 2.0 0.1 2.0%
JFC 6,165 7,109 8,061 9,208 25% 15% 13% 14% 5.75 6.58 7.46 8.52 27% 14% 13% 14% 55.7 48.6 42.9 37.6 3.1 7.6 18.9 0.7%
MAXS 613 629 689 802 21% 3% 10% 16% 0.79 0.81 0.88 1.03 22% 3% 9% 16% 16.1 15.7 14.4 12.3 1.1 1.7 12.2 1.1%
PGOLD 5,526 5,840 6,441 7,141 10% 6% 10% 11% 2.00 2.10 2.33 2.58 10% 5% 11% 11% 23.4 22.2 20.1 18.1 1.8 2.4 12.7 0.9%
PIZZA 759 762 803 838 58% 0% 5% 4% 0.88 0.50 0.52 0.55 -24% -43% 5% 4% 14.8 26.0 24.8 23.8 5.4 4.3 16.3 0.9%
RRHI 4,830 4,978 5,617 6,229 11% 3% 13% 11% 3.49 3.59 4.01 3.95 12% 3% 12% -1% 25.7 25.0 22.4 22.7 4.6 2.2 10.5 1.0%
SSI 232 275 532 808 -71% 19% 93% 52% 0.07 0.08 0.16 0.24 -71% 14% 101% 52% 34.7 30.4 15.1 10.0 0.2 0.7 5.1 0.0%
URC 12,872 10,888 9,877 11,072 4% -15% -9% 12% 6.94 4.94 4.48 5.02 22% -29% -9% 12% 21.6 30.4 33.5 29.9 39.9 3.9 11.7 2.1%
WLCON 887 1,385 1,800 2,114 - 56% 30% 17% - 0.37 0.44 0.52 - - 19% 17% - 37.3 31.4 26.8 1.7 4.1 0.1 0.0%
8,459 9,194 11,496 12,461 286% 9% 25% 8% -1544% 81% 12% 2% 33.6 18.6 16.6 16.2 2.4 2.1 15.2 1.1%
BEL 2,700 2,872 3,063 3,136 76% 6% 7% 2% 0.16 0.28 0.29 0.30 7% 76% 3% 3% 15.8 8.9 8.7 8.4 2.8 0.9 11.0 4.8%
BLOOM 2,357 6,071 6,783 6,516 - 158% 12% -4% 0.21 0.55 0.61 0.59 - 157% 11% -3% 51.9 20.1 18.2 18.8 5.2 3.4 18.6 0.5%
RWM 3,402 251 1,650 2,809 -15% -93% 557% 70% 0.22 0.02 0.10 0.18 -15% -91% 400% 80% 25.1 276.0 55.2 30.7 0.3 1.7 3.7 0.0%
14,007 16,980 17,579 17,018 33% 21% 4% -3% 30% 22% -7% -4% 8.6 7.0 7.6 7.9 0.0 1.8 17.6 1.7%
NIKL 1,966 2,771 3,790 4,023 -3% 41% 37% 6% 0.26 0.36 0.28 0.29 -4% 38% -23% 6% 9.6 6.9 9.0 8.5 0.0 1.1 12.3 4.8%
SCC 12,041 14,209 13,788 12,995 42% 18% -3% -6% 2.82 3.33 3.24 3.05 42% 18% -3% -6% 8.3 7.0 7.3 7.7 0.0 2.2 33.5 9.6%
48,658 47,924 53,104 56,938 10% -2% 11% 7% 12% -6% 16% 8% 16.0 16.9 14.5 13.4 1.2 3.8 20.2 3.3%
AP 20,003 20,416 21,845 23,255 14% 2% 7% 6% 2.72 2.77 2.97 3.16 14% 2% 7% 6% 14.4 14.2 13.2 12.4 1.9 2.1 15.9 3.5%
FGEN 9,479 7,123 10,426 10,578 24% -25% 46% 1% 2.23 1.46 2.52 2.69 33% -34% 72% 7% 9.3 14.1 8.2 7.7 0.2 31.4 7.5 1.7%
MER 19,176 20,384 20,833 23,105 0% 6% 2% 11% 17.01 18.09 18.49 20.50 0% 6% 2% 11% 21.8 20.5 20.0 18.1 3.1 5.3 26.5 3.6%
74,738 86,021 98,137 113,068 1% 15% 14% 15% 4% 13% 12% 16% 28.1 24.9 22.3 19.3 1.6 2.6 8.2 1.1%
ALI 20,908 25,305 28,293 33,083 19% 21% 12% 17% 1.43 1.71 1.92 2.25 19% 20% 12% 17% 31.4 26.3 23.4 20.0 1.6 3.5 16.0 1.1%
FLI 5,247 5,685 6,087 6,702 5% 8% 7% 10% 0.22 0.23 0.25 0.28 5% 5% 9% 12% 7.0 6.7 6.2 5.5 0.6 0.6 9.3 4.0%
MEG 11,332 12,772 14,908 17,000 11% 13% 17% 14% 0.36 0.40 0.46 0.53 11% 13% 15% 15% 14.8 13.1 11.5 9.9 0.8 1.1 10.3 1.2%
RLC 5,538 5,881 6,692 7,922 -3% 6% 14% 18% 1.50 1.44 1.29 1.53 8% -4% -10% 19% 14.9 15.5 17.3 14.6 5.6 1.3 8.4 1.6%
SMPH 23,806 27,574 31,977 36,744 -16% 16% 16% 15% 0.83 0.96 1.11 1.27 -16% 16% 16% 15% 47.5 41.0 35.4 30.8 2.3 3.9 0.1 0.8%
VLL 7,907 8,804 10,180 11,617 12% 11% 16% 14% 0.68 0.69 0.79 0.90 9% 1% 15% 14% 8.8 8.7 7.5 6.6 0.5 0.9 11.5 3.8%
36,176 27,012 40,074 41,551 -6% -25% 48% 4% -8% -27% 52% 4% 15.1 20.6 13.5 13.1 0.5 2.7 21.5 4.4%
GLO 16,014 13,546 17,985 18,724 -3% -15% 33% 4% 115.45 109.22 135.48 141.04 -4% -5% 24% 4% 17.9 19.0 15.3 14.7 1.1 3.7 25.5 3.7%
TEL 20,162 13,466 22,089 22,827 -9% -33% 64% 3% 92.33 61.61 101.52 104.94 -9% -33% 65% 3% 14.2 21.3 12.9 12.5 0.4 2.5 19.9 4.7%
531,118 563,633 617,736 691,090 12% 6% 10% 12% 13% 4% 8% 11% 20.2 19.4 17.9 16.1 1.9 2.0 11.6 1.6%
434,993 472,410 522,746 581,218 8% 9% 11% 11% 367 389 427 472 9% 6% 10% 11% 22.2 20.9 19.1 17.2 1.9 2.1 11.6 1.4%
398,817 445,398 482,672 539,667 9% 12% 8% 12% 11% 9% 7% 11% 22.8 21.0 19.5 17.6 2.1 2.1 11.1 1.3%

Important Disclaimers
Securities recommendations and opinions offered by COL Financial Group, Inc. are subject to investment risks including the possible loss of the principle 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 it may be incomplete
or condensed. All opinions and estimates constitute the judgment of COL's Equity Research Departments as of the date of the report and are subject to change without 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 may have investments in securities or derivatives of the companies mentioned in this report and may trade them in ways different from those discussed.