ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DISCLOSURES REVIEW_Week 02_TD6_January 10, 2011_Monday
source: www.pse.com.ph

UPDATED MARKET OUTLOOK:

The market's technical condition took a sharp

turn after Monday's trades. The PSE Index
broke both 10pd and 50pd EMA as it moved
aggressively south putting the 4,070-4,100
support band to a test. STO, which has
hovered in overbought territory in the
penultimate trading session of 2010, has
continued on a downward path, eventually
breaking under the 80-overbought line after
yesterday's pullback. MACD, on the other
hand, sustains its narrowing gap, with the line
poised to break under the signal line, an
additional motivation to SELL, or at the very
least, restrain near-term purchases, until the
dust settles. Finally, the AccDist Line has
broken below the uptrend line, drawing
warning signs. We may see a spillover of
Monday's drop particularly as the Dow trades
lower through the morning session. Cautious
trading ahead.

PHILWEB CORPORATIN [pse: WEB]

LAST TRADE 16.7MARKET CAP 20,953,466,177
Disc. No. 2011-0165
ACCUMULATE/ BUY ON WEAKNESS 52-WK HIGH 18.25OUT SHARES 1,259,222,727
52-WK LOW 11.2DIV YIELD % (5yr Average) -
Unaudited 2010 Net Income grew 28% year-on- PE [TTM] 31.912010 EPS (unaudited) 0.5623
year to php708M. This is a record for the SECTOR PE 13.49EPS GRWTH %-3yrs 63.14
Company. Revenue came in at php1.04B, 27% PRICE-TO-BOOK 8.97BOOK VALUE 1.86
higher than 2009. Net margins slightly SUPPORT 15.4STO (10,3) 99.39
improved to 68.1% compared to 67.2% a year RESISTANCE 17.5RSI (14) 92.11
ago. Last year, WEB opened 19 new PEGs,
TECHNICAL ACTION BUY on Weakness OBV BIAS Accumulation/BUY
while its contract with PACGOR to open a
PRICE TARGET 18.25BETA vs PSEI 0.67
minimum of 100 PEGs each year through 2016
was signed. It likewise received a license from the Ministry of Finance in Cambodia to operate both paper- and mobile-
based 6/49 lotto. It is working on similar licenses from the
governments of Laos, Guam, Vietnam, Saipan, Papua New
Guinea, East Timor and Nepal.

In a related disclosre (Disc. No. 2011-0167) the Company

reported that shareholders' have approved the issuance of
new shares for an international equity fund raising
program to raise php5.0B, to fund its project expansion and
acquisitions.

Even as share price traced as gradual southern path off its

August 2010 high (php16.48), the AccDist Line moved in a
similarly gradual manner in the opposite direction,
indicating the stock was being supported by buyers
positioning for the long haul. MACD over that period was
generally flat. It was only in mid-December that the stock
made a convincing move building a solid base at the

DISCLAIMER: THE MATERIAL CONTAINED IN THIS PUBLICATION IS FOR INFORMATION PURPOSES ONLY. IT IS NOT TO BE REPRODUCED OR COPIED OR MADE
AVAILABLE TO OTHERS. UNDER NO CIRCUMSTANCES IS IT TO BE CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION TO BUY ANY SECURITY. WHILE THE
INFORMATION HEREIN IS FROM SOURCES WE BELIEVE RELIABLE, WE DO NOT REPRESENT THAT IT IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON
AS SUCH. IN ADDITION, WE SHALL NOT BE RESPONSIBLE FOR AMENDING, CORRECTING OR UPDATING ANY INFORMATION OR OPINIONS CONTAINED HEREIN. SOME OF
THE VIEWS EXPRESSED IN THIS REPORT ARE NOT NECESSARILY OPINIONS OF ACCORD CAPITAL EQUITIES CORPORATION ON THE CREDIT-WORTHINESS OR
INVESTMENT PROFILE OF THE COMPANY OR THE INDUSTRIES MENTIONED.
DAILY Report Page 1 of 3
ACCORD CAPITAL EQUITIES CORPORATION
GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DISCLOSURES REVIEW_Week 02_TD6_January 10, 2011_Monday
source: www.pse.com.ph

php15.00 to 15.60 range. In the same period, the stock price moved above all EMA's even as STO broke into overbought
territory where it stays to-date. Yesterday, STO settled at 99.39, leaving little room for an upside as price tops php16.72.
The long-term trend is positive, but there may be a short- to medium-term pullback. Over-all, we find good prospects for
the issue to warrant an accumulation on weakness strategy.

ENERGY DEVELOPMENT CORPORATION [pse: EDC]

Disc. No. 2011-0225
BUY & HOLD

Green Core Geothermal, Inc. (GCGI), a LAST TRADE 5.9 MARKET CAP 113,250,000,000
subsidiary, signed seven (7) new 10-year power 52-WK HIGH 6.55 OUT SHARES 18,750,000,000
supply contracts for 58MW with various 52-WK LOW 4.31 DIV YIELD % 1.99
electric cooperatives in Eastern and Western PE [TTM] 12.39 2010 Ann. EPS 0.5100
Visayas. SECTOR PE 14.29 EPS GRWTH % -1.97
• Negros Oriental II Electric PRICE-TO-BOOK 3.37 BOOK VALUE 1.78
Cooperative, Inc – 25MW SUPPORT 5.51 STO (10,3) 75.68
• Negros Oriental I Electric RESISTANCE 6.55 RSI (14) 49.65
Cooperative, Inc, Negros Occidental TECHNICAL ACTION BUY & HOLD OBV BIAS Accumulation
Electric Cooperative, VMC Rural
PRICE TARGET n/a BETA vs PSEI 1.04
Electric Service Cooperative, Inc,, Don
Orestes Romualdez Electric Cooperative, Inc., Leyte II Electric Cooperative, Inc, and Leyte V Electric Cooperative,
Inc – 33MW

The supply will be sourced from the Togonan I and Palinpinon plants which GCGI acquired in 2009. Previous supply
contracts entered into by GCGI were with Iloilo Electric Cooperative, Inc I & II, Aklan Electric Cooperative, Inc, Capiz
Electric Cooperative, Inc. and Dumaguete Coconut Mills, Inc.

In our previous reading, we tagged the issue as a BUY &

HOLD proposition. While Monday's action, magnified by
the over-all weakness in the broad market, has added to
the negative technical outlook, we find this all the more
reason to take position on the counter, preferably waiting
at the strongest support represented by the 150pdEMA @
php5.50.

STO has turned south, breaking under the trigger line and
has dropped below the 80-line. These are technical SELL
signals.

The confirmation is provided by the narrowing of the

positive spread between the MACD and the signal line.

Finally, the AccDist Line, although still in a general

accumulative trend, was dragged under such trend, a
possible signal of a topped having been reached.

While the preponderance of technical indications posits a

SELL, our medium- to long-term view, borrowing from the
fundamentals remains positive.

DISCLAIMER: THE MATERIAL CONTAINED IN THIS PUBLICATION IS FOR INFORMATION PURPOSES ONLY. IT IS NOT TO BE REPRODUCED OR COPIED OR MADE
AVAILABLE TO OTHERS. UNDER NO CIRCUMSTANCES IS IT TO BE CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION TO BUY ANY SECURITY. WHILE THE
INFORMATION HEREIN IS FROM SOURCES WE BELIEVE RELIABLE, WE DO NOT REPRESENT THAT IT IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON
AS SUCH. IN ADDITION, WE SHALL NOT BE RESPONSIBLE FOR AMENDING, CORRECTING OR UPDATING ANY INFORMATION OR OPINIONS CONTAINED HEREIN. SOME OF
THE VIEWS EXPRESSED IN THIS REPORT ARE NOT NECESSARILY OPINIONS OF ACCORD CAPITAL EQUITIES CORPORATION ON THE CREDIT-WORTHINESS OR
INVESTMENT PROFILE OF THE COMPANY OR THE INDUSTRIES MENTIONED.
DAILY Report Page 2 of 3
ACCORD CAPITAL EQUITIES CORPORATION
GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DISCLOSURES REVIEW_Week 02_TD6_January 10, 2011_Monday
source: www.pse.com.ph

OTHER DISCLOSURES

TRANS-ASIA OIL AND ENERGY DEVELOPMENT CORPORATION [pse: TA]

Disc. No. 2011-0224

Subject to the satisfaction of certain terms and conditions, the Department of Energy has approved the final 15-year
extension of the terms of SC No 14, effective December 17, 2010. TA holds a 6.103% participating interest in SC 14 Block B-1
(North Matinloc) and a 22.5% participating interest in SC 14 Tara Production Area.

MRC ALLIED, INC [pse: MRC]

Disc. No. 0181

The Company has entered into a mining operations agreement for gold and copper over a 3,718.41 hectares in Marihatag,
Surigao del Sur for a total consideration of php310M. This agreement will be injected into MRC Surigao Mines, Inc., a
wholly-owned subsidiary with a capitalization of php1.0 billion.

DISCLAIMER: THE MATERIAL CONTAINED IN THIS PUBLICATION IS FOR INFORMATION PURPOSES ONLY. IT IS NOT TO BE REPRODUCED OR COPIED OR MADE
AVAILABLE TO OTHERS. UNDER NO CIRCUMSTANCES IS IT TO BE CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION TO BUY ANY SECURITY. WHILE THE
INFORMATION HEREIN IS FROM SOURCES WE BELIEVE RELIABLE, WE DO NOT REPRESENT THAT IT IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON
AS SUCH. IN ADDITION, WE SHALL NOT BE RESPONSIBLE FOR AMENDING, CORRECTING OR UPDATING ANY INFORMATION OR OPINIONS CONTAINED HEREIN. SOME OF
THE VIEWS EXPRESSED IN THIS REPORT ARE NOT NECESSARILY OPINIONS OF ACCORD CAPITAL EQUITIES CORPORATION ON THE CREDIT-WORTHINESS OR
INVESTMENT PROFILE OF THE COMPANY OR THE INDUSTRIES MENTIONED.
DAILY Report Page 3 of 3