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_TD8_January 12, 2011_Wednesday
source: www.pse.com.ph

FIL-ESTATE LANDS, INC [pse: LND]

LAST TRADE 1.54MARKET CAP 5,326,500,000
Disc. No. 2011-0308
ACCUMULATE/ BUY ON WEAKNESS 52-WK HIGH 1.66OUT SHARES 3,350,000,000
52-WK LOW 0.26DIV YIELD % (5yr Average) n/a
THE eagerly watched and awaited closing of the
AGI-LND Share Subscription Agreement was
PE [TTM] -2010 EPS (annualized) 0.0015
completed today. As such, 25% or php1.25B of the SECTOR PE 21.45EPS GRWTH %-3yrs n/a
php5.0 billion subscription price, was paid in cash PRICE-TO-BOOK 0.58BOOK VALUE 2.66
by AGI. In line with the entry of the Andrew Tan
group, Mr. Tan was named Chairman and Chief SUPPORT 1.32STO (10,3) 79.7
Executive Officer, with Mr. Robert John Sobrepena RESISTANCE 1.66RSI (14) 72.4
serving as co-Chairman. TECHNICAL ACTION Near Term SELLOBV TREND UP/rising
Further, the Company will be renamed GLOBAL PRICE TARGET n/a BETA vs PSEI 1.31
ESTATES RESORTS, INC. This development ushers
in a new page in LND's corporate history and equips
it to pursue tourism-related projects. It has started
the master planning of the Newcoast Station in
Boracay, where LND owns and controls at least 10%
of the total land area. The expected completion of
the new Caticlan airport is seen to increase the
number of tourists in the islands in the next three to
four years.

The accompanying chart raises a number of

concerns, if not warnings, on whether the rally has
peaked. FIRST, the day ended with a bearish Black
Closing Marubozu candlestick. Even as it opened on
the strong side, gapping up by php0.05 from the
previous session's close, it eventually gave everything
up an closed within the preceding day's body and,
more importantly, close to its midpoint of php1.51
at php1.54, drawing a two-day bearish dark cloud
cover pattern. SECOND, the peak of the accumulation
(bottom chart) was reached when the stock traded between
php1.27 and php1.46, eventually closing with an 8.3% gain
to php1.44. A second, but lower peak in the same indicator
was reached coincident to a higher trading band of php1.40-
1.62, closing at php1.59. Clearly, the rise from the php1.46
close to php1.59 was marked by a more aggressive
distributive pressure, drawing support away from the price
ramp-up. This led to today's -3.1% drop to php1.54.
THIRD, we are concerned with two successive gaps between
php0.95 and php1.02 and php1.18-php1.23, on successive
days, as the market anticipated the closing of the deal with
AGI. These gaps are normatively “filled” before a series of
patterns lead to the restoration of the previous trend, and
that is no assurance.

FOURTH, the MACD spread continues to narrow, trending

towards a possible dip into negative. Again, this is not
supportive of the price action, magnifying the growing
weakness of the advance. FIFTH, STO (10,3) registers its first
drop below the oversold 80-line and, more significantly, a
downside penetration of the trigger line. Both a technical
suggestions of a SELL. FINALLY, as reflected by an almost
parallel measure to the AccDist Line, the MFI (14), draws a
divergent action vis-a-vis the stock price. To wit: 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_TD8_January 12, 2011_Wednesday
source: www.pse.com.ph

php1.46 close (range: php1.44-1.51), MFI read 96.996; at today's close, php1.54 (range: php1.54-1.66), MFI had dropped to
87.403. Practically all underlying technical signals posit a SELL. This we could attribute to the conclusion of the deal that first
attracted investors to the issue. The technical action approaches a possible terminal move, it is time for the fundamentals to take
over.

The entry of AGI with its vast success in the property, real estate and tourism business is seen to be the key to turn-around the
fortunes of LND. Recall that AGI has earmarked as much as php7 billion for its tourism-related projects. The question now is will
some of these capex budget find its way to funding projects under LND?

Thus, over-all, the trading BUY on the issue fades and shifts to a long-term proposition as we wait for the fundamentals to
provide guidance for LND's value. In the near-term, we are inclined to advise investors to book profitable positions, and wait at
the gaps as possible long-term buy windows.

The other party to the deal, AGI, does not show much promise either, at least over the short-term. Even as price has remained
steadily within the php11.00 to 12.50 band, the aggressive southern heading of the AccDist Line, plus nearly similar indications
from the MACD, STO and MFI (as LND), suggest a similar NEAR-TERM SELL stance. The php10.75 to 11.00 range remains a
strong support, however. With this information, we can place the SELL tag if and when it breaks under this price range. In the
event of such break, succeeding support band is at php9.70-9.80.

A. BROWN COMPANY, INC. [pse: BRN] LAST TRADE 2.70 MARKET CAP 3,124,806,380
Disc. No. 2011-0305
52-WK HIGH 3.81OUT SHARES 1,136,293,229
The SEC has approved the incorporation of BRN's 52-WK LOW 1.88DIV YIELD % (5yr Average) 0.43
new subsidiaries,namely Palm Thermal Consolidated
PE [TTM] 7.732010 EPS (annualized) 0.5335
Holdings Corporation (PTCH) and Panay
Consolidated Land Holdings Corporation (PCLH.) SECTOR PE 21.45EPS GRWTH %-3yrs 21.90
Last November 2010, the Company disclosed its PRICE-TO-BOOK 1.38BOOK VALUE 1.96
intent to acquire in the two mentioned entities via
the subscription to 2.85 million shares of PTCH and
SUPPORT 2.55-2.70 STO (10,3) 45.82
3 million common shares of PCLH. These RESISTANCE 2.90 / 3.30 RSI (14) 47.12
investments translates to 95% and 100% of the TECHNICAL ACTION Trading BUY OBV TREND DOWN/Falling
outstanding shares of the respective companies. A
third unit it acquired 100% ownership of is Hydro PRICE TARGET 3.30 BETA vs PSEI 0.74
Link Projects Corporation (HLPC.) All investments were sourced from internally-generated funds. The effectivity of each were set
contingent with the SEC's approval of their incorporations. On even date, the Company further disclosed that PTCH and PCLH
will acquire 100% of the outstanding capital of DMCI Concepcion Power Corporation from DMCI Power Corporation (DPC)
and 30 hectares of land from the same, respectively. Such
acquisitions are contingent upon the DPC's compliance with
certain conditions and after the conduct of due diligence.
The DMCI CPC is acquisition is pursuant to the Company's
plan to expand into the power industry while the acreage is
intended as a site for a coal-fired power plant. The
approvals obtained from the SEC puts these plans off the
drawing board and on track for execution.

The technical conditions of the stock do not posit an

immediate buy proposition. Nevertheless, there is a
developing signal for such, which could form the basis for an
“anticipatory” BUY. In the chart to the right, it is obvious
that BRN share price remains locked in a sideways movement
with a defined downward bias. The last four sessions,
however, represented by the four candlesticks at the tail-end, gives off a positive picture – in all four sessions, the stock managed
to close higher than the opening and, more important, closer to the high. The php2.70 price, at which it closed for the day, is
developing to be a decent support level, with a worst-case pullback to php2.55. These are support levels traced back to 2009.

The AccDist Line, although still in a downtrend, is poised to break above such line. RSI (14) has likewise gradually picked up even
as it stays below the 50-midpoint line. The higher high and higher low pattern in this measure over the last four days adds to the
build-up of confidence. STO (10,3) on the other hand, is fresh off a break above the trigger line as it emerged from oversold

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_TD8_January 12, 2011_Wednesday
source: www.pse.com.ph

territory, While Wednesday's trades tipped the line south a bit, it stays above a rising trigger line. Finally, MACD (12.26) sustains
to a third day its break of the signal line with the spread gradually opening, indicating the building up of momentum. We tag
this as a potential TRADING BUY with purchases at the support range of php2.55-2.70 and initial resistance at php3.90. Should
the market take heed of the technical suggestions, we may see an upside of up to php3.30.

OTHER DISCLOSURES:

TRANS-ASIA OIL AND ENERGY DEVELOPMENT CORPORATION

Disc. No. 2011-0274

The Department of Energy has approved the transfer of Geothermal Renewable Energy Service Contract No. 2010-02-012 from
PetroEnergy Resources Corporation [pse: PERC] to Maibarara Geothermal Inc. (MGI.) MGI, where TA holds a 25% equity
ownership, was organized for the integrated development and operation of the Maibarara power project in Sto. Tomas,
Batangas.

Earlier, the Company received the approval for the final 15-year extension of the term of Service Contract 14. TA has a 6.103%
and 22.5% participating interests in SC 14 Block B-1 (North Matinloc) and SC 14 Tara Production Area, respectively.

SEMIRARA MINING CORPORATION [pse: SCC]

Disc. No. 2011-0283

The Court of Tax Appeals (CTA) has ruled in favor of SCC's Petition for Review on the matter concerning an erroneously
withheld and subsequently remitted VAT on its coals sales for January 2007. In light of this decision, the BIR was ordered to
“refund or issue a tax credit certifcate in favor of the petitioner (SCC) in the amount of php15,292,054.91.”

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