TUE 27 OCT 2020

Stocks in Focus:
MER: 9M20 core earnings exceed forecast,
raising estimates on better outlook
9M20 core earnings exceed forecast. Excluding non-recurring items, MER’s 3Q20 (AS OF OCT 26, 2020)

core profits declined 15.8% to Php5.17Bil. For 9M20, core net income declined 14.8% INDICES

to Php15.73Bil. The 9M20 results are ahead of COL forecast, representing 82.9% of COL Close Points % YTD%
full year forecast, but lags behind consensus forecast (71%). Despite a 7% decline in PSEi 6,491.19 7.13 0.11 -16.94
All Shares 3,859.36 -0.59 -0.02 -17.00
sales volume, MER’s 9M20 net distribution revenues rose by 15.2% to Php50.7Bil, above Financials 1,269.53 -5.21 -0.41 -31.88
estimates, representing 83.2% of our full year forecast. This was mainly due to an 11% Holding Firms 6,730.71 8.66 0.13 -11.35
increase in distribution tariff to Php1.56/kwh (12% above COL forecast) as the sales volume Industrial 8,610.03 -18.41 -0.21 -10.64
7,693.27 -12.46 -0.16 -4.93
during 9M20 remains skewed toward residential customers (which have a higher tariff Mining & Oil
Property 3,143.06 5.31 0.17 -24.35
level). MER said that it has already made provisions to account for possible downward Services 1,472.68 11.97 0.82 -3.82
adjustments in tariff for the future in light of the change in sales mix. Meanwhile, 9M20
sales volume declined by 7% to 32,539 Gwh, slightly ahead of our forecast, representing Dow Jones 28,335.57 -28 -0.10 -0.71
S&P 500 3,465.39 11.90 0.34 7.26
76% of our full year forecast.
Nasdaq 11,548.28 42.27 0.37 28.71

Raising estimates, maintaining HOLD rating. As a result of management better than

INDEX GAINERS
expected outlook for sales volume recovery, we are increasing our sales volume forecast by
Ticker Company Price %
1.6%, leading to a 3.2% increase in our 2020E earnings estimate to Php19.3Bil. We are also
DMC DMCI Hldgs Inc 4.70 3.07
raising our FV estimate by 3.4% to Php275.7/sh in light with the increase in our earnings PGOLD Puregold Price Club Inc 43.75 2.94
estimates. We are maintaining our HOLD rating on MER. AP Aboitiz Power Corp 28.55 1.96
TEL PLDT Inc 1360.00 1.72
ALI Ayala Land Inc 34.40 1.33

Top Stories:
INDEX LOSERS
Ticker Company Price %
SMPH: 9M20 income in line as improvement seen in malls business
LTG LT Group Inc 12.60 -3.52
BDO: 3Q20 earnings up 3%; in line with estimates AGI Alliance Global Inc 8.31 -3.37
UBP: 3Q20 earnings up 7% y/y; above estimates SMC San Miguel Corp 103.00 -2.83
PX: PX suspends Padcal operation due to Covid-19 infections BDO BDO Unibank Inc 95.25 -1.80
JFC Jollibee Foods Corp 176.40 -1.45

Other News: TOP 5 MOST ACTIVE STOCKS

Ticker Company Turnover
SM SM Investments Corp 506,168,800
Economy: Overall BOP position posts US$2.1Bil surplus in September ALI Ayala Land Inc 397,129,700
AC Ayala Corporation 340,860,900
BDO BDO Unibank Inc 267,722,400
BPI Bank of the Phil Islands 260,737,600

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.
 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 27 OCT 2020

COVID-19 Update:

Total Cases Total Deaths Total Recoveries

Philippines 371,630 (+1,490) 7,039 (+62) 328,258 (+245)

USA 8,960,034 (+71,706) 231,033 (+526) 5,822,448 (+50,924)

Worldwide 43,767,781 (+445,249) 1,164,224 (+5,420) 32,161,933 (+265,838)

Market Summary:

The local equities market rose on Monday, but gains were capped as investors took profits
from the recent rally.

The PSEi inched up 7.13 points or 0.11% to close at 6,491.19. The top movers were DMC
(+3.07%), PGOLD (+2.94%), AP (+1.96%), TEL (+1.72%), and ALI (+1.33%). On the other
hand, the main drags were LTG (-3.52%), AGI (-3.37%), SMC (-2.83%), BDO (-1.80%), and
JFC (-1.45%).

Value turnover jumped to Php31.1Bil from Php8.5Bil in the previous session. Meanwhile,
foreigners remained net buyers, accumulating Php4.4Bil worth of shares.

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TUE 27 OCT 2020

Stocks in Focus:

George Ching MER: 9M20 core earnings exceed forecast, raising

Senior Research Manager
estimates on better outlook
Manila Electric Company
HOLD 9M20 core earnings exceed forecast. Excluding non-recurring items, MER’s 3Q20
Php275.70 core profits declined 15.8% to Php5.17Bil. For 9M20, core net income declined 14.8%
to Php15.73Bil. The 9M20 results are ahead of COL forecast, representing 82.9% of COL
full year forecast, but lags behind consensus forecast (71%). Despite a 7% decline in
sales volume, MER’s 9M20 net distribution revenues rose by 15.2% to Php50.7Bil, above
estimates, representing 83.2% of our full year forecast. This was mainly due to an 11%
increase in distribution tariff to Php1.56/kwh (12% above COL forecast) as the sales volume
during 9M20 remains skewed toward residential customers (which have a higher tariff
level). MER said that it has already made provisions to account for possible downward
adjustments in tariff for the future in light of the change in sales mix. Meanwhile, 9M20
sales volume declined by 7% to 32,539 Gwh, slightly ahead of our forecast, representing
76% of our full year forecast.

Exhibit 1: MER 3Q20 Results Summary

in PhpMil 3Q19 3Q20 % Change 9M20 % of FY COL Forecast

Net distribution revenues 16,769 17,334 3.4 50,699 83.2
Net Income 6,314 4,408 -30.2 11,252 N/A
Core net income 6,136 5,169 -15.8 15,727 82.9

source: MER, COL estimates

Exhibit 2: Volume Mix

in kWh 3Q19 3Q20 %Change 9M19 9M20 %Change

Residential 3,774 4,428 17.3 10,920 12,543 14.9
Commercial 4,761 3,633 -23.7 13,712 11,063 -19.3
Industrial 3,612 3,304 -8.5 10,268 8,827 -14.0
Total 12,182 11,400 -6.4 35,005 32,539 -7.0

source: MER

9M20 sales volume down 7%, slightly higher than forecast. MER’s 9M20 sales volume
declined by 7% to 32,539Gwh, slightly ahead of COL forecast, representing 76% of our
full year forecast. The residential segment posted the strongest growth in sales volume
of 14.9%, mainly due to higher temperature during 9M20 compared to the same period
of last year(+0.5C), and as the Community Quarantine and Work-From-Home (WFH)
related activities increased household power consumption. The industrial segment sales
volume declined 14%, while the commercial segment was the weakest segment as its
volume declined 19.3%.

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 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 27 OCT 2020

Management expects further recovery in 4Q20. Despite the 7% decline in sales

volume during 9M20, management said it is already seeing signs that power demand
is normalizing and returning to the pre-pandemic levels. For the month of September,
MER’s sales volume already rose by 0.4% compared to last year, led by an 8% increase in
residential segment sales volume. The industrial segment’s volume was also returning
to pre-pandemic level as it was only down by 2% y/y. While the commercial segment’s
sales volume was still down by 5% y/y, it was already a big improvement from the -19.3%
decline for 9M20. Management said it expects the company’s sales volume to continue
to recover in towards the end of the year (despite cooler temperature beginning October
and weather disruptions) as more businesses ramp up their operation and as restrictions
on mobility slowly eases.

Raising estimates, maintaining HOLD rating. As a result of management better than

expected outlook for sales volume recovery, we are increasing our sales volume forecast
by 1.6%, leading to a 3.2% increase in our 2020E earnings estimate to Php19.3Bil. We
are also raising our FV estimate by 3.4% to Php275.7/sh in light with the increase in our
earnings estimates. We are maintaining our HOLD rating on MER. Although MER’s long
term outlook remains positive, the company faces numerous risks in the short term. Aside
from weaker demand brought about by the COVID19 outbreak, MER faces a looming
distribution tariff cut in the next regulatory period, the magnitude of which could be
much steeper than expected given that the SC last year ordered the ERC to review MER’s
distribution tariff which it believes to be too high. Based on its current price of Php298/
sh, there is no more upside to our FV estimate.

Top Stories:

Richard Laneda, CFA SMPH: 9M20 income in line as improvement seen in

Senior Research Manager malls business
SM Prime Holdings Inc.
HOLD
3Q20 results show recovery underway. SMPH’s 3Q20 net profit declined 52.2% y/y to
Php31.00 Php3.97 Bil as the Philippines remained predominantly on general community quarantine
or GCQ. The pace of decline is much slower that the 79.9% income decline we saw in
2Q20. Consolidated revenue in 3Q20 declined 39.2% y/y, also slower than the 41.4%
decline we saw in 2Q20 as mall operations continued to see gradual improvement since
June. For the first nine months of this year, SMPH’s revenues declined 28.6%, leading to
a 47.8% decline in net profit. SMPH is on track to meet COL full-year forecast with risk on
the upside should government relax restriction heading into the holiday season.

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 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 27 OCT 2020

Exhibit 1. Results Summary

Source: SMPH, COL estimates, Bloomberg

Mall revenues showing steady improvement while residential growth fades.

SMPH’s mall revenues in 3Q20 declined 66.6% to Php5.11 Bil. The year-on-year decline
is expected given that the Philippines is still on quarantine but we should note the
improvement from the previous quarter. The pace of decline in 3Q20 is slower than the
74.1% plunge in 2Q20 and it also implies a 22.9% growth compared to 2Q20. This shows
the steady recovery of the malls business as people start feeling more confident going
to malls during the general community quarantine. We believe the improvement would
have been stronger if not for the two-week reversion to modified enhanced community
quarantine in August.

We believe we are starting to see the effects of lower construction capacity and lower
inventory level on SMPH’s revenues as residential revenues were flat in 3Q20 after
growing 23% in 1Q20 and 1.1% in 2Q20 which was the height of quarantine restrictions.
SMPH said that its ready-for-occupancy units have gone down 28% y/y to 1,650 units.
Nevertheless, SMPH is expecting to add more units to its inventory in the succeeding
quarters.

The commercial leasing segment remained resilient in 3Q20 with revenues growing 8.9%
y/y to Php1.12 Bil. With BPO offices as their primary tenants, offices continued to operate
at a high occupancy level with no disruptions.

Lastly, hotel and convention center businesses remained challenging due to limited
tourism bookings. Hotel and convention center businesses declined 80.3% y/y in 3Q20,
just a slight improvement from the 83.5% decline we saw in 2Q20.

Exhibit 2. Revenue breakdown

Source: SMPH

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 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 27 OCT 2020

Maintain HOLD rating. We have a HOLD rating on SMPH with a fair value estimate of
Php31.00 Upside risk to our estimates would come from further relaxation of quarantine
restrictions which would translate to higher foot traffic and sales in malls.

John Martin Luciano, CFA BDO: 3Q20 earnings up 3%; in line with estimates
Senior Research Analyst
3Q20 earnings up 3%; in line with estimates. BDO reported Php12.3Bil in earnings
BDO Unibank Inc.
during the third quarter, up 3.2% y/y. The sluggish growth was mainly due to weaker fees
BUY
Php129.00 (-23.1% y/y) as well as elevated provisions (+10.7% y/y). Meanwhile, earnings for the first
nine months amounted to Php16.6Bil, down 48.2% y/y. This was due to due to the upfront
provisions booked in 2Q20. Nevertheless, this ended in line with both COL and consensus
forecasts, accounting for 57.0% and 60.4% of full-year estimates, respectively. Overall,
earnings met our forecast as the weaker than expected fees, and higher than expected
provisions and tax expenses were offset by lower than expected operating expenses.
Meanwhile, net interest income expanded by 6% y/y. The 9M20 results translate to an
annualized ROE of 5.8%.

Exhibit 1: Results Summary

% FY20E
In PhpMil 3Q19 3Q20 % Change 9M19 9M20 % Change
COL Consensus
Net interest income 31,535 33,430 6.0 88,461 99,825 12.8 74.9 NA
Non-interest income 14,614 11,987 -18.0 44,123 36,772 -16.7 69.3 NA
Fee-based revenues 8,759 6,740 -23.1 25,440 20,161 -20.8 66.2 NA
Securities trading gains -194 216 NA 1,796 2,011 12.0 96.3 NA
Provisions 1,258 1,392 10.7 4,246 23,826 461.1 106.1 NA
Operating expenses 29,334 27,606 -5.9 85,835 83,639 -2.6 68.4 NA
Tax expenses 3,590 4,073 13.5 10,396 12,534 20.6 100.3 NA
Net income 11,955 12,333 3.2 32,107 16,620 -48.2 57.0 60.4

source: BDO, COL estimates

Loan growth slows to 6% y/y; net interest margin declines sequentially. Net interest
income in the third quarter expanded by 6.0% y/y to Php33.4Bil. This was driven by higher
volume. The bank’s loan portfolio expanded by 6% y/y to Php2.2Tril, while total interest
earning assets increased by 6.9% y/y. Loan growth was driven by corporate (+8% y/y) and
consumer (+6% y/y) segments. This was supported by the strong growth in CASA (+16%
y/y), which outpaced total deposits (+7.0% y/y), causing CASA ratio to improve to 79%.
On the other hand, we estimate that net interest margin declined by 7 bps y/y and flat
q/q to ~4.17%. On a sequential basis, both asset yields and funding cost largely declined
in the same magnitude. As expected, loan yields, particularly corporate rates, remained
under pressure following the reduction in policy rate this year as well as excess liquidity
in the market. We expect net interest margin to compress over the next few quarters
as loans gradually re-price lower as we believe that it will be difficult to further lower

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 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 27 OCT 2020

its funding cost going forward. Net interest income for the first nine months reached
Php99.8Bil, up 12.8% y/y. This ended largely in line with our forecast, accounting for
74.9% of our full-year target.

Weak fees drag non-interest income growth. Non-interest income during the third
quarter fell 18.0% y/y to Php12.0Bil, dragged by the continued weakness in fee-based
revenues. In particular, fees in the third quarter declined by 23% y/y to Php6.7Bil due
to limited activity. While the breakdown has not yet been disclosed, we believe that the
weakness was caused by lower branch, transaction, and loan-related fees. Still, we noticed
a 26% q/q pickup in fees, indicating that this will continue to recover as economic activity
resumes. This brought fees for the first nine months lower by 20.8% y/y to Php20.2Bil. This
trailed our forecast, accounting for 66.2% of our full-year target.

On the other hand, the bank reported Php216Mil in securities trading gains during the
third quarter, a turnaround from the Php194Mil trading loss booked last year. Overall,
we believe the bank opted to collect interest income rather than sell a portion of its
securities portfolio given the minimal gains in the third quarter. This brought the year-
to-date trading gains to Php2.0Bil, up 12% y/y. This ended slightly above our estimates,
accounting for 96.3% of our full-year target.

Provisions remain elevated. BDO booked Php1.4Bil in provisions in the third quarter,
up 10.7% y/y. The bank reiterated that current provisions remain sufficient if NPL peaks
at 4-5% next year. This brought the 9M20 provisions to Php23.8Bil, up significantly from
the Php4.2Bil allocated in the same period last year following the upfront provisioning
in 2Q20. This ended slightly above our forecast, accounting for 106% of our full-year
target as we assumed minimal provisions for 2H20. In terms of asset quality, NPL ratio
was largely unchanged at 1.97% vs 1.95% in 2Q20. However, this was largely because the
bank’s system did not apply the loan moratorium in Bayanihan 1 to past due accounts. As
such, they already became NPLs in 2Q20. Overall, the bank expects NPL ratio to settle at
2.5%-3% this year and 4-5% next year. The bank noted that 30-40% of their loan portfolio
availed of the 60-day loan moratorium of Bayanihan 2. As such, we expect some of the
NPL recognition to be delayed to early next year.

Capital buffers remain adequate. BDO’s CET1 ratio as of end September 2020 ended
higher at 13.2% vs 12.7% in the previous quarter. Overall, we don’t expect that the bank
will need to raise capital in the near-term given the weak loan growth outlook. In fact,
the bank noted that even if loan growth accelerates to low to mid-teens next year,
their capital buffers still remain adequate. Recall that the BSP provided regulatory relief
by allowing banks to tap into their capital conservation buffer to absorb losses. This
effectively reduced the CET1 requirement to 8.0% from 10.5% for the big banks during
the pandemic. Note that the central bank mentioned that banks will be given a reasonable
time period to restore their capital positions to meet Basel III requirements after the crisis.

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 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 27 OCT 2020

Maintain BUY rating. We currently have a BUY rating on BDO with a FV estimate of
Php129/sh based on a 1.35X 2021E P/BV. We believe there will be negative sentiment
once the bank’s NPL ratio starts increasing in the third quarter. In addition, net interest
margin is expected to be pressured next year as loans gradually re-price amid the low
interest rate environment. Nevertheless, we believe most of the negatives have already
been priced in. We continue to like BDO as we expect it to be one of the major beneficiaries
of the economic growth after the effect of pandemic eases.

John Martin Luciano, CFA UBP: 3Q20 earnings up 7% y/y; above estimates
Senior Research Analyst

3Q20 earnings up 7% y/y; above estimates. UBP’s net income in the third quarter rose
Union Bank of the Phils.
HOLD by 7% y/y to Php4.0Bil. The sluggish growth was due to the drop in non-interest income
Php56.00 (-44% y/y) and higher provisions. The decline in non-interest income was partially due
to high base as recall that the bank booked significant trading gains worth Php2.6Bil last
year. Meanwhile, the bank booked Php464Mil in provisions during the quarter, up from
Php120Mil in the same period last year. This brought earnings for the first nine months
to Php8.5Bil, flat y/y. Nevertheless, this ended above both COL and consensus forecasts,
accounting for 121.4% and 96.8% of full-year estimates, respectively. The outperformance
vs our forecast was driven by stronger than expected net interest income and non-interest
income. Net interest income during the quarter remained robust, expanding by 29% y/y
on the back of higher volume and net interest margin, partially offset by slightly higher
than expected provisions. The 9M20 results translate to an annualized ROE of 13.4%
(adjusted for goodwill).

Exhibit 1: Results Summary

% FY20E
In PhpMil 2Q19 2Q20 % Change 9M19 9M20 % Change
COL Consensus
Net interest income 5,906 7,587 28.5 15,742 21,426 36.1 80.0 NA
Non-interest income 3,743 2,111 -43.6 8,101 10,381 28.1 100.0 NA
Provisions 120 464 287.8 484 7,458 1441.1 101.6 NA
Operating Expenses 5,500 5,134 -6.7 13,893 15,388 10.8 70.3 NA
Net income 3,719 3,977 6.9 8,524 8,483 -0.5 121.4 96.8

source: UBP, COL estimates

Net interest income growth remains robust. Net interest income continued its robust
growth in the third quarter, expanding by 29% y/y to Php7.0Bil. Results were boosted
by the continued recovery in net interest margin which we estimate improved by 64 bps
y/y and 32 bps q/q to ~4.20%. The improvement q/q was caused by the faster drop in
funding cost compared to asset yields. Nevertheless, we expect pressure on net interest
margin as loan re-price. Recall that the BSP has already reduced its policy rate by a total
of 175 bps this year. This should translate to lower loan yields, particularly corporate

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 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 27 OCT 2020

rates. Meanwhile, loan growth slowed to 3% y/y from 7% y/y in the previous quarter.
For 9M20, net interest income reached Php21.4Bil, up 36% y/y. This ended above our
forecast, accounting for 80.0% of our full-year target.

Non-interest income declines on high base. Non-interest income during the third
quarter declined by 44% y/y to Php2.1Bil. While the breakdown has not yet been
disclosed, we believe that the decline was partially due to high base as recall that the bank
booked significant trading gains worth Php2.6Bil last year. Nevertheless, we estimate
that the bank booked ~Php1.2Bil trading gains in the third quarter. This exceeded our
expectations as we conservatively forecasted minimal trading gains in 2H20. On the other
hand, we believe fee income was likely weaker y/y due to weaker economic activities.
The first half non-interest income reached Php8.1Bil, up 28% y/y. This ended above our
forecast, representing 100% of our full-year target.

Maintain HOLD. We maintain our HOLD rating with a FV estimate of Php56/sh based
on a 0.75X 2021E P/BV (adjusted for goodwill We expect earnings to be hurt by the
COVID-19 pandemic and ECQ as these are expected to slow economic activity which will
inevitably curtail loan demand and financial transactions. More importantly, we expect
some deterioration in asset quality amidst the suspension of business operations given
that its consumer loans account for higher portion of its total loans (~32%) compared to
most banks.

George Ching PX: PX suspends Padcal operation due to Covid-19

Senior Research Manager infections
Philex Mining Corportion
PX suspends Padcal operation due to Covid-19 infections. PX announced yesterday that
N/A
N/A it will be temporarily suspending the operation of the Padcal Mine in order to minimize
the risk of community transmission of Covid-19 to its employees and their families. The
company announced that several employees were tested positive for Covid-19. PX said it
plans to complete the mass testing of 1,000 of its employees. Meanwhile, the company
said it still cannot determine the impact of the suspension on its financial results.

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 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 27 OCT 2020

Other News:

Research Analysts Economy: Overall BOP position posts US$2.1Bil surplus in

September
John Martin Luciano, CFA
Frances Rolfa Nicolas The country’s overall balance of payments (BOP) position in September 2020 reached a
Justin Richmond Cheng
surplus of US$2.1Bil, higher than the US$38Mil surplus recorded in the same month last
Adrian Alexander Yu
year. The surplus reflected mainly the inflows from the BSP’s foreign exchange operations
Kerwin Malcolm Chan
and income from its investments abroad, and the national government’s (NG) foreign
currency deposits with the BSP. These were partly offset by the NG’s payments of its
foreign currency debt obligations. This brought the BOP position for the first nine months
of the year to a surplus of US$6.88Bil, higher than the US$5.57Bil surplus recorded for the
same period last year. Moreover, the BOP position reflects an increase in the final gross
international reserves (GIR) level of US$100.44Bil as of end-September 2020. At this level,
the GIR represents a more than adequate external liquidity buffer, which can cushion the
domestic economy against external shocks. (source: BSP)

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 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 27 OCT 2020

I M P O R TA N T R AT ING 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.

I M P O R TA N T DISC L AIM ER
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 COL’s 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.

CO L R E S EAR C H T EAM

APRIL LYNN TAN, CFA

VP & HEAD OF RESEARCH
april.tan@colfinancial.com

CHARLES WILLIAM ANG, CFA GEORGE CHING RICHARD LAÑEDA, CFA

DEPUTY HEAD OF RESEARCH SENIOR RESEARCH MANAGER SENIOR RESEARCH MANAGER
charles.ang@colfinancial.com george.ching@colfinancial.com richard.laneda@colfinancial.com

JOHN MARTIN LUCIANO, CFA FRANCES ROLFA NICOLAS JUSTIN RICHMOND CHENG
SENIOR RESEARCH ANALYST RESEARCH ANALYST RESEARCH ANALYST
john.luciano@colfinancial.com rolfa.nicolas@colfinancial.com justin.cheng@colfinancial.com

ADRIAN ALEXANDER YU KERWIN MALCOLM CHAN

RESEARCH ANALYST RESEARCH ANALYST
adrian.yu@colfinancial.com kerwin.chan@colfinancial.com

C OL F INANC IAL G R O UP, IN C.

2402-D EAST TOWER, PHILIPPINE STOCK EXCHANGE CENTRE,
EXCHANGE ROAD, ORTIGAS CENTER, PASIG CITY
PHILIPPINES 1605
TEL NO. +632 636-5411
FAX NO. +632 635-4632
WEBSITE: www.colfinancial.com

COL Financial Group, Inc. 12