As of: 08/09/2019

COL Date of COL Buy Outstanding Market Cap Revenue Revenue Growth
Ticker Company Name Price Rating Update FV Below Shares (Mil) (PhpMil) 2017 2018 2019E 2020E 2017 2018 2019E 2020E
Banks and Financials 1,744,092 417,227 461,864 524,206 583,035 12% 11% 13% 11%
BDO BANCO DE ORO 146.50 HOLD 4/26/19 130.00 113.00 4,374 641,504 128,959 147,966 173,443 194,620 21% 15% 17% 12%
BPI BANK OF PHIL ISLANDS 94.25 BUY 4/30/19 98.00 85.00 4,502 424,780 71,020 78,524 92,527 103,030 7% 11% 18% 11%
CHIB CHINA BANKING CORP 26.65 BUY 9/18/18 34.00 28.00 2,685 71,579 25,728 28,584 31,836 35,623 18% 11% 11% 12%
EW EASTWEST BANKING COR 11.92 BUY 7/23/19 15.60 12.40 2,250 26,820 25,205 25,101 26,727 28,954 17% 0% 6% 8%
MBT METROPOLITAN BANK 71.75 BUY 5/10/19 92.50 80.00 3,980 285,566 83,553 91,732 103,543 113,949 7% 10% 13% 10%
PNB PHIL NATIONAL BANK 49.50 BUY 11/12/18 54.50 43.00 1,526 75,525 32,612 38,684 39,288 43,816 2% 19% 2% 12%
SECB SECURITY BANK CORP 193.50 BUY 7/15/19 197.00 171.00 754 145,810 25,085 25,599 29,953 33,196 20% 2% 17% 11%
UBP UNION BANK OF PHIL 59.55 BUY 1/29/19 71.00 59.00 1,217 72,509 25,065 25,673 26,889 29,847 -1% 2% 5% 11%
Commercial and Industrial 560,696 746,735 913,755 922,512 981,841 19% 22% 1% 6%
ABS ABS-CBN BROADCASTING 19.16 HOLD 9/18/18 41.70 16.00 872 16,515 40,698 40,131 42,794 43,624 -2% -1% 7% 2%
CEB CEBU AIR INC 92.50 BUY 7/5/19 114.30 95.00 602 55,585 68,029 74,114 83,008 88,220 10% 9% 12% 6%
CHP CEMEX HOLDINGS PHIL 3.34 HOLD 4/30/19 2.10 1.60 5,195 17,353 21,784 23,418 26,430 29,115 -10% 7% 13% 10%
EAGLE EAGLE CEMENT CORP 15.24 BUY 8/8/19 17.30 14.40 5,000 76,200 14,872 16,522 20,718 24,692 12% 11% 25% 19%
EEI EEI CORPORATION 9.73 BUY 6/21/19 12.60 10.50 1,036 10,083 14,921 22,147 22,813 23,699 1% 48% 3% 4%
GMA7 GMA NETWORK INC 5.39 BUY 11/23/18 6.30 5.20 3,361 18,116 15,602 15,236 16,925 16,291 -6% -2% 11% -4%
ICT INTL CONTAINER TERM 125.50 HOLD 5/10/19 117.96 94.00 2,012 252,711 62,721 73,447 83,586 90,026 17% 17% 14% 8%
IMI INTEGRATED MICRO-ELE 8.45 HOLD 8/2/19 9.20 7.60 2,209 18,736 54,967 71,518 73,894 83,815 37% 30% 3% 13%
MWC MANILA WATER COMPANY 22.50 HOLD 4/26/19 27.10 21.60 2,027 46,459 18,516 19,836 23,123 26,944 5% 7% 17% 17%
PCOR PETRON CORP 5.22 HOLD 5/31/19 7.00 4.60 9,375 48,938 434,624 557,386 529,221 555,415 26% 28% -5% 5%
Conglomerates 3,779,409 2,708,976 3,136,488 3,315,961 3,519,653 17% 16% 6% 6%
AC AYALA CORPORATION 938.00 BUY 5/14/19 1,077.00 936.00 631 588,451 242,228 274,881 315,534 352,960 22% 13% 15% 12%
AEV ABOITIZ EQUITY VENTU 49.85 HOLD 5/30/19 46.82 40.00 5,633 280,795 150,422 186,943 186,877 193,143 31% 24% 0% 3%
AGI ALLIANCE GLOBAL 14.18 BUY 6/27/19 21.45 17.10 10,270 141,290 135,644 156,785 163,509 176,185 -1% 16% 4% 8%
COSCO COSCO CAPITAL INC 6.77 BUY 4/26/19 11.00 8.80 7,024 49,125 145,750 168,388 169,749 188,612 13% 16% 1% 11%
DMC DMCI HOLDINGS INC 9.67 HOLD 6/19/19 10.24 8.50 13,277 128,393 80,703 82,843 75,596 83,737 18% 3% -9% 11%
FPH FIRST PHIL HOLDINGS 82.15 BUY 9/18/18 134.67 107.00 539 41,811 104,890 125,587 132,645 134,737 14% 20% 6% 2%
GTCAP GT CAPITAL HOLDINGS 882.00 BUY 6/17/19 944.00 786.00 215 189,881 227,420 215,825 220,184 236,744 19% -5% 2% 8%
JGS JG SUMMIT HLDGS 63.05 HOLD 9/18/18 57.48 49.00 7,163 451,617 273,445 291,916 308,378 320,973 14% 7% 6% 4%
LTG LT GROUP INC c 14.20 N/A N/A N/A N/A 10,821 153,664 63,727 75,559 83,072 92,031 10% 19% 10% 11%
MPI METRO PACIFIC INVEST 4.61 BUY 8/2/19 8.19 7.10 31,515 145,427 62,512 83,029 82,849 88,316 39% 33% 0% 7%
SM SM INVESTMENTS CORP 986.00 HOLD 2/6/19 1,010.00 878.00 1,205 1,187,719 396,149 449,788 490,254 507,712 9% 14% 9% 4%
SMC SAN MIGUEL CORP c 177.10 N/A N/A N/A N/A 2,384 421,237 826,086 1,024,943 1,087,315 1,144,505 21% 24% 6% 5%
Consumer 1,228,342 706,440 783,127 883,962 996,526 12% 11% 13% 13%
CIC CONCEPCION INDUST CO 40.00 HOLD 3/15/19 42.50 35.00 404 16,220 13,859 14,202 15,752 17,361 12% 2% 11% 10%
CNPF CENTURY PACIFIC FOOD 14.58 BUY 7/18/19 18.80 16.30 3,542 51,646 32,907 37,885 41,806 46,020 16% 15% 10% 10%
DNL D&L INDUSTRIES INC 9.29 HOLD 8/9/19 9.30 8.00 7,143 66,357 27,778 26,543 22,599 24,972 25% -4% -15% 11%
EMP EMPERADOR INC 7.62 BUY 4/16/19 8.00 6.40 15,985 121,398 42,656 46,346 50,072 52,957 4% 9% 8% 6%
JFC JOLLIBEE FOODS CORP 225.00 HOLD 8/6/19 226.00 196.00 1,090 246,044 133,613 161,199 178,837 219,156 16% 21% 11% 23%
MAXS MAXS GROUP INC 13.50 BUY 9/18/18 19.00 16.50 780 14,675 12,662 13,683 15,256 17,054 11% 8% 12% 12%
MRSGI METRO RETAIL STORES 2.60 BUY 7/8/19 4.01 3.40 3,429 8,916 35,016 33,050 38,364 46,453 2% -6% 16% 21%
PGOLD PUREGOLD PRICE CLUB 44.75 BUY 7/19/19 51.00 44.00 2,765 129,069 124,491 140,918 157,742 175,464 11% 13% 12% 11%
PIZZA SHAKEY'S PIZZA ASIA VENTU 13.38 HOLD 5/16/19 13.00 11.30 1,531 20,489 7,004 7,579 8,486 9,635 18% 8% 12% 14%
RRHI ROBINSONS RETAIL HLD 78.50 BUY 5/30/19 87.00 72.00 1,576 123,754 115,238 132,680 171,040 188,745 9% 15% 29% 10%
SSI SSI GROUP INC 3.16 BUY 5/17/19 4.00 3.40 3,313 10,455 18,460 20,230 21,638 23,203 0% 10% 7% 7%
URC UNIVERSAL ROBINA COR 161.00 HOLD 8/6/19 157.00 125.00 2,204 354,870 125,008 127,770 137,247 145,277 12% 2% 7% 6%
WLCON WILCON DEPOT INC 15.72 HOLD 4/3/19 12.70 10.10 4,100 64,448 17,748 21,041 25,123 30,227 44% 19% 19% 20%
Gaming 235,069 59,627 67,301 76,191 79,834 0% 13% 13% 5%
BEL BELLE CORP 2.20 BUY 9/18/18 3.15 2.70 9,763 21,479 8,012 8,515 7,831 7,974 27% 6% -8% 2%
BLOOM BLOOMBERY RESORTS CO 11.58 BUY 8/9/19 15.04 12.00 11,014 127,720 33,022 38,220 43,119 44,010 9% 16% 13% 2%
RWM TRAVELLERS INT HOTEL 5.45 SELL 5/15/19 3.57 2.80 15,756 85,870 18,593 20,566 25,241 27,850 -20% 11% 23% 10%
Mining 132,470 59,683 60,616 57,407 63,322 18% 2% -5% 10%
NIKL NICKEL ASIA CORP 2.57 BUY 7/19/19 3.00 2.40 13,676 35,132 15,739 18,648 16,929 16,012 11% 18% -9% -5%
SCC SEMIRARA MINING 22.90 BUY 6/19/19 30.16 26.00 4,251 97,338 43,943 41,969 40,478 47,311 20% -4% -4% 17%
Power 754,135 266,097 300,695 301,441 279,783 19% 13% 0% -7%
AP ABOITIZ POWER CORP 34.50 BUY 5/7/19 41.32 35.00 7,359 253,872 119,391 131,572 126,587 129,760 34% 10% -4% 3%
FGEN FIRST GEN CORP 26.10 BUY 6/27/19 30.21 24.00 3,599 94,508 86,092 105,835 110,915 111,639 16% 23% 5% 1%
MER MANILA ELECTRIC CO 360.00 HOLD 7/30/19 329.00 286.00 1,127 405,756 60,614 63,287 63,938 38,383 2% 4% 1% -40%
Property 2,195,695 345,200 410,716 461,758 515,161 12% 19% 12% 12%
ALI AYALA LAND INC 48.65 HOLD 8/6/19 49.33 42.00 14,735 716,856 133,098 162,997 181,239 205,069 13% 22% 11% 13%
FLI FILINVEST LAND INC 1.81 BUY 6/6/19 2.41 2.00 24,250 43,892 18,163 20,012 22,200 24,289 3% 10% 11% 9%
MEG MEGAWORLD CORP 5.70 BUY 6/26/19 7.20 6.20 32,239 183,765 47,281 53,820 60,842 67,545 17% 14% 13% 11%
RLC ROBINSONS LAND 25.00 BUY 2/13/19 26.80 23.30 5,194 129,846 22,517 29,545 36,047 39,240 0% 31% 22% 9%
SMPH SM PRIME HOLDINGS 35.50 HOLD 1/24/19 40.70 35.00 28,879 1,025,213 90,922 104,081 115,844 128,779 14% 14% 11% 11%
VLL VISTA LAND & LIFESCP 7.57 HOLD 9/18/18 6.67 5.80 12,036 96,124 33,220 40,261 45,586 50,239 13% 21% 13% 10%
Telecoms 515,551 295,207 309,947 327,403 343,523 1% 5% 6% 5%
GLO GLOBE TELECOM INC 1,950.00 HOLD 11/9/18 1,890.00 1,512.00 133 259,741 135,281 145,083 154,245 160,400 7% 7% 6% 4%
TEL PH LONG DISTANCE TEL 1,184.00 BUY 8/9/19 1,360.00 1,088.00 216 255,810 159,926 164,864 173,157 183,123 -3% 3% 5% 6%
MARKET 11,012,989 5,545,508 6,383,893 6,813,433 7,299,356 15% 15% 7% 7%
PSEi 9,843,005 4,260,111 4,863,622 5,247,897 5,615,028 15% 14% 8% 7%
PSEi ex-TEL, GLO 9,327,453 3,964,904 4,553,675 4,920,495 5,271,505 16% 15% 8% 7%

* Source: Bloomberg
c
Consensus Forecast
 Net Income Net Income Growth EPS EPS Growth P/E (x) PEG P/BV ROE Div Yield
Ticker 2017 2018 2019E 2020E 2017 2018 2019E 2020E 2017 2018 2019E 2020E 2017 2018 2019E 2020E 2017 2018 2019E 2020E 2019E 2019E 2019E 2019E
108,110 115,802 133,019 149,485 6% 7% 15% 12% 1% 0% 14% 12% 15.2 15.2 13.3 11.9 1.0 1.3 10.3 1.5%
BDO 28,070 32,708 38,311 42,436 7% 17% 17% 11% 6.42 7.41 8.68 9.62 -6% 15% 17% 11% 22.8 19.8 16.9 15.2 1.2 1.8 11.1 0.8%
BPI 22,416 23,078 27,394 30,103 2% 3% 19% 10% 5.69 5.28 6.07 6.67 1% -7% 15% 10% 16.6 17.8 15.5 14.1 1.3 1.6 10.6 1.9%
CHIB 7,514 8,110 9,073 10,437 16% 8% 12% 15% 2.96 3.02 3.38 3.89 -1% 2% 12% 15% 9.0 8.8 7.9 6.9 0.6 0.7 9.9 3.2%
EW 5,051 4,508 4,705 5,120 48% -11% 4% 9% 2.24 2.00 2.09 2.28 49% -11% 4% 9% 5.3 5.9 5.7 5.2 0.9 0.6 10.5 1.8%
MBT 18,223 22,008 27,605 31,053 1% 21% 25% 12% 5.73 5.82 6.94 7.80 2% 2% 19% 12% 12.5 12.3 10.3 9.2 0.7 0.9 9.4 1.4%
PNB 8,161 9,465 8,837 10,731 15% 16% -7% 21% 6.53 7.58 7.07 8.59 15% 16% -7% 21% 7.6 6.5 7.0 5.8 1.1 0.5 7.8 0.0%
SECB 10,265 8,609 9,910 10,994 20% -16% 15% 11% 13.62 11.42 13.15 14.59 14% -16% 15% 11% 14.2 16.9 14.7 13.3 1.1 1.3 8.8 1.6%
UBP 8,411 7,316 7,184 8,612 -16% -13% -2% 20% 7.95 6.01 5.90 7.08 -16% -24% -2% 20% 7.5 9.9 10.1 8.4 1.2 0.9 8.9 3.2%
49,323 35,915 46,985 59,821 3% -27% 31% 27% 0% -21% 35% 25% 15.1 19.2 14.2 11.3 0.5 1.3 11.7 2.8%
ABS 3,334 2,110 3,015 2,851 -14% -37% 43% -5% 4.05 2.56 3.66 3.46 -14% -37% 43% -5% 4.7 7.5 5.2 5.5 0.3 0.4 8.1 2.9%
CEB 7,908 3,923 7,650 9,378 -19% -50% 95% 23% 13.05 6.50 12.72 15.61 -19% -50% 96% 23% 7.1 14.2 7.3 5.9 0.1 1.3 18.3 7.6%
CHP 659 (556) 1,348 1,576 -53% -184% -342% 17% 0.13 (0.18) 0.17 0.13 -74% -238% -192% -19% 25.7 (18.6) 20.1 24.8 0.0 0.7 3.7 0.0%
EAGLE 4,263 4,329 6,101 7,365 4% 2% 41% 21% 0.85 0.92 1.19 1.44 -3% 8% 29% 21% 17.9 16.6 12.9 10.6 0.5 2.3 17.6 2.9%
EEI 836 529 1,160 1,224 -199% -37% 119% 6% 0.81 0.51 1.12 1.18 -199% -37% 119% 6% 12.1 19.1 8.7 8.2 0.2 1.1 14.0 2.1%
GMA7 2,544 2,305 3,069 2,371 -30% -9% 33% -23% 0.52 0.47 0.63 0.49 -30% -10% 34% -23% 10.3 11.5 8.5 11.0 4.5 2.6 31.4 8.3%
ICT 9,180 11,739 15,653 17,301 7% 28% 33% 11% 3.48 4.13 6.07 6.88 11% 19% 47% 13% 36.1 30.4 20.7 18.2 0.7 1.9 11.6 2.0%
IMI 1,714 2,412 455 1,520 28% 41% -81% 234% 0.91 1.10 0.20 0.67 27% 21% -82% 235% 9.3 7.7 42.3 12.6 0.0 0.9 2.2 3.8%
MWC 6,147 6,524 6,250 7,549 1% 6% -4% 21% 2.49 2.64 2.52 3.05 2% 6% -5% 21% 9.0 8.5 8.9 7.4 1.2 0.8 11.2 4.1%
PCOR 12,739 2,601 2,285 8,688 26% -80% -12% 280% 0.86 0.28 0.24 0.93 43% -68% -12% 280% 6.1 18.8 21.4 5.6 0.3 0.7 4.8 1.9%
221,290 222,570 250,117 263,241 12% 1% 12% 5% 12% 0% 15% 5% 18.1 18.1 15.7 15.0 1.6 1.6 10.9 1.2%
AC 30,264 31,818 34,952 39,503 16% 5% 10% 13% 46.67 48.80 54.35 61.70 17% 5% 11% 14% 20.1 19.2 17.3 15.2 1.4 1.9 11.7 0.7%
AEV 21,609 22,233 23,975 26,575 -4% 3% 8% 11% 3.84 3.95 4.26 4.72 -5% 3% 8% 11% 13.0 12.6 11.7 10.6 1.3 1.5 12.5 2.7%
AGI 15,192 15,122 18,466 20,553 3% 0% 22% 11% 1.50 1.53 1.83 2.04 3% 1% 20% 11% 9.4 9.3 7.7 7.0 0.5 0.7 9.4 0.7%
COSCO 4,925 5,548 5,464 6,203 4% 13% -2% 14% 0.69 0.76 0.75 0.85 5% 10% -1% 14% 9.8 8.9 9.0 7.9 1.5 0.8 8.7 2.7%
DMC 14,765 14,513 12,612 13,981 16% -2% -13% 11% 1.11 1.09 0.95 1.05 16% -2% -13% 11% 8.7 8.8 10.2 9.2 0.0 1.5 11.6 5.0%
FPH 5,854 10,281 8,011 8,133 -41% 76% -22% 2% 10.39 18.33 14.28 14.50 -41% 76% -22% 2% 7.9 4.5 5.8 5.7 0.0 0.4 7.6 2.4%
GTCAP 14,182 13,390 15,312 16,705 -3% -6% 14% 9% 70.42 59.46 68.38 74.85 -16% -16% 15% 9% 12.5 14.8 12.9 11.8 1.1 0.9 8.0 0.4%
JGS 29,370 19,186 30,093 28,635 169% -35% 57% -5% 4.32 2.73 4.29 4.08 184% -37% 57% -5% 14.6 23.1 14.7 15.5 0.7 1.6 10.9 0.5%
LTG 10,831 16,195 18,721 20,283 15% 50% 16% 8% 1.00 1.50 1.76 1.89 15% 50% 17% 7% 14.2 9.5 8.1 7.5 1.0 0.8 10.4 1.8%
MPI 13,151 14,130 15,802 12,294 15% 7% 12% -22% 0.42 0.45 0.50 0.39 9% 8% 12% -22% 11.1 10.3 9.2 11.8 0.0 0.8 8.5 2.4%
SM 32,923 37,078 42,524 44,167 6% 13% 15% 4% 27.33 30.78 35.30 36.67 6% 13% 15% 4% 36.1 32.0 27.9 26.9 3.1 3.2 11.7 1.0%
SMC 28,225 23,077 24,184 26,210 -4% -18% 5% 8% 8.78 6.61 10.17 11.02 -7% -25% 54% 8% 20.2 26.8 17.4 16.1 0.7 1.2 6.2 1.5%
45,607 47,626 50,123 57,331 -2% 4% 5% 14% -7% 2% 2% 16% 27.7 27.1 26.6 23.0 3.1 3.2 11.8 1.4%
CIC 987 913 1,070 1,215 8% -7% 17% 14% 2.43 2.25 2.64 3.00 -10% -7% 17% 14% 16.5 17.8 15.2 13.3 1.0 2.9 20.3 1.7%
CNPF 2,552 2,834 3,152 3,901 -4% 11% 11% 24% 0.72 0.80 0.89 1.10 -4% 11% 11% 24% 20.2 18.2 16.4 13.2 0.9 2.7 16.3 1.6%
DNL 2,902 3,187 2,989 3,334 10% 10% -6% 12% 0.41 0.45 0.42 0.47 11% 9% -6% 12% 22.7 20.8 22.2 19.9 9.8 3.8 17.5 2.9%
EMP 6,322 6,658 7,824 8,342 -18% 5% 18% 7% 0.39 0.41 0.49 0.52 -19% 6% 18% 7% 19.5 18.4 15.7 14.7 1.3 1.9 12.4 2.2%
JFC 7,109 8,330 6,079 6,975 15% 17% -27% 15% 6.58 7.55 5.56 6.38 14% 15% -26% 15% 34.2 29.8 40.4 35.2 0.0 4.8 12.2 1.2%
MAXS 629 620 728 898 3% -1% 18% 23% 0.81 0.79 0.93 1.15 3% -2% 18% 23% 16.7 17.1 14.5 11.7 0.7 1.7 12.6 1.1%
MRSGI 977 965 1,047 1,016 24% -1% 8% -3% 0.28 0.21 0.23 0.30 22% -25% 9% 29% 9.3 12.4 11.3 8.8 0.6 0.9 8.5 0.0%
PGOLD 5,840 6,520 6,847 7,984 6% 12% 5% 17% 2.11 2.36 2.40 2.78 5% 12% 2% 16% 21.2 19.0 18.6 16.1 2.2 2.1 11.9 1.0%
PIZZA 762 843 929 1,053 0% 11% 10% 13% 0.50 0.55 0.61 0.69 -43% 10% 10% 13% 26.8 24.3 22.1 19.5 1.9 3.8 16.1 0.8%
RRHI 4,978 5,107 5,442 6,384 3% 3% 7% 17% 3.59 3.65 3.45 4.05 3% 2% -5% 17% 21.9 21.5 22.7 19.4 4.2 2.1 9.4 1.1%
SSI 275 608 869 954 19% 121% 43% 10% 0.08 0.18 0.26 0.29 14% 130% 43% 10% 39.5 17.2 12.0 11.0 0.5 0.9 7.7 0.0%
URC 10,888 9,204 11,030 12,767 -15% -15% 20% 16% 4.94 4.18 5.00 5.79 -29% -15% 20% 16% 32.6 38.6 32.2 27.8 1.8 4.0 12.4 1.7%
WLCON 1,385 1,835 2,116 2,509 56% 32% 15% 19% 0.37 0.45 0.52 0.61 - 21% 15% 19% 42.5 35.1 30.5 25.7 1.8 4.2 0.1 0.0%
9,232 11,275 13,641 14,925 9% 22% 21% 9% 81% 13% 12% 3% 18.4 16.4 14.7 14.2 2.0 1.9 15.7 1.5%
BEL 2,872 2,648 2,535 2,617 6% -8% -4% 3% 0.28 0.27 0.24 0.25 76% -5% -10% 4% 7.8 8.2 9.2 8.8 0.0 0.8 8.4 5.5%
BLOOM 6,071 7,188 8,473 8,372 158% 18% 18% -1% 0.55 0.65 0.77 0.76 157% 18% 18% -1% 21.0 17.8 15.1 15.3 1.9 2.9 19.2 0.9%
RWM 289 1,439 2,633 3,936 -92% 397% 83% 49% 0.02 0.09 0.17 0.25 -92% 400% 89% 47% 302.8 60.6 32.1 21.8 0.5 1.6 5.7 0.4%
16,980 15,033 14,016 14,842 21% -11% -7% 6% 24% -23% -6% 6% 7.0 9.0 9.5 9.0 0.0 1.6 20.2 5.1%
NIKL 2,771 3,008 3,357 3,526 41% 9% 12% 5% 0.36 0.22 0.25 0.26 38% -39% 12% 5% 7.1 11.7 10.5 10.0 1.3 1.1 9.8 4.3%
SCC 14,209 12,025 10,659 11,315 18% -15% -11% 6% 3.33 2.82 2.50 2.66 18% -15% -11% 6% 6.9 8.1 9.2 8.6 0.0 2.2 25.0 5.5%
47,924 56,448 56,176 49,047 -2% 18% 0% -13% -5% 25% -1% -12% 16.6 13.3 13.5 15.4 0.0 2.0 19.4 3.8%
AP 20,416 21,708 23,272 25,185 2% 6% 7% 8% 2.77 2.97 3.16 3.42 2% 7% 6% 8% 12.5 11.6 10.9 10.1 1.5 1.7 15.5 4.3%
FGEN 7,123 11,724 10,578 10,826 -25% 65% -10% 2% 1.46 2.87 2.63 2.69 -34% 97% -9% 3% 17.8 9.1 9.9 9.7 0.0 0.8 8.3 1.3%
MER 20,384 23,017 22,327 13,037 6% 13% -3% -42% 18.09 20.42 19.81 11.57 6% 13% -3% -42% 19.9 17.6 18.2 31.1 0.0 4.6 25.5 4.4%
86,395 100,981 113,472 127,775 16% 17% 12% 13% 13% 15% 12% 13% 25.4 22.1 19.7 17.4 1.6 2.4 13.7 1.0%
ALI 25,305 29,241 32,872 38,157 21% 16% 12% 16% 1.71 1.99 2.23 2.59 20% 16% 12% 16% 28.5 24.4 21.8 18.8 1.5 3.4 16.4 0.6%
FLI 5,685 5,894 6,747 7,377 8% 4% 14% 9% 0.23 0.24 0.28 0.30 5% 6% 14% 9% 7.9 7.4 6.5 6.0 0.5 0.6 9.2 3.5%
MEG 13,146 15,219 17,736 19,363 16% 16% 17% 9% 0.41 0.48 0.55 0.60 16% 16% 14% 10% 13.8 11.9 10.4 9.5 0.9 1.0 10.3 1.2%
RLC 5,881 8,216 9,103 9,989 6% 40% 11% 10% 1.44 1.62 1.75 1.92 -4% 13% 8% 10% 17.4 15.4 14.3 13.0 1.6 1.3 9.4 1.4%
SMPH 27,574 32,173 35,414 39,836 16% 17% 10% 12% 0.96 1.11 1.23 1.38 16% 16% 11% 12% 37.1 32.0 28.9 25.7 2.5 3.3 12.3 1.1%
VLL 8,804 10,238 11,600 13,053 11% 16% 13% 13% 0.69 0.79 0.90 1.01 1% 15% 14% 12% 11.0 9.6 8.4 7.5 0.6 1.0 12.0 3.4%
27,012 40,715 42,406 43,704 -25% 51% 4% 3% -29% 57% 5% 4% 19.4 12.3 11.8 11.4 2.8 2.3 21.4 5.4%
GLO 13,546 18,626 19,579 19,827 -15% 38% 5% 1% 97.87 136.07 147.48 149.35 -15% 39% 8% 1% 19.9 14.3 13.2 13.1 2.8 3.3 25.8 5.4%
TEL 13,466 22,089 22,827 23,878 -33% 64% 3% 5% 61.61 101.52 104.94 109.80 -33% 65% 3% 5% 19.2 11.7 11.3 10.8 2.8 2.1 19.6 5.3%
594,893 631,332 705,939 765,330 6% 6% 12% 8% 5% 4% 13% 9% 18.7 18.0 16.0 14.7 1.5 1.7 12.4 1.6%
494,601 535,270 597,752 634,686 8% 8% 12% 6% 385 409 463 498 6% 6% 13% 7% 20.4 19.2 17.0 15.8 1.6 1.9 12.6 1.5%
467,589 494,555 555,346 590,982 11% 6% 12% 6% 9% 3% 14% 8% 20.4 19.8 17.3 16.1 1.6 1.9 12.2 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.