As of: 07/07/2023

COL COL Buy Mkt Cap Revenue in PhpMil (% Growth) Net Income in PhpMil (% Growth) EPS (% Growth) P/E (x) P/BV ROE Div Yield
Ticker Price Rating FV Below (PhpBil) 2021 2022 2023E 2024E 2021 2022 2023E 2024E 2021 2022 2023E 2024E 2023E 2024E 2023E 2023E 2023E
624,622 679,296 752,589 822,787 159,733 187,626 215,368 244,112
Banks and Financials 1,852 8.6 7.6 1.0 13.5 2.4%
0% 9% 11% 9% 54% 17% 15% 13% 40% 17% 15% 13%

BDO 135.90 BUY 149.00 129.00 715.6 192,700 220,767 253,221 278,487 42,791 57,054 66,828 76,343 9.68 10.77 12.63 14.44 10.8 9.4 1.4 13.8 2.2%
2% 15% 15% 10% 51% 33% 17% 14% 52% 11% 17% 14%

BPI 105.90 BUY 111.00 96.00 523.7 97,405 118,525 129,000 143,216 24,110 39,605 47,441 53,591 5.34 8.05 9.65 10.84 11.0 9.8 1.5 14.1 2.0%
-4% 22% 9% 11% 13% 64% 20% 13% 13% 51% 20% 12%

CHIB 30.20 BUY 40.20 33.50 81.3 48,675 55,652 58,805 64,743 15,088 19,108 22,747 25,570 5.61 7.10 8.45 9.50 3.6 3.2 0.5 15.7 3.3%
11% 14% 6% 10% 25% 27% 19% 12% 25% 27% 19% 12%

EW 6.97 BUY 10.50 8.40 15.7 26,774 28,115 31,664 33,364 4,515 4,466 5,442 6,017 2.01 1.99 2.42 2.67 2.9 2.6 0.2 8.2 0.0%
-19% 5% 13% 5% -31% -1% 22% 11% -30% -1% 22% 11%

MBT 54.70 BUY 85.80 74.60 246.0 100,880 112,322 120,784 131,938 22,156 32,776 36,677 40,934 4.93 7.29 8.16 9.10 6.7 6.0 0.7 10.7 2.9%
-17% 11% 8% 9% 60% 48% 12% 12% 60% 48% 12% 12%

PNB 18.30 BUY 33.10 26.40 27.9 76,261 52,079 47,676 49,909 31,631 11,532 8,625 9,395 20.73 7.56 5.65 6.16 3.2 3.0 0.2 5.4 0.0%
67% -32% -8% 5% 1110% -64% -25% 9% 1112% -64% -25% 9%

SECB 82.30 BUY 141.00 117.00 62.0 36,811 39,635 44,767 49,216 6,917 10,556 11,527 13,281 9.17 14.01 15.30 17.63 5.4 4.7 0.4 8.6 3.6%
-27% 8% 13% 10% -7% 53% 9% 15% -7% 53% 9% 15%

UBP 74.70 HOLD 70.00 60.80 179.6 45,116 52,200 66,671 71,915 12,525 12,529 16,080 18,982 8.22 5.85 6.83 8.06 10.9 9.3 1.6 16.4 3.7%
7% 16% 28% 8% 8% 0% 28% 18% 8% -29% 17% 18%
714,072 1,209,107 1,262,763 1,305,369 13,120 36,805 54,335 69,387
Commercial and Industrial 685 14.9 11.8 2.1 26.6 4.0%
34% 69% 4% 3% -152% 181% 48% 28% -127% 343% 39% 26%

BLOOM 10.82 BUY 13.50 11.70 117.6 21,971 38,808 44,612 49,095 -4,220 5,172 8,109 8,756 -0.39 0.47 0.73 0.79 14.8 13.7 2.9 19.5 0.0%
24% 77% 15% 10% -49% -223% 57% 8% -49% -221% 55% 8%

CEB 36.45 BUY 53.00 46.00 22.6 15,741 58,022 76,595 93,327 -23,605 -12,977 -4,523 4,233 -42.13 -22.87 -8.78 5.80 (4.1) 6.3 (7.2) 112.3 0.0%
-30% 269% 32% 22% 6% -45% -65% -194% 13% -46% -62% -166%

CHP 1.06 HOLD 1.00 0.80 14.3 20,887 20,571 21,632 23,610 1,161 -893 591 1,318 0.05 0.08 0.04 0.10 24.2 10.8 0.3 1.3 0.0%
6% -2% 5% 9% 37% -177% -166% 123% -38% 60% -45% 123%

GMA7 8.90 BUY 12.20 10.60 29.9 21,337 21,564 21,309 22,645 7,530 5,457 4,613 5,326 1.55 1.12 0.94 1.09 9.5 8.2 2.9 30.0 9.5%
10% 1% -1% 6% 26% -28% -15% 15% 26% -28% -16% 15%

ICT 198.40 HOLD 211.90 184.00 403.1 103,565 116,034 120,070 124,784 23,798 31,680 33,304 34,940 10.55 14.44 15.24 16.05 13.0 12.4 3.4 28.0 5.0%
24% 12% 3% 4% 321% 33% 5% 5% 1059% 37% 6% 5%

IMI 4.88 BUY 7.80 6.50 10.8 72,222 78,243 84,265 92,310 -587 -375 -108 700 -0.24 -0.17 -0.05 0.31 (100.6) 15.5 0.5 (0.5) 0.0%
15% 8% 8% 10% 206% -36% -71% -747% 199% -30% -71% -747%

MWC 18.26 BUY 25.50 21.20 52.7 20,292 22,204 29,761 34,974 3,673 4,651 6,583 7,572 1.23 1.40 1.99 2.29 9.2 8.0 0.7 8.9 2.7%
-4% 9% 34% 18% -18% 27% 42% 15% -32% 14% 42% 15%

PCOR 3.64 BUY 3.50 2.90 34.1 438,057 853,661 864,518 864,625 5,369 4,091 5,766 6,541 0.05 -0.01 0.09 0.17 39.9 20.9 0.4 5.2 2.7%
53% 95% 1% 0% -147% -24% 41% 13% -103% -127% -788% 91%
1,877,579 2,260,816 2,468,389 2,640,298 173,518 216,304 276,000 313,362
Conglomerates 2,688
14% 20% 9% 7% 76% 25% 28% 14% 75% 26% 30% 15%
10.6 9.2 1.1 10.6 1.3%

AC 605.00 BUY 904.00 786.00 375.0 225,592 253,015 288,733 313,397 27,774 28,489 32,795 36,152 41.17 42.32 49.27 54.69 12.3 11.1 0.9 8.2 1.2%
17% 12% 14% 9% 62% 3% 15% 10% 72% 3% 16% 11%

AEV 54.00 HOLD 58.02 50.40 304.0 223,929 197,872 205,853 214,524 27,310 23,730 29,303 30,472 4.85 4.21 5.20 5.41 10.4 10.0 1.1 10.4 2.7%
20% -12% 4% 4% 77% -13% 23% 4% 77% -13% 23% 4%

AGI 13.26 BUY 20.22 16.10 120.0 142,946 175,465 191,621 208,975 16,944 16,930 19,520 21,197 1.68 1.68 1.94 2.10 6.8 6.3 0.6 8.3 0.9%
15% 23% 9% 9% 92% 0% 15% 9% 92% 0% 15% 9%

COSCO 5.34 BUY 12.60 10.00 38.3 174,454 194,655 214,688 229,898 6,452 7,884 8,794 8,727 0.90 1.10 1.22 1.21 4.4 4.4 0.4 0.2 3.4%
-2% 12% 10% 7% 9% 22% 12% -1% 9% 22% 12% -1%

DMC 9.20 BUY 15.19 13.20 122.2 108,343 141,754 132,549 118,748 18,394 33,688 29,849 25,620 1.39 2.54 2.25 1.93 4.1 4.8 0.9 0.7 8.6%
65% 31% -6% -10% 152% 83% -11% -14% 153% 83% -11% -14%

FPH 59.55 BUY 154.00 123.00 27.6 125,501 139,106 141,201 143,435 10,021 9,746 9,837 9,925 19.25 18.72 18.90 19.07 3.2 3.1 0.2 7.3 3.7%
17% 11% 2% 2% 2% -3% 1% 1% 2% -3% 1% 1%

GTCAP 500.00 BUY 940.00 783.00 107.6 174,643 229,959 258,165 285,067 10,983 18,765 18,454 21,889 48.28 84.43 82.98 98.94 6.0 5.1 0.5 3.0 0.6%
30% 32% 12% 10% 68% 71% -2% 19% 74% 75% -2% 19%

JGS 44.95 HOLD 55.70 48.40 338.1 230,552 312,400 322,510 346,270 5,108 651 35,343 51,491 0.73 0.09 5.04 7.34 8.9 6.1 0.9 10.1 0.9%
4% 36% 3% 7% -1191% -87% 5329% 46% -1140% -88% 5496% 46%

MPI 4.96 N/A N/A N/A 142.3 43,561 62,819 69,679 80,568 10,119 14,767 18,029 23,175 0.32 0.47 0.57 0.74 8.6 6.7 0.7 0.1 2.2%
7% 44% 11% 16% 113% 46% 22% 29% 112% 46% 22% 29%

SM 910.50 BUY 1,100.00 956.00 1,112.7 428,058 553,771 643,389 699,415 40,412 61,654 74,076 84,713 31.40 51.61 60.62 69.32 15.0 13.1 2.1 14.4 0.5%
9% 29% 16% 9% 73% 53% 20% 14% 62% 64% 17% 14%
 COL COL Buy Mkt Cap Revenue in PhpMil (% Growth) Net Income in PhpMil (% Growth) EPS (% Growth) P/E (x) P/BV ROE Div Yield
Ticker Price Rating FV Below (PhpBil) 2021 2022 2023E 2024E 2021 2022 2023E 2024E 2021 2022 2023E 2024E 2023E 2024E 2023E 2023E 2023E
872,352 1,052,934 1,155,560 1,260,111 69,688 50,367 74,797 87,492
Consumer 1,492 20.4 17.3 2.3 12.5 1.7%
5% 21% 10% 9% 111% -28% 49% 17% 35% -19% 61% 18%

CNPF 25.50 BUY 28.00 23.30 90.3 54,710 62,317 68,306 74,774 4,665 5,048 5,579 6,289 1.32 1.42 1.58 1.78 16.2 14.4 2.8 13.7 1.7%
13% 14% 10% 9% 20% 8% 11% 13% 20% 8% 11% 13%

DNL 7.06 BUY 9.30 7.70 50.4 30,855 43,485 40,436 45,824 2,643 3,319 2,958 3,669 0.37 0.46 0.41 0.51 17.0 13.7 2.3 14.1 4.3%
42% 41% -7% 13% 31% 26% -11% 24% 32% 26% -11% 24%

EMI 20.95 HOLD 14.30 12.40 329.7 59,133 60,671 67,510 74,630 12,443 10,061 10,631 12,510 0.79 0.64 0.68 0.79 31.0 26.4 3.7 12.2 1.1%
15% 3% 11% 11% 55% -19% 6% 18% 55% -19% 6% 18%

HOME 1.73 BUY 6.00 5.00 6.5 14,325 12,587 15,039 16,951 1,444 961 1,365 1,850 0.39 0.26 0.36 0.49 4.8 3.5 0.4 8.3 3.0%
15% -12% 19% 13% 46% -33% 42% 36% 50% -34% 42% 36%

JFC 240.20 BUY 293.00 254.00 268.8 153,508 211,902 244,742 269,281 5,943 7,559 9,760 11,921 4.19 5.63 7.59 9.52 31.7 25.2 4.0 12.5 1.0%
19% 38% 15% 10% -152% 27% 29% 22% -136% 34% 35% 25%

MAXS 4.70 BUY 9.80 7.80 4.9 7,640 10,983 12,669 13,656 450 622 747 813 0.58 0.80 0.96 1.04 4.9 4.5 0.7 13.3 3.0%
7% 44% 15% 8% -127% 38% 20% 9% -127% 38% 20% 9%

MONDE 8.20 BUY 10.60 9.20 147.3 69,284 73,881 78,246 83,266 3,115 -13,021 6,422 8,102 0.17 -0.72 0.36 0.45 22.9 18.2 1.8 12.0 0.0%
2% 7% 6% 6% -61% -518% -149% 26% -85% -518% -149% 26%

PGOLD 29.20 BUY 55.70 48.40 84.1 164,125 180,898 198,019 215,335 8,180 9,425 9,918 11,185 2.85 3.28 3.44 3.88 8.5 7.5 0.9 11.4 2.2%
-3% 10% 9% 9% 1% 15% 5% 13% 2% 15% 5% 13%

PIZZA 9.38 BUY 10.20 8.10 15.8 5,480 10,142 12,135 14,242 123 874 1,015 1,260 0.08 0.52 0.60 0.75 15.6 12.5 2.0 13.6 1.1%
3% 85% 20% 17% -148% 611% 16% 24% -147% 549% 16% 24%

RRHI 56.50 BUY 91.10 75.90 83.1 153,327 178,821 194,879 212,739 4,528 5,736 5,625 6,297 2.94 3.83 3.80 4.25 14.9 13.3 1.0 6.8 3.1%
1% 17% 9% 9% 41% 27% -2% 12% 58% 30% -1% 12%

SSI 3.00 BUY 4.50 3.60 9.9 15,496 23,739 24,645 25,697 269 1,930 1,994 2,038 0.08 0.59 0.60 0.62 5.0 4.9 0.7 14.8 3.4%
26% 53% 4% 4% -130% 617% 3% 2% -130% 620% 3% 2%

URC 137.50 BUY 163.00 141.00 299.5 116,955 149,904 159,463 168,641 23,324 13,971 14,266 16,376 6.00 6.38 6.51 7.52 21.1 18.3 2.5 12.0 3.0%
-12% 28% 6% 6% 101% -40% 2% 15% 14% 6% 2% 15%

WLCON 24.90 HOLD 31.70 27.50 102.1 27,513 33,603 39,470 45,075 2,561 3,883 4,517 5,180 0.62 0.95 1.10 1.26 22.6 19.7 4.2 18.6 0.8%
22% 22% 17% 14% 77% 52% 16% 15% 0% 53% 16% 15%
79,829 121,575 107,659 93,846 24,013 50,213 44,297 34,689
Mining 202 4.6 5.8 1.4 33.1 11.4%
36% 52% -11% -13% 172% 109% -12% -22% 168% 106% -11% -21%

NIKL 5.98 BUY 7.70 6.60 83.0 27,404 28,003 26,962 28,700 7,813 7,931 10,119 11,186 0.57 0.58 0.74 0.82 8.1 7.3 1.6 21.4 7.5%
26% 2% -4% 6% 92% 2% 28% 11% 90% 2% 28% 11%

SCC 27.90 BUY 51.74 41.30 118.6 52,424 93,572 80,698 65,146 16,200 42,282 34,178 23,504 3.81 9.92 8.02 5.52 3.5 5.1 1.3 41.9 14.4%
42% 78% -14% -19% 240% 161% -19% -31% 241% 160% -19% -31%
347,029 341,861 345,890 363,017 62,622 77,201 78,479 82,801
Power 909 11.9 11.8 1.4 17.1 4.4%
11% -1% 1% 5% 36% 23% 2% 6% 42% 15% 0% 1%

AP 35.60 BUY 47.71 41.40 262.0 134,359 127,760 131,972 136,605 20,837 21,083 26,155 26,255 2.83 2.87 3.55 3.57 10.0 10.0 1.4 13.2 5.3%
22% -5% 3% 4% 66% 1% 24% 0% 66% 1% 24% 0%

FGEN 19.62 BUY 31.85 25.40 70.6 120,521 119,754 120,543 121,342 14,341 14,631 14,924 15,229 3.64 3.72 3.80 3.89 5.2 5.0 0.4 8.1 3.9%
0% -1% 1% 1% 13% 2% 2% 2% 14% 2% 2% 2%

MER 328.00 BUY 395.30 316.00 369.7 66,068 59,108 60,338 63,335 22,193 28,431 24,318 24,834 19.69 25.23 21.58 22.04 15.2 14.9 3.0 20.0 3.9%
9% -11% 2% 5% 36% 28% -14% 2% 36% 28% -14% 2%

ACEN 5.20 HOLD 6.45 5.60 206.3 26,081 35,239 33,038 41,734 5,251 13,055 13,082 16,483 0.13 0.33 0.33 0.42 15.8 12.5 1.9 9.5 1.2%
27% 35% -6% 26% 22% 149% 0% 26% -52% 149% 0% 26%
316,294 373,849 397,640 433,307 65,875 80,608 95,085 104,708
Property 1,446
9% 18% 6% 9% 27% 22% 18% 10% 30% 25% 19% 11%
16.2 14.7 1.3 9.5 2.7%

ALI 24.00 BUY 40.00 34.70 359.1 102,946 123,051 131,919 144,881 12,228 18,617 20,600 22,600 0.83 1.22 1.40 1.53 17.1 15.7 1.4 8.1 1.2%
9% 20% 7% 10% 40% 52% 11% 10% 41% 47% 15% 9%

FLI 0.68 HOLD 0.90 0.72 16.5 16,866 18,431 19,139 20,186 3,803 2,600 2,716 3,046 0.16 0.11 0.11 0.13 6.1 5.4 0.2 3.0 6.9%
4% 9% 4% 5% 2% -32% 4% 12% 7% -33% 4% 12%

MEG 1.98 BUY 4.28 3.40 61.7 47,995 54,917 61,246 67,233 13,434 14,589 16,246 16,661 0.42 0.43 0.48 0.50 4.1 4.0 0.3 7.5 3.4%
22% 14% 12% 10% 36% 9% 11% 3% 43% 2% 12% 4%

RLC 13.74 BUY 26.00 20.80 67.1 36,539 42,824 34,186 36,829 8,196 8,582 9,356 10,270 1.55 1.65 1.80 1.98 7.6 6.9 0.5 6.6 3.6%
30% 17% -20% 8% 56% 5% 9% 10% 53% 7% 9% 10%

SMPH 31.90 BUY 41.90 36.40 921.2 82,315 105,786 121,820 133,637 21,787 30,100 39,507 44,923 0.75 1.04 1.37 1.56 23.3 20.5 2.3 10.5 3.1%
1% 29% 15% 10% 21% 38% 31% 14% 20% 39% 31% 14%

VLL 1.62 BUY 2.04 1.60 20.6 29,632 28,841 29,331 30,541 6,427 6,120 6,661 7,208 0.50 0.51 0.52 0.56 3.1 2.9 0.2 14.2 6.2%
-5% -3% 2% 4% 6% -5% 9% 8% 7% 2% 2% 8%
388,232 413,981 433,898 456,740 58,637 59,724 61,342 65,863
Telecoms 620
9% 7% 5% 5% 15% 2% 3% 7% 16% 14% -1% 7%
9.7 9.1 2.1 20.1 5.6%

GLO 1,810.00 BUY 2,350.00 1,958.00 261.1 168,496 175,040 181,829 188,744 21,246 19,169 21,136 23,125 155.96 140.37 142.03 155.77 12.7 11.6 1.7 12.8 5.5%
5% 4% 4% 4% 9% -10% 10% 9% 10% -10% 1% 10%

TEL 1,300.00 BUY 1,760.00 1,466.00 280.9 193,257 205,245 215,642 228,696 30,233 33,116 31,859 33,636 121.76 153.28 147.46 155.68 8.8 8.4 2.4 23.5 6.8%
7% 6% 5% 6% 8% 10% -4% 6% 9% 26% -4% 6%

CNVRG 10.68 BUY 19.00 15.80 77.6 26,479 33,696 36,427 39,300 7,158 7,439 8,348 9,102 0.95 1.02 1.15 1.25 9.3 8.5 1.7 20.7 0.0%
69% 27% 8% 8% 111% 4% 12% 9% 111% 8% 12% 9%
5,220,009 6,453,420 6,924,388 7,375,476 627,206 758,848 899,704 1,002,415
MARKET 9,893 11.4 10.1 1.3 13.6 2.5%
12% 24% 7% 7% 71% 21% 19% 11% 59% 25% 21% 13%
3,560,235 4,216,261 4,583,379 4,915,611 495,124 617,488 732,396 809,235 346 431 521 583
PSEi 8,778 12.2 10.9 1.5 13.5 2.4%
10% 18% 9% 7% 62% 25% 19% 10% 53% 25% 21% 12%

* Source: Bloomberg Important Disclaimers

c
Consensus Forecast 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
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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
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