CONSENSUS ESTIMATES ANALYSIS

# of 1
Estimates Mean High Low Year Ago

SALES (in millions)

Year 12 106,946.0 115,512.0 99,724.60 101,996.00

Ending Dec-15 0 0

Year 12 125,515.0 136,634.0 114,804.0 116,672.00

Ending Dec-16 0 0 0

Earnings (per share)

Quarter 1 0.28 0.28 0.28 0.28

Ending Sep-15

Quarter 1 0.25 0.25 0.25 0.25

Ending Dec-15

Year 14 1.19 1.25 1.10 1.20

Ending Dec-15

Year 14 1.41 1.52 1.29 1.38

Ending Dec-16

LT Growth Rate 3 18.39 22.00 13.16 17.71

(%)

Sales and Earnings Figures in U.S. Dollars (USD)

VALUATION RATIOS
 Company industry sector

P/E Ratio (TTM) 33.78 19.77 15.72

P/E High - Last 5 Yrs. 39.76 66.63 23.53

P/E Low - Last 5 Yrs. 27.74 12.26 11.27

Beta 1.15 1.48 1.39

Price to Sales (TTM) 5.58 5.51 5.03

Price to Book (MRQ) 4.40 1.74 2.34

Price to Tangible Book (MRQ) 4.35 1.83 2.38

Price to Cash Flow (TTM) 22.95 13.75 13.41

% Owned Institutions -- 0.05 0.46

DIVIDENDS

Company industry sector

Dividend Yield 1.10 0.96 2.28

Dividend Yield - 5 Year Avg 0.99 0.95 1.91

Dividend 5 Year Growth Rate 47.15 16.25 16.99

Payout Ratio(TTM) 0.00 9.44 3.99

GROWTH RATES

Company industry sector

Sales (MRQ) vs Qtr. 1 Yr. Ago 8.96 52.82 18.57

Sales (TTM) vs TTM 1 Yr. Ago 9.36 17.35 20.59

Sales - 5 Yr. Growth Rate 25.60 10.90 13.53

EPS (MRQ) vs Qtr. 1 Yr. Ago 11.65 7.00 6.41

EPS (TTM) vs TTM 1 Yr. Ago 17.84 -- --

EPS - 5 Yr. Growth Rate 27.90 30.45 22.04

Capital Spending - 5 Yr. Growth 47.37 22.44 31.41

Rate

FINANCIAL STRENGTH

Company industry sector

Quick Ratio (MRQ) 0.88 1.35 0.10

Current Ratio (MRQ) 1.24 2.29 2.85

LT Debt to Equity (MRQ) 83.76 68.41 28.10

Total Debt to Equity (MRQ) 97.68 89.60 56.43

Interest Coverage (TTM) 5.84 12.18 14.92

PROFITABILITY RATIOS

Company industry sector

Gross Margin (TTM) 38.29 51.95 4.72

Gross Margin - 5 Yr. Avg. 39.72 48.95 4.60

EBITD Margin (TTM) 37.33 -- --

EBITD - 5 Yr. Avg 32.72 33.59 53.38

Operating Margin (TTM) 32.06 36.33 42.43

Operating Margin - 5 Yr. Avg. 26.84 32.29 42.07

Pre-Tax Margin (TTM) 25.82 38.28 42.83

Pre-Tax Margin - 5 Yr. Avg. 23.82 39.22 42.38

Net Profit Margin (TTM) 19.09 33.17 34.23

Net Profit Margin - 5 Yr. Avg. 18.11 33.71 32.75

Effective Tax Rate (TTM) 26.04 17.05 21.45

Effective Tax Rate - 5 Yr. Avg. 23.97 22.36 22.64

EFFICIENCY

Company industry sector

Revenue/Employee (TTM) -- 702,000,14 46,938,12

6 1

Net Income/Employee (TTM) -- 293,278,08 14,765,15

9 7

Receivable Turnover (TTM) 1.47 54.51 10,712.82

Inventory Turnover (TTM) 1.29 3.62 1.27

Asset Turnover (TTM) 0.25 0.27 0.02

MANAGEMENT EFFECTIVENESS

Company industry sector

Return on Assets (TTM) 4.81 6.20 2.88

Return on Assets - 5 Yr. Avg. 5.25 7.43 2.95

Return on Investment (TTM) 7.67 8.56 0.68

Return on Investment - 5 Yr. 8.14 12.19 0.81

Avg.

Return on Equity (TTM) 14.12 12.31 20.28

Return on Equity - 5 Yr. Avg. 12.68 14.67 23.27

A sector is one of a few general segments in the

economy within which a large group of companies can
be categorized. An economy can be broken down into
about a dozen sectors, which can describe nearly all of
the business activity in that economy. For example, the
basic materials sector is the segment of the economy in
which companies deal in the business of exploration,
processing and selling the basic materials such as gold,
silver or aluminum which are used by other sectors of
the economy.

An industry, on the other hand, describes a much more

specific grouping of companies with highly similar
business activities. Essentially, industries are created
by further breaking down sectors into more defined
groupings. Each of the dozen or so sectors will have a
varying number of industries, but it can be in the
hundreds. For example, the financial sector can be
broken down into industries such as asset management,
life insurance and Northwest regional banks. The
Northwest regional bank industry, which is part of the
financial sector, will only contain companies that
operate banks in the Northwestern states.

When breaking down the economy, the first groups are

sectors which describe a general economic activity.
Then all of the companies that fall into that sector are
categorized further into industries where they are
grouped only with companies with which they share very
similar business activities. This is not the end, however.
Industries can be further sub-categorized into various,
more specific groupings.

It should be noted that you may find situations in which

these two terms are reversed

To keep things easily organized, Wall Street likes to divide

businesses into different categories. That way, they can see the
exposure various portfolios have to different parts of the
economy. The top level consists of sectors – things such as basic
materials, conglomerates, consumer goods, financial, healthcare,
industrial goods, services, technology, and utilities.

Industries, on the other hand, are sub-divisions of sectors.

Under the Consumer Goods sector, for instance, there are
industries such as Appliances, Beverages, Cigarettes, Cleaning
Products, Confectioners, Farm Products, Office Supplies, and
Sporting Goods. Under the Financial Sector fall industries such as
Asset Management, Insurance Brokers, Industrial REITs, and
Savings & Loans. Under the Utilities sector, you have industries
such as Electric Utilities, Gas Utilities, and Water Utilities.
About PSE

Last Last Free Float Free Float Market

Outstanding
Trade Trade Level(%) Capitilization
Security Name Symbol Shares %Weight
Date Price

1 AYALA AC Aug 20, 755.00 619,600,845 40.00 187,119,455,190.00 5.81

CORPORATION 2015

2 ABOITIZ EQUITY AEV Aug 20, 57.50 5,554,266,807 44.00 140,522,950,270.00 4.36
VENTURES, INC. 2015

3 ALLIANCE AGI Aug 20, 20.15 10,269,827,979 42.00 86,913,554,202.80 2.70

GLOBAL GROUP, 2015
INC.

4 AYALA LAND, ALI Aug 20, 37.10 14,695,631,367 50.00 272,603,961,876.40 8.46
INC. 2015

5 ABOITIZ AP Aug 20, 43.90 7,358,604,307 20.00 64,608,545,841.80 2.01

POWER CORP. 2015

6 BDO UNIBANK, BDO Aug 20, 98.95 3,645,375,218 45.00 162,319,445,108.55 5.04
INC. 2015

7 BLOOMBERRY BLOOM Aug 20, 7.18 11,018,409,525 31.00 24,524,775,922.54 0.76

 RESORTS 2015
CORPORATION

8 BANK OF THE BPI Aug 20, 89.95 3,929,090,393 47.00 166,108,190,025.75 5.16
PHILIPPINE 2015
ISLANDS

9 DMCI DMC Aug 20, 11.60 13,277,470,000 28.00 43,125,222,560.00 1.34

HOLDINGS, INC. 2015

10 ENERGY EDC Aug 20, 6.32 18,750,000,000 50.00 59,250,000,000.00 1.84

DEVELOPMENT 2015
CORPORATION

11 EMPERADOR INC. EMP Aug 20, 9.24 16,120,000,000 19.00 28,300,272,000.00 0.88
2015

12 FIRST GEN FGEN Aug 20, 23.75 3,660,943,557 33.00 28,692,645,132.50 0.89
CORPORATION 2015

13 GLOBE TELECOM, GLO Aug 20, 2,624.00 132,739,557 22.00 76,627,892,672.00 2.38
INC. 2015

14 GT CAPITAL GTCAP Aug 20, 1,264.00 174,300,000 40.00 88,126,080,000.00 2.74

HOLDINGS, INC. 2015

15 INTERNATIONAL ICT Aug 20, 101.50 2,038,196,360 51.00 105,507,234,616.00 3.28

CONTAINER 2015
TERMINAL
SERVICES, INC.

16 JOLLIBEE FOODS JFC Aug 20, 185.90 1,069,236,761 42.00 83,483,867,896.00 2.59
CORPORATION 2015

17 JG SUMMIT JGS Aug 20, 69.30 7,162,841,657 35.00 173,734,724,394.00 5.39

HOLDINGS, INC. 2015
18 LT GROUP, INC. LTG Aug 20, 13.72 10,821,388,889 26.00 38,602,058,456.64 1.20
2015

19 METROPOLITAN MBT Aug 20, 83.50 3,180,172,786 49.00 130,116,769,611.00 4.04

BANK & TRUST 2015
COMPANY

20 MEGAWORLD MEG Aug 20, 4.29 32,239,445,872 34.00 47,024,455,751.13 1.46

CORPORATION 2015

21 MANILA ELECTRIC MER Aug 20, 282.00 1,127,098,705 14.00 44,497,856,958.00 1.38
COMPANY 2015

22 METRO PACIFIC MPI Aug 20, 5.03 27,885,373,752 44.00 61,715,909,188.53 1.92
INVESTMENTS 2015
CORPORATION

23 PETRON PCOR Aug 20, 8.19 9,375,104,497 24.00 18,427,705,405.20 0.57

CORPORATION 2015

24 ROBINSONS LAND RLC Aug 20, 28.70 4,093,830,685 39.00 45,822,246,881.60 1.42
CORPORATION 2015

25 Semirara Mining SCC Aug 20, 128.90 1,068,750,000 27.00 37,195,706,250.00 1.15
and Power 2015
Corporation

26 SM INVESTMENTS SM Aug 20, 897.00 803,055,405 46.00 331,356,721,839.00 10.29

CORPORATION 2015

27 SAN MIGUEL SMC Aug 20, 56.00 2,378,524,978 15.00 19,979,609,832.00 0.62
CORPORATION 2015

28 SM PRIME SMPH Aug 20, 20.00 28,879,137,294 30.00 173,274,823,780.00 5.38

HOLDINGS, INC. 2015
29 PHILIPPINE TEL Aug 20, 2,750.00 216,055,775 50.00 297,076,692,000.00 9.22
LONG DISTANCE 2015
TELEPHONE
COMPANY
"COMMON"

30 UNIVERSAL ROBINA CORPORATION URC Aug 20, 201

Definition of quantitative easing

Central banks normally set the price of money using official interest rates to regulate the
economy. These interest rates radiate out to the rest of the economy. They affect the
cost of loans paid by companies, the cost of mortgages for households and the return
on saving money. Higher interest rates make borrowing less attractive because taking
out a loan becomes more expensive. They also make saving more attractive, demand
and spending reduces. Lower interest rates have the reverse effect.

But interest rates cannot be cut below zero and when official rates get close to zero the
effect they have on regulating the economy becomes muted. Banks still need to make a
profit and in troubled times the gap between the official interest rate and the rates faced
by companies and households can rise, because lenders want a greater return for the
additional risk of granting a loan when times are tough.

When interest rates are close to zero there is another way of affecting the price of
money: Quantitative Easing (QE). The aim is still to bring down interest rates faced by
companies and households and the most important step in QE is that the central bank
creates new money for use in an economy.

Only a central bank can do this because its money is accepted as payment by
everybody. Sometimes dubbed incorrectly "printing money" a central bank simply
creates new money at the stroke of a computer key, in effect increasing the credit in its
own bank account.

It can then use this new money to buy whatever assets it likes: government bonds,
equities, houses, corporate bonds or other assets from banks. With the central bank
weighing in, the price of the assets it buys should rise and the yield, or interest rate, on
that asset will fall. Companies for example with a willing central bank seeking to buy its
bond, will be able to pay a lower interest rate when new bonds are issued or existing
bonds come to the end of their life and need to be replaced.

With cheaper borrowing the hope is that the central bank will again encourage greater
spending, putting additional demand into the economy and pulling it out of recession. As
the money ends up in bank deposits, banks should also find their funding position
improved and make them more willing to lend.

A side effect will be that this new money is expected to raise consumer prices giving
people another incentive to buy now rather than later.

Of course there are risks. First, a central bank can lose money on its purchases, money
that will ultimately have to be underwritten by taxpayers either with higher future
taxation or by the central bank creating more money and risking higher future inflation.
Second, go too far with creating and spending money and you will destroy the value of
the currency. Inflation or even hyperinflation is the result. Third, if a descent into QE
destroys confidence in an economy rather than gives reassurance that the authorities
are on the case it can be counter-productive.

That is why central banks cannot use QE willy-nilly, but if you are not aggressive
enough QE simply will not work to change other interest rates in the economy and
stimulate demand. The trouble is, because the policy is unorthodox and the situation is
dramatic no one knows how much QE is too much and how much is not enough. Who
would be a central banker at the moment? [1]