WEDNESDAY, 13 MAY 2015

STOCKS IN FOCUS:

(As of May 12, 2015)

INDICES
INDICES

DNL: Slight underperformance in 1Q15 on lingering effects of port congestion

DNL booked Php512Mil of net income in 1Q15, higher by 16.1% y/y on a pro-forma basis (assuming
Chemrez was consolidated for the full year of 2014). Results were slightly below estimates,
accounting for 21.2% and 21.1% of COL and consensus full year forecasts, respectively. As a
reference, first quarter earnings accounted for 21.7% of full year earnings in 2014. DNL slightly
underperformed due to the lingering effect of port congestion on the specialty plastics. However,
DNL said that with port congestion already cleared up, the segment should perform better in
succeeding quarters. We are maintaining our HOLD rating on DNL with a FV estimate of Php17.8/
sh.

PSEi
All Shares
Financials
Holding Firms
Industrial
Mining & Oil
Property
Services

Close Points
%
7,794.55 16.65 0.21
4,494.10
6.62 0.15
1,794.34 -11.74 -0.65
6,968.14 32.36 0.47
12,108.44 76.16 0.63
15,356.34 -51.56 -0.33
3,200.89
-2.61 -0.08
2,139.17
1.50 0.07

Dow Jones
S&P 500
Nasdaq

18,068.23
2,099.12
4,976.19

-36.94
-6.21
-17.38

YTD%
7.80
5.38
5.79
10.61
1.05
-2.90
13.90
0.61

-0.20
-0.29
-0.35

1.38
1.95
5.07

PGOLD: 1Q15 net income misses estimates

In a press release, PGOLD disclosed that 1Q15 net income grew by 11.3% to Php1.05Bil. Results
missed estimates, accounting for only 20.8% of both the COL and consensus full year forecasts.
Although details are limited, PGOLDs underperformance was largely due to lower than expected
margins. Operating margin declined by 20 basis points to 7.2%, lower than our 7.5% forecast.
1Q15 net sales totaled Php20.7Bil, higher by 12.5% and in line with expectations as it accounts
for 21.3% of our full year forecast. Note that first quarter sales has accounted for ~22% of full year
sales for the past two years. We will release a more detailed report after the earnings briefing
scheduled on May 14, Thursday.
TOP STORIES:
BPI: Core business continues steady growth; profits meet estimates
MPI: 1Q15 earnings in line with COL forecast, operating performance of subsidiaries
lower than expected
CIC: Earnings miss estimates on temporary weaknesses; maintaining HOLD

OTHER NEWS:
CEB: Rebrands Tigerair to Cebgo
EMP: To bid for French cognac maker Louis Royer
Economy: Exports grow 2.1% y/y to US$5.4Bil in March
Economy: Factory output up 13.6% y/y in March

INDEX GAINERS
INDEX GAINERS
Ticker Company

BLOOM Bloomberry Resorts

URC
JGS
AGI
ICT

Universal Robina Corp

JG Summit Hldgs Inc
Alliance Global Inc
Int'l Container Term

Price
12.20
206.00
72.50
25.25
111.70

%
4.27
3.00
2.18
1.81
1.64

INDEX LOSERS
in PhpMil
Revenue
Gross Profit
Gross Margin (%)
Operating Income
Operating Margin (%)
Net Income
Net Margin (%)

Ticker
SCC
SMC
GLO
PCOR
EDC

4,191
4,838
15.4
INDEX
LOSERS
1Q14

1Q15

% Change

752
17.9
572
13.7
441
10.5

817
16.9
648
13.4
512
10.6

8.7
(1.0)
13.1
(0.3)
16.1
0.1

Company
Semirara Mining
San Miguel Corp
Globe Telecom Inc
Petron Corporation
Energy Dev't Corp

% of Forecast
COL
Consensus
20.7
21.4
21.0
20.6
20.2
21.5
21.2
21.1
-

Price
158.20
66.45
2,200.00
9.58
7.88

%
-2.35
-2.21
-1.70
-1.54
-1.50

TOP 5 MOST ACTIVE STOCKS

TOP 5 MOST ACTIVE STOCKS

MARKET SUMMARY:
The PSEi continued its advance yesterday on the back of bargain hunting. The main index gained
16.65 points or 0.21% to close at 7,794.55.
Index gainers marginally led decliners 14 to 13 while 3 issues closed unchanged. Sector
performance was mixed, with Industrial (+0.63%) leading the gainers and Financials (-0.65%)
leading the decliners. Notable gainers were BLOOM (+4.27%), URC (+3.00%), JGS (+2.18%), AGI
(+1.81%), and ICT (+1.64%). Meanwhile, notable decliners were SCC (-2.35%), SMC (-2.21%),
and GLO (-1.70%).
Value turnover increased to Php7.2Bil from Php5.7Bil the previous session. Foreigners continued
to be net sellers, liquidating Php1.2Bil worth of shares.

Ticker
URC
BPI
GTCAP
BLOOM
EDC

Company
Universal Robina Corp

Bank of Phil Islands

GT Capital Hldgs Inc
Bloomberry Resorts
Energy Dev't Corp

Turnover
926,473,000
566,980,400
419,599,600
339,573,100
328,498,100

PHILIPPINE EQUITY RESEARCH

STOCKS IN FOCUS:

DNL: Slight underperformance in 1Q15 on lingering effects of port congestion

Slight underperformance in 1Q15 on lingering effects of port congestion. DNL booked

Php512Mil of net income in 1Q15, higher by 16.1% y/y on a pro-forma basis (assuming Chemrez
was consolidated for the full year of 2014). Results were slightly below estimates, accounting for
21.2% and 21.1% of COL and consensus full year forecasts, respectively. As a reference, first quarter
earnings accounted for 21.7% of full year earnings in 2014. DNL slightly underperformed due to
the lingering effect of port congestion on the specialty plastics. However, DNL said that with port
congestion already cleared up, the segment should perform better in succeeding quarters.

Jed Frederick Pilarca

Ticker: DNL
Rating: HOLD
Target Price: Php17.80

Exhibit 1: Results Summary Pro Forma

in PhpMil
Revenue
Gross Profit
Gross Margin (%)
Operating Income
Operating Margin (%)
Net Income
Net Margin (%)

1Q14
4,191
752
17.9
572
13.7
441
10.5

1Q15
4,838
817
16.9
648
13.4
512
10.6

% Change
15.4
8.7
(1.0)
13.1
(0.3)
16.1
0.1

% of Forecast
COL
Consensus
20.7
21.4
21.0
20.6
20.2
21.5
21.2
21.1
-

Source: DNL, COL estimates, Bloomberg

Specialty plastics earnings flat but expected to improve. The specialty plastics segment reported
1Q15 net income of Php166Mil, growing by only 2% y/y. DNL was unable to supply some of its
customers due to raw materials being stuck at the port due to the port congestion problems. As a
result, DNL lost some market share and revenues fell 14%. However, DNL said that it has begun
supplying these customers again and is confident that the specialty plastics segment will bounce
back in succeeding quarters as port congestion has already been cleared up. It expects numbers to
normalize by the third quarter of the year.
Commodities still outpacing high margin specialties. Sales volumes of low margin commodity
products grew by 58% in 1Q15, far ahead of the 5% volume growth for high margin specialty
products. DNL attributed the rapid growth of the commodities business to the continued market share
gains taken away from suppliers who engage in smuggling activities. As a result, the contribution to
total revenues of high margin specialties fell to 59% in 1Q15 from 64%in 1Q14 while gross margin
dropped by 100 basis points to 16.9%. DNL believes that the Bureau of Customs will continue with
its reforms despite the resignation of its bureaus commissioner John Sevilla as it would not want to
report falling revenue collection.
Plans to issue 100% stock dividend. DNL announced a proposed increase in its capitalization
and a planned issuance of a 100% stock dividend. According to DNL, the proposed increase in
capitalization from Php4Bil to Php18Bil is meant to ensure the availability of adequate fundraising
options in the future (although it once again reiterated that it did not have plans to sell shares to raise
capital). Management estimates that the stock dividends will be issued by August after it receives
approval from both DNLs shareholders and the SEC.
Proposed property sale. DNL also announced the proposed sale of property owned by subsidiary
Chemrez to LBL Prime Properties, a related party also owned by the Lao family. The property is 6,000
sqm and has a building and other improvements. Its total appraised value is Php335Mil. According to
DNL, it will book a significant gain on the sale because the property was bought over 40 years ago
and the propertys value has increased since then. Proceeds of the sale will most likely be used to
pay off some debt and possibly to fund cash dividends.

WEDNESDAY, 13 MAY 2015

WEDNESDAY, 17 DECEMBER 2014

page 2

PHILIPPINE EQUITY RESEARCH

Confident of reaching consensus full year target. Despite DNLs slight underperformance in
1Q15, management said that it is confident of earning Php2.4Bil for the full year, which is consistent
with both COL and consensus 2015 targets. As discussed earlier, it does not expect the weakness
of the plastics business to persist in the next few quarters as the main reason for the disappointing
performance during the first quarter was inadequate supply and not weakness in demand.
Maintain HOLD rating. We are maintaining our HOLD rating on DNL with a FV estimate of Php17.8/
sh. At its current price, DNL is already trading above our FV estimate. Nonetheless, we continue to
like DNL for its strong earnings growth outlook and entrenched position in the local consumer space.

PGOLD: 1Q15 net income misses estimates

1Q15 net income misses estimates. In a press release, PGOLD disclosed that 1Q15 net income
grew by 11.3% to Php1.05Bil. Results missed estimates, accounting for only 20.8% of both the COL
and consensus full year forecasts. Although details are limited, PGOLDs underperformance was
largely due to lower than expected margins. Operating margin declined by 20 basis points to 7.2%,
lower than our 7.5% forecast.

Jed Frederick Pilarca

Ticker: PGOLD
Rating: BUY
Target Price: Php17.80

1Q15 net sales totaled Php20.7Bil, higher by 12.5% and in line with expectations as it accounts for
21.3% of our full year forecast. Note that first quarter sales has accounted for ~22% of full year sales
for the past two years. PGOLD registered same store sales growth of 4.4% in 1Q15, faster than the
3.5% rate for full year 2014. In 1Q15, PGOLD opened 4 Puregold stores and acquired the 9 stores
under NE Bodega, bringing its store count to 246 supermarkets.
Exhibit 1: Results Summary
in PhpMil
Net Sales
Operating Income
Operating Margin (%)
Net Income
Net Margin (%)

1Q14

1Q15

%Change

18,385
1,351
7.3
943
5.1

20,690
1,480
7.2
1,050
5.1

12.5
9.6
-0.2
11.3
-0.1

% of Full year Forecast

COL
Consensus
21.3
21.1
20.3
20.5
20.8
20.8
-

Source: PGOLD, COL estimates, Bloomberg

Maintain BUY rating. We currently have a BUY rating on PGOLD with a FV estimate of Php54/sh.
As details are limited at the moment, it is unclear whether the weakness in the first quarter is only
temporary. We will release a more detailed report after the earnings briefing scheduled on May 14,
Thursday.

WEDNESDAY, 13 MAY 2015

page 3

PHILIPPINE EQUITY RESEARCH

TOP STORIES:

BPI: Core business continues steady growth; profits meet estimates

1Q15 earnings meet estimates. BPI reported Php4.9Bil in net income during the first quarter, 36%
higher year-on-year. The growth came from a 15% increase in net interest income to Php9.43Bil and
a 23% rise in non-interest income. Meanwhile, operating expenses grew a manageable 8.8% for
the period. Earnings ended in line with estimates, accounting for 23% of both COL and consensus
forecasts. The first quarter figure translates to an annualized ROE of 13.8%.
Exhibit 1: Results Summary
In PhpMil

1Q14

1Q15 % Change

Net interest income

Non-interest income
Operating expenses
Net income

8,186
4,182
6,723
3,603

9,430
5,130
7,315
4,900

15.2
22.7
8.8
36.0

Charles William Ang, CFA

Ticker: BDO
Rating: HOLD
Target Price: Php107.00

% FY15E
COL Consensus
23.4
NA
23.3
NA
22.8
NA
22.9
23.3

Source: BPI, COL estimates

Core operations continue steady growth. BPIs core businesses remained strong during the
period. Net interest income rose 15% year-on-year. This was driven by a 14% rise in net loans to
Php730Bil and a 15% expansion in average asset base. Meanwhile, we estimate that net interest
margin averaged ~2.8% during the quarter, at par with its margins in 1Q14. The banks lending
operations were in line with our estimates, with 1Q15 net interest income accounting for 23.4% of
our full-year forecast.
Meanwhile, BPIs non-interest revenues grew 23% year-on-year to Php5.13Bil. This represents
23.3% (in line) of our 2015 forecast. According to BPI, the growth was mainly attributable to notable
increases in its insurance business, fees and commissions, and securities trading. No other details
were given.
Expense growth under control. Despite the double-digit growth for both net interest and noninterest income, BPIs operating expenses grew by just 8.8% in 1Q15. This translates to a cost-toincome ratio of 50.3%, one of the lowest figures for the industry. Expenses during the quarter also
ended in line with COL estimates, accounting for 22.8% of our full-year forecast.
CAR levels healthy. Following its Php25Bil stock rights offering in early 2014, BPIs capital levels
remain healthy. As of end March, common equity tier 1 (CET1) was at 14.81% while total CAR was at
15.67%. These are comfortably higher than the 8.5% (11.0% for BPI once the DSIB is implemented)
and 10.0% minimum requirements for CET1 and total CAR respectively.
Maintaining HOLD rating. We reiterate our HOLD rating on BPI with an FV estimate of Php107.00/
sh based on 2.8X 2015E P/ BV. Although we continue to like BPI given its size and its track record of
superior profitability and asset quality, we believe that its current valuations are not attractive. Based
on our FV estimates, capital appreciation potential is limited at 5.8%.

WEDNESDAY, 17 DECEMBER 2014

WEDNESDAY, 13 MAY 2015

page 4

PHILIPPINE EQUITY RESEARCH

MPI: 1Q15 earnings in line with COL forecast, operating performance of subsidiaries
lower than expected

Operating performance of subsidiaries lower than expected during 1Q15. MPIs 1Q15 core
earnings rose 14.4% y/y to Php2.56Bil, representing 25.6% of COL and 27.3% of consensus full
year forecasts. Earnings met COL forecast and exceeded consensus forecast mainly to due to the
groups lower interest expense booked during the period, amounting to Php1.1Bil, representing only
18.2% of our full year forecast. Operating performance of major subsidiaries missed our forecast,
with earnings contribution reaching Php3.01Bil or 22.9% of our full year forecast. Maynilad performed
better than expected, while MPI, MER and the Healthcare group performed below expectation.
Exhibit 1: MPI 1Q15 results summary
in PhpMil
1Q14
1Q15
Net Income (core)
2,243
2,566

% Change
14.4

George Ching
Ticker: MPI
Rating: BUY
Target Price: Php6.42

% of FY COL Forecast
25.6

Source: M PI and COL estimates

Exhibit 2: Earnings contribution of Subsidiaries

in PhpMil
1Q14
1Q15
% Change
Maynilad
1,039
1,120
7.8
MPTC
552
683
23.7
Meralco
878
1,107
26.1
Healthcare
169
105
-37.9
Total
2,638
3,015
14.3

% of FY COL Forecast
29.5
21.8
19.1
21.8
22.9

Source: M PI and COL estimates

MER 1Q15 disappoints on lower than expected revenues. Meralcos 1Q15 core net profit rose 8%
to Php4.4 Bil, trailing estimates, representing only 21.8% and 24.3% of COL and consensus forecast,
respectively. Earnings likely missed estimates due to lower than expected sales volume growth and
tariff. 1Q15 sales volume grew 2.3%, slower than our 3.5% growth forecast. Meanwhile, average
tariff declined 5% to Php1.55/kwh, 1.9% lower than our full year average forecast. A breakdown
of MERs operating cost is still not available. However, based on preliminary data, total expenses
excluding pass-on purchased power cost amounted to Php8Bil, representing 23.9% of our full year
forecast.
Maynilad beat estimates on lower than expected costs. Water distribution subsidiary Maynilad
reported a 6.7% increase in 1Q15 core earnings to Php2.25Bil, representing 31.3% of our full year
forecast. Despite failing to get approval for the implementation of the tariff increase won from the
arbitration panel in January, Maynilads earnings still beat estimates due to lower than expected
expenses. Total operating cost declined 2.03% to Php1.69Bil, representing only 14.3% of our full
year forecast. We believe the lower than expected operating expenses was the result of the ongoing
regulatory issues of the company with the MWSS. Revenues rose 2.1% to Php4.5Bil, representing
21.2% of our full year forecast. Although billed volume grew by 3%, lower than our 5% growth
forecast.
MPTC revenues below expectation due to regulatory hurdles. 1Q15 core income of MPIs toll
road subsidiary MPTC rose 15% to Php683Mil, representing 21.8% of our full year forecast. Earnings
missed estimates mainly due to lower than expected revenues, which rose 7.8% to Php2.27Bil, but
representing only 20.2% of our full year forecast, mainly due to the prolong delay in the implementation
the MNTC and Cavitexs tariff increase. MNTCs traffic volume rose 8% y/y, slightly above our 7%
growth forecast, while the Cavitexs volume grew 9% y/y, exceeding our 4% growth forecast.
In light of the toll road segments worst than expected 1Q15 performance as a result of the ongoing
delay in rate adjustments for MNTC and the Coastal road, we are lowering our earnings forecasts for
this segment for FY15E by 10.5% to Php9.57Bil .

WEDNESDAY, 13 MAY 2015

page 5

PHILIPPINE EQUITY RESEARCH

Hospital group earnings contribution declined due to dilution. 1Q15 core income from the
hospital group attributable to MPI declined 37.9% y/y to Php105Mil. Earnings contribution declined
mainly due to the 40% stake sale in July 2014. Earnings fell short of our forecast with 1Q15 earnings
contribution representing 21.8% of our full year forecast. Revenues increased 7% y/y to Php3.7Bil,
brought about by revenue growth of 14% from Cardinal Santos, 13% from Davao Doctors, 5% from
Our Lady of Lourdes and Makati Medical and 8% from Riverside Medical Center.
Maintain BUY rating. We are reducing our FY15E net income forecast for MPI by 4.3% to Php9.57Bil
to account for the lower earnings contribution of its toll road business. The impact of the lower
net income on MPIs FV estimate is minimal, reducing it by only 1.07% to Php6.49/sh to Php6.42/
sh. We have a BUY rating on MPI. We like MPI due to its focus on businesses that have massive
growth potential due to underinvestment and population growth. Valuations are also attractive; given
a potential upside of 37.5% based on our FV

CIC: Earnings miss estimates on temporary weaknesses; maintaining HOLD

Earnings down 6.4% on higher finance costs, effective tax rate; misses estimates. CICs
1Q15 earnings declined by 6.4% y/y to Php120 Mil. Earnings for the period were below both COL
and consensus estimates, representing 15.2% and 15.4% of forecasts, respectively. Aside from
1Q15 revenues falling below estimates, earnings for the period underperformed also due to higherthanexpected net finance costs. Note that CICs outstanding debt amounted to Php1.1 Bil as of end2014 versus nil in 2013. The short-term loans availed in 2014 were in relation to CICs investment in
Otis, and for working capital purposes. CICs effective tax rate was also higher at 33.2% from 31.7%
a year ago.
Exhibit 1: Results Summary
in PhpMil

1Q14

1Q15

% Change

Revenues
Operating income
Operating margin (%)
Net income
Net margin (%)

2,206
314
14.2
128
5.8

2,252
322
14.3
120
5.3

2.1
2.7
(6.4)
-

Garie Ouano
Ticker: CIC
Rating: HOLD
Target Price: Php53.20

% of forecasts
COL
Consensus
20.8
20.6
18.8
18.2
15.2
15.4
-

Source: CIC, Bloomberg, COL estimates

Revenues and operating profits miss estimates on lower volume due to high-base effects.
Revenues for the period grew 2.1% y/y to Php2.3 Bil, representing only 20.8% and 20.6% of COL
and consensus estimates, respectively. Revenues fell below estimates due to slower-than-expected
revenue growth, which was largely due to an 11% y/y drop in volume from high-base effects in 1Q14.
Note that CICs dealers and retailers hoarded inventory in 1Q14 in anticipation of a then-impending
price increase. Nevertheless, management expects this to be offset by stronger volume sales growth
in the next quarter from the delayed onset of the summer season, which is usually seen by March.
Midea losses wider than expected. For the 1Q15 period, Midea (a 40%-owned subsidiary of CIC)
saw losses amounting to Php77.3 Mil. While this is already more than the expected losses for the full
year of Php43.2 Mil, we still expect losses to narrow down in the coming periods since Midea has yet
to roll-out majority of its product lines. According to management, ~70% of Mideas complete product
line has yet to be rolled out during the year. Management expects the segment to breakeven by 2016.

WEDNESDAY, 13 MAY 2015

WEDNESDAY, 17 DECEMBER 2014

page 6

PHILIPPINE EQUITY RESEARCH

Weak headline results not indicative of deteriorating fundamentals; maintain HOLD rating.
We are maintaining our HOLD rating on CIC with an FV estimate of Php53.20/sh. While CICs 1Q15
headline results seem weak, we expect this to recover in the coming periods. As mentioned earlier,
CICs sales growth should pick up in the coming quarters since the cause for weakness in 1Q15 is not
applicable to the full year. Moreover, we expect losses from Midea to narrow down moving forward as
its remaining product lines begin to contribute to the subsidiarys bottom line. While we continue to
like CIC fundamentally, valuations are no longer attractive as we believe CIC is fairly valued already.
Based on CICs latest close of Php58.15/sh, downside risk to our FV estimate is 8.5%. CIC is also
trading at a 2015E P/E of 25X, in-line with the 26X average of the Philippine consumer sector.

OTHER NEWS:

CEB: Rebrands Tigerair to Cebgo

Cebu Pacific has rebranded its wholly-owned subsidiary Tiger Airways Philippines as Cebgo after
acquiring the low cost carrier last year. The logo of the rebranded airline utilizes the Cebu Pacific
colors to further reflect the airlines relationship with its parent company. According to Cebgo president
and CEO Michael Ivan Shau, the new logo clearly identifies Cebgo as part of the CEB group and
streamlines its operations further. (source: PhilStar)

Jed Frederick Pilarca

Garie Ouano
Meredith Hazel Cua
Angelo Lecaros

EMP: To bid for French cognac maker Louis Royer

EMP said that it has expressed interest to participate in a bidding process for the acquisition of
Louis Royer SAS, a cognac producer in France and will submit a preliminary offer on May 13, 2015.
The offer is subject to the evaluation and final decision of the seller. According to the company, it is
currently debt-free and is in a strong financial position to further expand its business both globally
and domestically. The possible acquisition of Louis Royer is the latest in a series of investments
made by EMP in Europe following its 430Mil takeover of Scotland-based whiskey maker Whyte
& Mackay and the purchase of over 1,000 hectares of vineyards, distilleries and bodegas in Spain.
(source: BusinessWorld)

Economy: Exports grow 2.1% y/y to US$5.4Bil in March

The PSAs preliminary data showed that merchandise exports in March grew 2.1% y/y to US$5.4Bil
after three consecutive months of contraction. The median consensus estimate was a 3.9% y/y
decline. NEDA stated the growth was brought about by increased sales in manufactured and mineral
products which offset the declines in total agro-based and petroleum products. Electronic products
grew 4.5% in March, reaching US$2.3Bil and accounting for 43.4% of total exports. Other contributors
to the growth were machinery and transport equipment at US$417.3Mil, other manufactures at
US$336.5Mil, and chemicals at US$220.3Mil, among others. Japan remained as the top destination
of shipments at a total of US$1.1Bil, declining by 16% from US$1.3Bil a year ago.
(Source: BusinessWorld, Bloomberg)

WEDNESDAY, 13 MAY 2015

page 7

PHILIPPINE EQUITY RESEARCH

Economy: Factory output up 13.6% y/y in March

The PSA reported that factory output, as measured by the Volume of Production Index, grew by 13.6%
in March, the highest growth rate in over a year and a reversal of the 0.02% contraction in the same
month last year. In terms of the Value of Production Index, it expanded by 7.4%, also faster than the
0.03% increase in March 2014. This was led by the strong performance of tobacco, basic metals, and
petroleum. Meanwhile, average capacity utilization in March was 83.5%, higher that 1Q14s average
of 83.1%. This was attributed to increased activity in manufacturing and construction. (Source: Philstar)
SUMMARY OF CHANGES IN SHAREHOLDINGS:
Stock
RFM
COL

Volume

Acquired or
Disposed

Price per
share

50,000
100,000
800

A
A
D

5.10
5.05
15.34

Person (Designation)
Jose Ma. A. Concepcion III (Director, President & CEO)
Juan G. Barredo (VP - Head of Sales and Customer Support Services)

Source: PSE

WEDNESDAY, 17 DECEMBER 2014

WEDNESDAY, 13 MAY 2015

page 8

PHILIPPINE EQUITY RESEARCH

Calendar of Key Events

MAY
MON

TUES

WED

THURS

FRI

SAT

27

28

29

30

2
PSE:: Annual
Shareholders Meeting

4
JFC: Ex-date Php0.80
Cash Dividend
FPH: Ex-date Php1.00
Cash Dividend
WEB: Ex-date Php0.15
Cash Dividend
SCC: Ex-date Php4.00
Cash Dividend
SCC: Annual
Shareholders Meeting
11
SMPH: Ex-date Php0.21
Cash Dividend
SM: Ex-date Php10.61
Cash Dividend
X: Ex-date Php0.04 Cash
Dividend
RLC: Ex-date Php0.36
Cash Dividend
GTCAP: Annual
Shareholders Meeting
CHIPS: Annual
Shareholders Meeting
18
HLCM: Annual
Shareholders Meeting
MCP: Annual
Shareholders Meeting
AP: Annual Shareholders
Meeting
AEV: Annual
Shareholders Meeting
EMP: Annual
Shareholders Meeting
25
FPH: Annual
Shareholders Meeting

5
SMC: Ex-date Php0.35
Cash Dividend
SEVN: Ex-date Php0.40
Cash Dividend
EDC: Annual
Shareholders Meeting

6
SPH: Ex-date Php0.10
Cash Dividend

12
ALI: Ex-date Php0.07
Cash Dividend
ATI: Ex-date Php0.41
Cash Dividend
PGOLD: Annual
Shareholders Meeting
FFI: Annual Shareholders
Meeting

13
FGEN: Annual
Shareholders Meeting

14

15
FDC: Annual
Shareholders Meeting
GPH: Annual
Shareholders Meeting
ION: Annual
Shareholders Meeting

16

19
PXP: Annual
Shareholders Meeting
PCOR: Annual
Shareholders Meeting

20
LSC: Ex-date Php0.02
Cash Dividend
LOTO: Annual
Shareholders Meeting
GMA7: Annual
Shareholders Meeting

21

22
ACR: Annual
Shareholders Meeting
SPH: Annual
Shareholders Meeting
UBP: Annual
Shareholders Meeting

23

29
PBB: Annual
Shareholders Meeting
MPI: Annual
Shareholders Meeting
OM: Annual
Shareholders Meeting
MARC: Annual
Shareholders Meeting
SPC: Annual
Shareholders Meeting
SOC: Annual
Shareholders Meeting
ANI: Annual
Shareholders Meeting
GMAP: Annual
Shareholders Meeting

30

WEDNESDAY, 13 MAY 2015

26
MVC: Ex-date Php0.05
Cash Dividend
MER: Annual
Shareholders Meeting
SPM: Annual
Shareholders Meeting
CEI: Annual
Shareholders Meeting
CSB: Annual
Shareholders Meeting
PNB: Annual
Shareholders Meeting
LRI: Annual
Shareholders Meeting

7
8
PIP: Ex-date Php0.066 FLI: Annual Shareholders
Cash Dividend
Meeting
CHIB: Annual
PF: Annual Shareholders
Shareholders Meeting
Meeting

27
28
URC: Annual
LPZ: Annual
Shareholders Meeting
Shareholders Meeting
ROCK: Annual
GSMI: Annual
Shareholders Meeting
Shareholders Meeting
LFM: Annual
BC: Annual Shareholders
Shareholders Meeting
Meeting
X: Annual Shareholders
PIP: Annual
Meeting
Shareholders Meeting
BKR: Annual
2GO: Annual
Shareholders Meeting
Shareholders Meeting
PHA: Annual
Shareholders Meeting
MIC: Annual
Shareholders Meeting
FMETF: Annual
Shareholders Meeting

page 9

PHILIPPINE EQUITY RESEARCH

Investment Rating Definitions

BUY

HOLD

SELL

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
twelve months.

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 inline or underperform the
market in the next six to twelve months.

We dislike both the valuations and

fundamentals of stocks with a SELL rating.
We expect the share price to underperform in
the next six to twelve months.

Important Disclaimers
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 it may
be incomplete or condensed. All opinions and estimates constitute the judgment of COLs Equity Research Department 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 ans/or its employees not involved in the preparation of this report may have investments in securities or derivatives of securities of
securities of the companies mentioned in this report, and may trade them in ways different from those discussed in this report.

WEDNESDAY, 17 DECEMBER 2014

2401-B East Tower, Philippine Stock Exchange Centre, Exchange Road, Ortigas Center, Pasig City 1605 Philippines
Tel: +632 636-5411

WEDNESDAY, 13 MAY 2015

Fax: +632 635-4632

Website: http://www.colfinancial.com

page 10