Term Paper Finance

12
Metro Pacific Investments Corporation Investment Analysis
In partial fulfillment of BA-141

Dean Mary Ann T. Gumban
INSTRUCTOR
INVESTING IN THE STOCK MARKET

KRISTINE R. ASTORGA
I will tell you how to become rich. Close the doors. Be
fearful when others are greedy. Be greedy when others
are fearful.
~Warren Buffett
12
Table of Contents
INTRODUCTION__________________________________________________________________3
Background of the Company_____________________________________________________________3
Description and Scope________________________________________________________________3
Organizational Sructure_______________________________________________________________4
Ownership Structure__________________________________________________________________2
Market Standing______________________________________________________________________4
METRO PACIFIC INVESTMENTS CORPORATION 5-YEAR FINANCIAL STATEMENTS_________6
Assets___________________________________________________________________________________6
Liabilities & Shareholders' Equity____________________________________________________________9
Operating Activities_______________________________________________________________________15
Investing Activities_______________________________________________________________________16
Financing Activities_______________________________________________________________________17
Rationale for choosing the company_________________________________________________19
WEEKLY ANALYSIS OF INVESTMENT______________________________________________22

My Investment Calendar_____________________________________________________________22
Market Calendar & Analysis__________________________________________________________24
My Weekly Analysis Investment in MPIC_____________________________________________29
CONCLUSIONS__________________________________________________________________39
RECOMMENDATIONS____________________________________________________________43
Facilties________________________________________________________________________________43
Personnel______________________________________________________________________________43
Teaching, Industry Interaction and Immersion__________________________________________43
APPENDIX_______________________________________________________________________44
References_____________________________________________________________________45
12
List of Tables and Figures

Table 1. MPIC's Investment in Power, Hospitals, Tolls, Water, and Railways..........................4
Table 2.Statement of Financial Position...............................................................................11
Table 3.Income Statement..................................................................................................15
Table 4.Statement of Cash Flows........................................................................................19
Table 5.Working Capital....................................................................................................... 19
Table 6.Board Lot of Philippine Stock Exchange..................................................................20
Table 7.Market Calendar (Feb-Apr)......................................................................................28
Table 8.Summary of 12-Week Investment...........................................................................29
Figure 1.Breakdown of MPI's Infrastructure Assets................................................................4

Figure 2.Organizational Structure of MPI...............................................................................2
Figure 3.Net Income (2010-2014).....................................
4
Figure 4.Revenue (2010-2014)
Figure 5.Cash & Short Term Investments (2010-2014)

Figure 6.Total Inventory....................................................................................................... 5
Figure 7.Retained Earnings (2010-2014)
Figure 8. Earnings Per Share (2010-2014)..........................................................................5
Figure 9.Stock Quotes for February.....................................................................................22
Figure 10.Stock Quotes for March.......................................................................................23
Figure 11.Stock Quotes for April.......................................................................................... 24
Figure 12.Investment Provisional Receipt............................................................................44
Figure 13. Investment Official Receipt.................................................................................44
12
INTRODUCTION
Background of the Company
Description and Scope
Metro Pacific Investments Corporation, or commonly known as

MPI, is a Philippine-based, publicly listed investment and management
company. It was incorporated in the Philippines and registered with the
Philippine Securities and Exchange Commission (SEC) on March 20, 2006 as
an investment holding company. MPICs common shares of stock are listed
in and traded through the Philippine Stock Exchange (PSE). On August 6,
2012, MPIC launched Sponsored Level 1 American Depositary Receipt (ADR)
Program with Deutsche Bank as the appointed depositary bank in line with
the Parent Companys thrust to widen the availability of its shares to
investors in the United States.
MPIC is a leading infrastructure holding company in the Philippines.

MPICs intention is to maintain and continue to develop a diverse set of
infrastructure assets through its investments in water utilities, toll roads,
electricity distribution, hospital operations and light rail and shown on
Figure 1 below. MPIC is therefore committed to investing through
acquisitions and strategic partnerships in prime infrastructure assets with
the potential to provide synergies with its existing operations.
12
Figure
.Breakdo
MPI's
wn of
Infrastructure Assets
Organizational Sructure
The company is headed by the following executives which could be
traced down using an organizational chart as shown on Figure 2. The
chairman, Manuel Velez Pangilinan is a well-known business tycoon who
also owns other bluechip companies such as PLDT, Philex Mining, Talk n
Text, and TV5.
Listed below are the key executives of Metro Pacific Investments:
Manuel Velez Pangilinan

Chairman
Jose Maria K. Lim

President, Chief Executive Officer & Director
David John Nicol

Chief Financial Officer & Director
Maida B. Bruce
Vice President-IT & Group Controller
Karim G. Garcia
President-Business Development
Santhea V. Delos Santos

Chief Risk Officer & Assistant Vice President
Ray Celis Espinosa

Director
Robert Charles Nicholson

Executive Director
Edward Anthony Tortorici

Executive Director
12
Victorico P. Vargas
Executive Director
Ramoncito S. Fernandez
Executive Director
Augusto P. Palisoc
Executive Director
Antonio A. Picazo
Secretary & Director
Melody M. del Rosario

Vice President-PR & Corporate Communications Director
Albert W. L. Pulido
Vice President-Investor Relations
Robin Michael L. Velasco

Vice President-Group Human Resources
Oslec G. Lopez
Chief of Staf
Jose Jesus G. Laurel

Vice President-Legal
Washington Z. Sycip
Independent Director
Edward Sy Go
Lydia Balatbat Echauz

Alfred Vy Ty
Artemio Villaseor Panganiban

Figure 2.Organizational Structure of MPI
Ownership Structure
Operations of Manila Electric

Company (MERALCO) in relation to
the distribution and supply of
electricity.
Operations and management of

hospitals, nursing and medical
schools and such other
enterprises that have similar
undertakings.
Makati Medical Center
33% ownership
Cardinal Santos Medical Center
100% (Lease) ownership
Our Lady of Lourdes Hospital
100% (Lease) ownership
Asian Hospital and Medical Center
86% ownership
De Los Santos Medical Center
51% ownership
Manila Doctors Hospital
20% ownership
Mega Clinic
51% ownership
(Shown above doesnt include hospitals in the
provinces)
Provision of water and

sewerage services by
Maynilad Water Holding
Company, Inc. (MWHI) and its
subsidiaries Maynilad Water
Services, Inc. (Maynilad) and
Philippine Hydro, Inc. (PHI),
and bulk water services by
MetroPac Water Investments
Corporation (MPWIC).
Operations and maintenance of toll

facilities by Metro Pacific Tollways
Corporation (MPTC) and its
subsidiaries Manila North Tollways
Corporation (MNTC) and Cavitex
Infrastructure Corporation (CIC), and
an associate Tollways Management
Corporation (TMC), and MPIC's
associates - Don Muang Tollway
Public Ltd (DMT) and CII Bridges and
Roads (CII).
LRT 1 South Extension Project
Operations and maintenance of the

Light Rail Transit (LRT) and
construction of the extension by
Light Rail Manila Corporation
(LRMC) and ticketing services by AF
Payments Inc. (AFPI).
Table 1. MPIC's Investment in Power, Hospitals, Tolls, Water, and Railways
Market Standing
As an investor, one thing that you must look at is how the companys
income and revenue are moving upwards. It will be profitable for the
investor to cosider these things in order to know what to expect and the
amount of money he/she will invest in the company.
The figures below shows MPICs income and revenue, as well as its
cash and short-term investments, retained earnings, inventory, and EPS for
the years 2010-2014.
Figure 3.Net Income (2010-2014)
Figure 4.Revenue (2010-2014)
By looking at Figures 3 and 4, we cleary see that in this aspect, MPI is

doing well in terms of generating income revenue because of its upward
sloping graph.
Figure 5.Cash & Short Term Investments (2010-2014)
Figure 6.Total Inventory
Figures 5 & 6 shows the graph of MPICs liquid assets. Thus, it is an

indicator that the company can easily generate cash through this assets
which would give us a greater percentage of asset utilization.
Figure 7.Retained Earnings (2010-2014)

(2010-2014)
Figure 8. Earnings Per Share
As a result of the companys increase in income and revenue, it also

follows that the companys retained earnings will increase as shown on
Figure 7. Earnings per share (EPS) as shown on Figure 8, on the other hand,
is the portion of a company's profit allocated to each outstanding share
of common stock. Earnings per share serves as an indicator of a company's
profitability.
METRO PACIFIC INVESTMENTS CORPORATION 5-YEAR FINANCIAL

STATEMENTS
STATEMENT OF FINANCIAL POSITION
Assets
Fiscal year is January-December. All values PHP
Millions.
Cash & Short Term Investments
Cash Only
2015
2014
2013
2012
2011
26,585
28,427
19,132
10,812
17,088
26,350
25,758
15,263
9,119
2,867

Millions.
2015
2014
2013
2012
2011
235
2,669
3,869
1,693
14,220
-6.48%
48.58%
76.95%
-36.73%
8.80%
12.15%
9.54%
6.23%
10.67%
5,779
4,391
4,263
3,936
3,838
4,441
3,676
3,749
3,608
2,949
4,441
3,676
3,749
3,608
2,949
1,338
715
514
328
890
31.61%
3.00%
8.31%
2.55%
6.44
7.70
7.24
7.06
5.75
1,793
1,148
1,084
724
780
135
135
151
152
153
1,658
1,013
933
572
627
2,189
1,803
410
553
1,013
212
235
223
186
21
1,977
1,568
187
367
992
36,346
35,769
24,889
16,025
22,719
8,016
7,368
6,859
6,049
5,863
12,402
10,760
9,393
7,805
6,976
Buildings
4,595
3,990
3,630
3,272
3,119
Land & Improvements
1,152
1,152
1,152
1,044
957
188
378
274
44
18
Short-Term Investments
Cash & Short Term Investments Growth
Cash & ST Investments / Total Assets
Total Accounts Receivable
Accounts Receivables, Net
Accounts Receivables, Gross
Other Receivables
Accounts Receivable Growth
Accounts Receivable Turnover
Inventories
Finished Goods
Progress Payments & Other
Other Current Assets
Prepaid Expenses
Miscellaneous Current Assets
Total Current Assets
Net Property, Plant & Equipment
Property, Plant & Equipment - Gross
Construction in Progress

Millions.
2015
2014
2013
2012
2011
544
470
412
335
307
5,923
4,770
3,925
3,110
2,575
4,386
3,392
2,534
1,756
1,113
876
664
434
240
69
370
318
298
211
175
3,140
2,410
1,802
1,305
868
99,486
68,522
51,969
46,619
38,258
96,202
65,175
48,854
45,084
36,738
3,284
3,347
3,115
1,535
1,520
145
263
658
7,397
1,022
Intangible Assets
154,816
117,343
112,921
95,111
89,979
Net Goodwill
18,308
18,308
18,308
13,155
13,069
136,508
99,035
94,613
81,956
76,911
2,129
3,583
2,070
1,749
1,548
1,275
1,891
944
1,287
928
854
1,692
1,126
462
620
302,180
234,012
200,584
173,480
160,173
29.13%
16.67%
15.62%
8.31%
0.14
3.56%
Transportation Equipment
Other Property, Plant & Equipment
Accumulated Depreciation
Buildings
Land & Improvements
Transportation Equipment
Other Property, Plant & Equipment
Total Investments and Advances
LT Investment - Affiliate Companies
Other Long-Term Investments
Long-Term Note Receivable
Net Other Intangibles
Other Assets
Deferred Charges
Tangible Other Assets
Total Assets
Assets - Total - Growth
Asset Turnover
Return On Average Assets
Liabilities & Shareholders' Equity

All values PHP Millions.
2015
2014
2013
2012
2011
ST Debt & Current Portion LT Debt
4,149
3,573
3,512
6,547
1,594
4,770
71
4,149
3,573
3,506
1,777
1,523
4,944
4,313
4,496
3,475
2,959
14.63%
-4.07%
29.38%
17.43%
417
254
260
183
76
24,403
21,060
14,353
14,692
13,920
424
299
425
303
65
23,979
20,761
13,928
14,389
13,855
33,913
29,200
22,621
24,897
18,549
Current Ratio
1.07
1.22
1.10
0.64
1.22
Quick Ratio
1.02
1.19
1.05
0.61
1.18
Cash Ratio
0.78
0.97
0.85
0.43
0.92
83,433
57,494
47,536
37,068
38,429
83,433
57,494
47,536
37,068
38,429
Non-Convertible Debt
83,433
57,494
47,536
37,068
38,429
Provision for Risks & Charges
970
1,290
1,054
618
761
3,368
3,064
2,556
2,920
2,206
Deferred Taxes - Credit
4,610
4,228
3,774
3,450
2,989
Deferred Taxes - Debit
1,242
1,164
1,218
530
783
Short Term Debt
Current Portion of Long Term Debt
Accounts Payable
Accounts Payable Growth
Income Tax Payable
Other Current Liabilities
Dividends Payable
Miscellaneous Current Liabilities
Total Current Liabilities
Long-Term Debt
Long-Term Debt excl. Capitalized Leases
Deferred Taxes
2015
2014
2013
2012
2011
28,477
12,228
12,319
13,057
13,014
28,477
11,626
11,841
10,528
11,554
602
478
2,529
1,460
151,403
104,440
87,304
79,090
73,743
Total Liabilities / Total Assets
50.10%
44.63%
43.52%
45.59%
46.04%
Preferred Stock (Carrying Value)
50
50
50
50
50
50
50
50
50
50
119,772
103,645
94,411
79,593
73,713
Common Stock Par/Carry Value
27,885
26,046
26,026
24,614
24,593
Additional Paid-In Capital/Capital Surplus
49,980
42,993
42,933
38,097
38,056
Retained Earnings
35,149
27,525
21,882
15,688
10,460
Cumulative Translation
Adjustment/Unrealized For. Exch. Gain
79
(31)
(5)
(11)
(24)
Unrealized Gain/Loss Marketable Securities
(7)
35
210
25
19
(33)
(98)
6,686
7,077
3,365
1,213
706
39.64%
44.29%
47.07%
45.88%
46.02%
119,822
103,695
94,461
79,643
73,763
39.65%
44.31%
47.09%
45.91%
46.05%
30,955
25,877
18,819
14,747
12,667
150,777
129,572
113,280
94,390
86,430
302,180
234,012
200,584
173,480
160,173
Other Liabilities
Other Liabilities (excl. Deferred Income)
Deferred Income
Total Liabilities
Non-Redeemable Preferred Stock
Common Equity (Total)
Revaluation Reserves
Other Appropriated Reserves
Common Equity / Total Assets
Total Shareholders' Equity
Total Shareholders' Equity / Total Assets
Accumulated Minority Interest
Total Equity
Liabilities & Shareholders' Equity
2015
2014
2013
2012
2011
Table 2.Statement of Financial Position
INCOME STATEMENT
Fiscal year is January-December. All values PHP Millions.
2015
2014
2013
2012
2011
37,239
33,832
30,877
27,807
22,070
10.07%
9.57%
11.04%
25.99%
14,744
13,819
12,504
11,675
8,792
10,351
9,812
8,739
7,830
5,666
4,393
4,007
3,765
3,845
3,126
6.69%
10.52%
7.10%
32.79%
22,495
20,013
18,373
16,132
13,278
Gross Income Growth
12.40%
8.93%
13.89%
21.49%
Gross Profit Margin
60.41%
6,439
5,366
4,907
4,449
3,577
Other SG&A
6,439
5,366
4,907
4,449
3,577
SGA Growth
20.00%
9.36%
10.29%
24.38%
13,295
8,379
7,005
8,232
10,278
EBIT
2,761
6,268
6,461
(577)
Unusual Expense
(177)
194
(49)
15
Sales/Revenue
Sales Growth
Cost of Goods Sold (COGS) incl. D&A
COGS excluding D&A
Depreciation & Amortization Expense
COGS Growth
Gross Income
SG&A Expense
Other Operating Expense
2015
2014
2013
2012
2011
13,412
8,263
7,058
8,631
9,957
460
385
462
652
743
4,925
4,301
4,001
3,679
3,977
14.51%
7.50%
8.75%
-7.50%
Gross Interest Expense
6,040
4,301
4,001
3,679
3,977
Interest Capitalized
1,115
11,885
10,615
9,786
9,104
6,131
Pretax Income Growth
11.96%
8.47%
7.49%
48.49%
Pretax Margin
31.92%
1,825
1,208
593
1,662
414
1,522
1,160
1,061
1,097
712
303
48
(468)
565
(298)
5,014
3,167
2,286
1,765
2,112
15,074
12,574
11,479
9,207
7,829
Minority Interest Expense
5,528
4,634
4,270
3,300
2,770
Net Income
9,546
7,940
7,209
5,907
5,059
Net Income Growth
20.23%
10.14%
22.04%
16.75%
Net Margin
25.63%
9,546
7,940
7,209
5,907
5,059
9,541
7,935
7,204
5,902
5,054
Non Operating Income/Expense
Non-Operating Interest Income
Interest Expense
Interest Expense Growth
Pretax Income
Income Tax
Income Tax - Current Domestic
Income Tax - Deferred Domestic
Equity in Affiliates
Consolidated Net Income
Net Income After Extraordinaries
Preferred Dividends
Net Income Available to Common
2015
2014
2013
2012
2011
EPS (Basic)
0.35
0.31
0.28
0.24
0.23
13.11%
9.71%
15.83%
6.67%
27,677
26,038
25,928
24,598
22,476
0.34
0.30
0.28
0.24
0.22
13.15%
9.84%
15.78%
8.82%
27,696
26,062
25,989
24,652
23,377
7,154
10,275
10,226
7,296
2,549
EBITDA Growth
-30.37%
0.48%
40.16%
186.22%
EBITDA Margin
19.21%
2,761
6,268
6,461
(577)
EPS (Basic) Growth
Basic Shares Outstanding
EPS (Diluted)
EPS (Diluted) Growth
Diluted Shares Outstanding
EBITDA
EBIT
Table 3.Income Statement
STATEMENT OF CASH FLOWS

Operating Activities
Millions.
2015
2014
2013
2012
2011
16,899
13,782
12,072
10,869
8,243
22.62%
14.17%
11.07%
31.86%
4,393
4,007
3,765
3,845
3,126
Depreciation and Depletion
1,076
1,049
947
772
447
Amortization of Intangible Assets
3,317
2,958
2,818
3,073
2,679
Other Funds
(2,159)
(2,476)
(2,403)
(1,441)
(470)
Funds from Operations
19,133
15,313
13,434
13,273
10,899
Net Income before Extraordinaries
Net Income Growth
Depreciation, Depletion & Amortization

Millions.
2015
2014
2013
2012
2011
(1,532)
(2,339)
(1,235)
376
1,761
(571)
(780)
276
(505)
(720)
(77)
699
(1,532)
(1,375)
587
2,351
(1,660)
(27)
(136)
294
208
17,601
12,974
12,199
13,649
12,659
Net Operating Cash Flow Growth
35.66%
6.35%
-10.62%
7.82%
Net Operating Cash Flow / Sales
47.26%
38.35%
39.51%
49.08%
57.36%
2015
2014
2013
2012
2011
(23,016)
(8,186)
(7,123)
(7,577)
(9,549)
Capital Expenditures (Fixed Assets)
(1,568)
(1,508)
(1,343)
(825)
(618)
Capital Expenditures (Other Assets)
(21,448)
(6,678)
(5,780)
(6,752)
(8,932)
Capital Expenditures Growth
-181.16%
-14.92%
5.99%
20.66%
Capital Expenditures / Sales
-61.81%
-24.20%
-23.07%
-27.25%
-43.27%
(57)
(3,116)
(208)
10,129
828
12
54
Purchase/Sale of Investments
(24,259)
(9,360)
(4,933)
(6,312)
(1,327)
Purchase of Investments
(45,995)
(10,680)
(6,084)
(6,312)
(1,377)
21,736
1,320
1,151
50
Changes in Working Capital
Receivables
Inventories
Accounts Payable
Other Assets/Liabilities
Net Operating Cash Flow
Investing Activities
Capital Expenditures
Net Assets from Acquisitions
Sale of Fixed Assets & Businesses
Sale/Maturity of Investments
Investing Activities
2015
2014
2013
2012
2011
(3,448)
(3,139)
(4,025)
(6,861)
(267)
633
963
101
(50,773)
(13,039)
(15,253)
(19,983)
(10,987)
Net Investing Cash Flow Growth
-289.39%
14.52%
23.67%
-81.87%
Net Investing Cash Flow / Sales
-136.34%
-38.54%
-49.40%
-71.86%
-49.78%
2015
2014
2013
2012
2011
Cash Dividends Paid - Total
(1,927)
(2,297)
(915)
(668)
(553)
Common Dividends
(1,927)
(2,297)
(915)
(668)
(553)
Preferred Dividends
(553)
Change in Capital Stock
10,079
759
6,207
49
8,051
10,079
759
6,207
49
8,051
10,079
759
6,207
49
8,051
26,541
10,066
681
3,442
6,085
26,541
10,066
681
3,442
6,085
Issuance of Long-Term Debt
33,298
13,743
41,254
5,030
14,210
Reduction in Long-Term Debt
(6,757)
(3,677)
(40,573)
(1,588)
(8,126)
(2,730)
(2,374)
79
(3,042)
(4,023)
(2,730)
(2,374)
(3,454)
(3,048)
(4,025)
3,533
Other Uses
Other Sources
Net Investing Cash Flow
Financing Activities
Sale of Common & Preferred Stock
Proceeds from Stock Options
Issuance/Reduction of Debt, Net
Change in Long-Term Debt
Other Funds
Other Uses
Other Sources
2015
2014
2013
2012
2011
31,963
6,154
6,052
(219)
9,559
419.39%
1.69%
2863.47%
-102.29%
85.83%
18.19%
19.60%
-0.79%
43.31%
Exchange Rate Efect
Miscellaneous Funds
Net Change in Cash
(1,209)
6,089
2,998
(6,553)
11,232
Free Cash Flow
16,033
11,466
10,856
12,824
12,042
39.83%
5.62%
-15.35%
6.50%
9.79%
Net Financing Cash Flow
Net Financing Cash Flow Growth
Net Financing Cash Flow / Sales
Free Cash Flow Growth
Free Cash Flow Yield
Table 4.Statement of Cash Flows
Also, from the separate final exam paper, we were able to

recognize the working capital of the company as follows:
Table 5.Working Capital
Rationale for choosing the company

Last semester, I already have relative idea about investing as it was
our topic in a video presentation we made as a final output for Econ 101.
Yet, as a student, those bunch of What things to consider before
investing, Ten things you need to know before investing, 5 Key Points in
Investing, and a whole lot more just dont apply to me. As a student whos
financial needs are being given by my parents, I dont want to ask that
much from them. Besides, I know that for an amount less than Php 2000.00
I can already invest.
So practically, what did I actually consider before choosing the company

to invest in?
1. BUDGET
As Ive said, I only asked Php 2,000.00 from my parents in order
to be able to invest. So, considering the boardlot for the prices of the
stocks, and in order to have at least 100 shares, I need to invest in a
company whose stock quote that day is Php 5 and above (See Table
6).
Board Lot (Min # of
shares)
Price Range (Pesos)

0.0001
to
0.0099
1,000,000
0.010
to
0.049
100,000
0.050
to
0.249
10,000
0.250
to
0.495
10,000
0.50
to
4.99
1,000
5.00
to
9.99
100
10.00
to
19.98
100
20.00
to
49.95
100
50.00
to
99.95
10
100.00
to
199.90
10
200.00
to
499.80
10
500.00
to
999.50
10
Board Lot (Min # of

shares)
Price Range (Pesos)

1,000
to
1,999
2,000
to
4,998
5,000
to
UP
Table 6.Board Lot of Philippine Stock Exchange
2. INDUSTRY STABILITY
MPIC is a bluechip company. Blue-chip stocks are stocks from
large corporations or well-established companies that have operated
for many years already. These companies are well-known, wellestablished and well-recognized as Giants because they usually
come profitable and stable in spite of economic challenges thus
making them not too volatile. Judging from the diferent aspects as
presented in the graphs above, it proves that MPIC is a company to be
invested in because it is expected to rise in the years to come.
3. INVESTING IN SOMETHING YOU BELIEVE IN
From seminars I have attended, it was often said that the
industry that would be booming in the next years will be mining since
the price of gold is increasing. At the same time, it is also expected
that sectors in energy, healthcare, water, and infrastructures are to
prosper too. And its actually a good thing that MPIC invests in these
areas.
I firmly believe that MPIC will continue to increase its market
standing because of the continuous development and industrialization
of the country as well as the governments efort to stabilize the
economy.
I even view myself someday that I wont be just an ordinary
stckholder, rather, a chairperson of a company who owns majority of
the stocks. It seemed to be an ambitious dream, but as what a
speaker from Negosentials said, Do not think about the how, think
about the what because the how will take care of itself. At the end
of the day, we must be all visionary people who are willing to take
that leap of faith to achieve our goals.
WEEKLY ANALYSIS OF INVESTMENT
My Investment Calendar
I started investing on February 9, 2016, Tuesday, when the
stock price was Php 5.75. Data shown below on Figures 9, 10 and 11
show the calendar of my investment as well as its daily closing price
from February 9 to April 30, 2016.
As noticed, the stock market only operates during regular business
days which is from Monday Friday, excluding holidays.
Figure 9.Stock Quotes for February
During February, there was only one holiday which was the EDSA Revolution
Day, as celebrated every 25th of the month.
Figure 10.Stock Quotes for March
Because the Holy Week fell on March, the 24th and 25th were a
holiday as we celebrated Maundy Thursday and Good Friday.
Figure 11.Stock Quotes for April
Market Calendar & Analysis

Legend:
FEBRUARY
MON
SUN
1
TUE
WED
THU
Victorias Milling
Company, Inc.
Union Bank of the

Philippines, Inc.
Pacific Online Systems

Corporation
ISM Communications
Corporation
8990 Holdings, Inc.
Philippine Long
Distance Telephone
Company
FRI
5
FEBRUARY
MON
SUN
7
TUE
9
10
Globe Telecom, Inc.
Cirtek Holdings
Philippines Corporation
14
15
16
San Miguel Pure

Foods Company, Inc.
WED
PhilWeb Corporation
San Miguel Pure

Foods Company, Inc.
11
Integrated MicroElectronics, Inc.
22
FRI
12
8990 Holdings, Inc.
13
PTFC Redevelopment
Corporation
17
18
19
San Miguel
Corporation
Megawide
Construction Corporation
Manulife Financial
Corporation
Globe Telecom, Inc.

Phoenix Petroleum
Philippines, Inc.
Phoenix Petroleum
Philippines, Inc.
21
THU
23
24
Universal Robina
Corporation
Manila Water
Company, Inc.
Phoenix Petroleum
Philippines, Inc.
20
Ayala Land, Inc.
25
26
27
Philex Petroleum
Corporation
Universal Robina
Corporation
Manila Electric
Company
Leisure & Resorts World

Corporation
Philex Mining
Corporation
Sun Life Financial Inc.
28
29
BDO Unibank, Inc.
The Philippine Stock
Exchange, Inc.
Philippine Long
Distance Telephone
Company
MARCH
SUN
MON
TUE
1
WED
2
Alliance Select Foods

International, Inc.
THU
3
Roxas Holdings, Inc.
FRI
4
Trans-Asia Oil and

Energy Development
Corporation
Roxas Holdings, Inc.
Metro Pacific
Investments Corporation
D&L Industries, Inc.
6
8
RFM Corporation
International
Container Terminal
Premium Leisure Corp.
Services, Inc.
Del Monte Pacific
Limited
Manila Water
10
Universal Robina
Corporation
Philex Mining
Corporation
Roxas and Company,

Inc.
BDO Unibank, Inc.
Energy Development
Corporation
11
12
LT Group, Inc.
Ayala Corporation
Del Monte Pacific

Limited
SUN
MON
TUE
WED
Company, Inc.
Ayala Land, Inc.
BDO Leasing and
Finance, Inc.
FRI
Aboitiz Power
Corporation
Aboitiz Equity
Ventures, Inc.
Belle Corporation
Philippine Racing Club,

Inc.
THU
Robinsons Land
Liberty Flour Mills, Inc. Corporation
Philippine Long
Distance Telephone
Company
13
14
15
PSE
Phinma Corporation
16
17
San Miguel
Corporation
Inc.
San Miguel
Corporation
San Miguel
Corporation
San Miguel
Corporation
San Miguel
Corporation
San Miguel
Corporation
18
Ginebra San Miguel,
Petron Corporation
A. Soriano Corporation
ABS-CBN
Corporation
San Miguel
Corporation
San Miguel Pure
Foods Company, Inc.
Aboitiz Power
Corporation
Aboitiz Power
Corporation
Aboitiz Equity Ventures,
Shang Properties, Inc. Inc.

Vista Land &
Lifescapes, Inc.
19
PSE
Filinvest Land, Inc.
Semirara Mining and
Power Corporation
Manila Electric
Company
Manila Electric
Company
Energy Development
Corporation
Phoenix Petroleum
Philippines, Inc.
Travellers
International Hotel Group,
Inc.
20
21
22
23
Dizon Copper-Silver
Robinsons Land
Mines, Inc.
Corporation
Metro Retail Stores
Group, Inc.
27
28
Petron Corporation
Nickel Asia
Corporation
24
25
Metro Pacific
Investments Corporation
Max's Group, Inc.
The Philippine Stock
Exchange, Inc.
29
30
31
Metropolitan Bank &

Trust Company
San Miguel
Corporation
Inc.
Concrete Aggregates
Corporation
Metro Retail Stores
Group, Inc.
APRIL
COL Financial Group,

DMCI Holdings, Inc.
Phoenix Petroleum
Philippines, Inc.
26
MON
SUN
TUE
WED
THU
FRI
1
SAT
2
Phoenix
Semiconductor
Philippines Corp.
Panasonic
Manufacturing
Philippines
Corporation
GT Capital
Holdings, Inc.
Ayala
Corporation
GT Capital
Holdings, Inc.
ABS-CBN
Corporation
San Miguel
Corporation
Megaworld
Corporation
EEI Corporation
Emperador Inc.
Crown Asia
Chemicals
Corporation
10
11
iPeople, inc.
Manila Water
Company, Inc.
12
13
14
SM Prime
Holdings, Inc.
SPC Power
Corporation
Phinma
Corporation
SM Prime
Holdings, Inc.
Globe Telecom,
Inc.
15
Bank of the
Philippine Islands
16
Ayala Corporation
Ayala
Corporation
BDO Leasing
Puregold Price and Finance, Inc.
Club, Inc.
East West
Banking Corporation
Trans-Asia Oil
and Energy
Development
Corporation
Discovery World
Corporation
COL Financial
Group, Inc.
COL Financial
Group, Inc.
Petron
Corporation
Petron
Corporation
Ayala Land, Inc.
Trans-Asia
Petroleum
Corporation
17
18
19
20
21
22
Lepanto
Consolidated Mining
Company
Boulevard
Holdings, Inc.
A. Soriano
Corporation
International
Container Terminal
Services, Inc.
Inc.
Concepcion
Cebu Holdings, Industrial
Incorporated
Corporation
Cebu Property
Ventures and
Development
Corporation
Jollibee Foods
Corporation
GMA Network,
Inc.
Alliance Global
Group, Inc.
Manila Mining
Corporation
Cosco Capital,
Inc.
23
Filinvest Land,
BDO Unibank,
Inc.
MON
SUN
24
25
LT Group, Inc.
Premium
Leisure Corp.
Manila Electric
Company
DMCI Holdings,
TUE
WED
FRI
SAT
26
27
28
29
SM Prime
Holdings, Inc.
SM
Investments
Corporation
Philex
Petroleum
Corporation
Filinvest
Development
Corporation
Asian
Terminals, Inc.
Bogo Medellin
Milling Company, Inc.
Security Bank
Corporation
Metropolitan
Bank & Trust
Philippine Trust
Company
Company
Inc.
Macay Holdings,
Belle
Corporation
THU
Inc.
30
Mabuhay Vinyl
Republic Glass
Corporation
Holdings Corporation
Synergy Grid &
Roxas Holdings,
Development Phils., Inc.
Inc.
Atlas
Philex Mining
Consolidated Mining
Corporation
and Development
Corporation
East West
Banking Corporation
Philippine
Savings Bank
Table 7.Market Calendar (Feb-Apr)
The table above shows the relevant happenings in the companies that
are participating in the stock market. That of MPI could be seen as
highlighted, March 1 and 23, 2016.
My Weekly Analysis Investment in MPIC

Wee
k1
Monday
Tuesday
Wednes
day
Thursda
y
Friday
5.65
5.62
We
ek
2
5.63
5.66
5.68
5.70
5.85
5.62
5.90
We
ek
3
5.79
5.78
5.74
We
ek
4
5.80
6.05
6.09
Wee
k5
5.79
5.76
5.74
We
ek
6
5.97
6.01
5.99
5.82
5.89
5.99
5.76
5.70
5.79
We
ek
10
5.81
5.90
6.10
We
ek
11
5.94
5.90
5.81
We
ek
12
5.76
5.83
5.80
5.83
6.14
5.77
5.95
5.86 5.70 6.03 6.00

5.80 5.82
Table 8.Summary of 12-Week Investment
5.99
5.79
5.80
Week 1:February 9-12
We
ek
7
5.99
5.95
5.90
We
ek
8
5.85
5.88
5.90
Wee
k 9
5.87
Stock prices for this week fluctuated up and down as it reached

Php 5.70 as highest within the week on February 11. The height of
this price was achieved as MPIC and Ayala Corp.s jont venture
secured a Php 24 Billion loan for a train project.
The stock prices during this week was upward sloping as it

reached Php 5.90 by February 19. This noticeable increase could be
due to mangroves consistently opened by MPIC. During this time, it
was the mangrove center at Pangasinan that was opened.
Week 3 is characterized by a downward sloping line for the first

three days. However, after a holiday during the 25 th, which is the
commemoration of EDSA Revolution, the stock price hiked up to Php
5.86 from a price of Php 5.74 by February 24.
Week 4: February 29-March 4
At week 4, stock prices fluctuated as it rise up to Php 6.09 by

March 2 but landed at Php 5.07 by March 4. Reasons of the increase
in March 2 was because of MPICs media release that its income and
revenue is pumping a total of P120 billion into the domestic economy
this year with the capital outlays budgeted by its infrastructure,
telecom,
mining
Week 5: March 7-11
and
sugar
businesses.
During the beginning of week 5, the stock price was gradually

decreasing, yet it was able to recover and shoot up to Php 6.03 by
March 11. The rise could be traced through MPICs projected increase
in revenue from its owned hospitals, as well as it eyed more hospital
deals in the future.
Week 6: March 14-18
Stability is not evident for week 6 as fluctuations of stock prices

were unpredictable. It reached up to Php 6.01 as its highest for the
week because MPIC is to present at the dbVIC -Deutsche Bank ADR
Virtual Investor Conference. Also, MPIC eyed an arbitration for a
delayed toll hike within the week.
Week 7: March 21-25
This week was a tough one for MPIC as it continually sloped

downward. But compared to other weeks prices, this was still high. At
March 21, it is noticeably high because this marked the date when
Asian Development Bank (ADB) commits $123.3 million to improve
Manilas water supply. Although at March 23, MPIC was able to get a
nod from Cebu LGU to construct Cebu bridge, its quote was low.
However, the coming of the Lenten season might have afected stock
prices.
Week 8: March 28-April 1
By week 8, stock priices were gradually increasing at the

beginning of the week but flunked towards the end. Reasons for the
price increase could be due to MPICs forecasted increase of 20% in
its revenues. Also, it was during the week when the competitive Swiss
challenge for the multibillion-peso unsolicited connector-road deal
was launched, after Metro Pacific Investments Corp.(MPIC) and
the Department of Public Works and Highways (DPWH) completed the
negotiations for the implementation of the infrastructure project.
Week 9: April 4-8
The beginning of the week saw a decrease but it was able to

revive as its stock price increased towards the end of the week.
Within
this
week,
infrastructure
conglomerate Metro
Pacific
Investments Corp. has sought the intervention of an arbitration court

for the settlement of roughly P3 billion in foregone toll revenues due
to the government's inaction on petitions for toll adjustments by the
expressway operator that has been pending since 2012. Also it has
formally announced its intention to pursue an arbitration case
against the Toll Regulatory Board (TRB) for alleged inaction on the
rate
adjustment
Corp. (MPTC).
requested
by MPIC's
Metro
Pacific
Tollways
Week 10: April 11-15
This
week
was a
period of a gradual increase in stock prices, yet a
sudden decrease by the end of the week. Events included this
week was MPIC continuous endeavor to look for
opportunities
in Indonesia and Malaysia for its tollway business; furthermore, one of
its toll road units, Cavitex Infrastructure Corp., has sent a notice of
arbitration to the Toll Regulatory Board to seek compensation for
foregone toll revenue since 2012, and; The local governments of Cebu
City and Cordova, Cebu and Metro Pacific Tollways Corp. (MPTC), the
toll road operations arm of Metro Pacific Investments Corp. (MPIC) on
Friday signed the agreement for the construction of the Cebu-Cordova
Bridgewhich is expected to serve at least 40,000 vehicles daily
beginning 2020.
Week 11:April 18-22
The
slope
for the
prices
stock
during week 11 is downward
sloping yet it increased a little bit by Friday.
In this week, MPIC is
planning to begin the construction of the first phase of the C-5 South
Link Expressway by July after securing final approvals from the
government. CIC president Luigi Bautista told reporters the company
has sent a proposal to the government to hold the groundbreaking of
the first phase of the project next month after the Toll Regulatory
Board and the Department of Public Works and Highways have given
their final approvals for the construction of the C-5 South Link
Expressway. On April 18, it is noticeable that the stock price was
relatively high compared to the rest of the days of the week. Thus,
the slope was downward sloping which revived a little towarads the
end of the week as it closed at Php 5.79. Reasons why the stock price
was high on April 18 was because it was the commencement of a
proposal by the MPIC, together with Ayala Corp., to create an interim
railway station in Quezon City. Also, it was after MPIC signed a toll
road venture with Cebu LGUs on April 16.
Week 12:April25-29
The final week included in my analysis is a series of up-and-down

fluctuations. Events happened in the week includes MPIC, together with
SM Prime Holdings, open a new rail hub ofer on April 26. Also, the two
thoroughfares that connect Metro Manila to the northern provinces are
up for a multibillion-peso makeover-pegged at P3.9 billion-this year, the
president of the company said on Thursday.
CONCLUSIONS
In 2011, there were 38 million Filipinos who were employed. Of
that number, active stock market investors numbered only an
estimated 157,000a measly 0.4%.
Considering most people were never taught how to invest, this isnt
surprising. However, it has been my luck that our professor did not
only let us learn through books but also allowed us to invest real time.
Thus, it made us appreciate more the value and the potential we can
have through investing.
Simply put, ivesting is making your money work so that it makes
more money for you. The great thing about investing is that its
money thats working hard. Unlike people, money doesnt get tired, it
doesnt get sick, and it doesnt get burned out. All money needs is a
good master who knows how to invest.
In integrating finance with my investment, I learned these 3 things:
1. INVEST AS SOON AS YOU CAN
The younger you start investing, the greater the possibilities
that you grow your money. But dont get me wrong! Investing cant
make you an overnight millionaire. It takes a wise decision in
choosing which company to invest in, as well as diversifying your
portfolio.
The table above shows (assume growth of 10% a year) the that
the longer you are in the stock market, the more money you earn.
Remember that investing lets you earn in two ways: (1)Capital gains
(increase in stock price), and (2)Dividends. Compounding, in fact, is
the single most important reason for for you to start investing right
now. Thus, those who start investing sooner rather than later have a
tremendous advantage.
We must also put in mind that the higher the risk, the greater
the return. So if youre a risk taker, this field is for you!
2. YOU CANT LOSE IF YOU KNOW HOW TO HANDLE THE

SITUATION
Others may be afraid when they see the stock prices of their
investments go low. But taking it at a positive perspective, some
investors even take advantage to price drops to buy stocks at a floor
price. Who knows? Years from now, the stock price of your investment
have multiplied n number of times.
On the other hand, diversification of portfolio does the job. In
order to reduce risk, you must choose investments that are sloping
towards opposite direction. Thus, being a conservative investor, you
have no fear of having loss with your investments.
Lastly, the stock market helps a lot in improving the countrys
economy. When coprorations have access to investment funds, they
can expand to improve goods and services while even creating jobs. A
wider public ownership of corporations has also proven to help
develop commerce and industry of the Philippines. Thus, you only did
not enrich yourself but you also helped enriching other people of this
country. Being able to help your fellowmen is not loss at all!
3. NEVER STOP LEARNING NEW THINGS ABOUT THE STOCK

MARKET
Though investing in the stock market is not a full-time job, it
doesnt mean you must take it lightly. A wise investor would
continually study about how the stock market works, thus including
learning the fundamentals of finance at a higher level. In order to be
confident with your investment, you must be able to uderstand
financial statements and the impact of the ratios you can

come up from the data
the time value of money to be able to expect the right
amount of your investment after n years
the concept of compounding to know that your money
grows the more time you leave it untouched
the risks, and how to mitigate those risks through
safeguards available
the capital asset pricing model to let you know about
diversifying portfolios
bond valuations, because this dictates the interest rate in
the general economy
valuation of stocks through zero-growth, constant growth,
and variable growth valuation models
working capital, assets, and liabilities management
Learning doesnt stop from knowing the aforementioned topics.

Yet, it would already of a great help for a newbie in investing to
know the basic things about investment.
As for me, investing wasnt really tough. Ive seen the value of
my stocks increase and decrease over time. But what makes me
stay is that I believe that my investment has a bright future ahead
especially in the continuous globalizing economy of the country.
RECOMMENDATIONS
Isnt it exciting to be a part of a fast and top growing corporation?

Hence, while still young, aspects such as facilities, personnel, teaching,
industry interaction and immersion must be improved.
Facilties
Schools must have an area where students would be able to view
their investments stock prices, such as having large screens showing price
movements and a separate computer for searching. It must also include
announcements of events as well as news which could be afecting the
stock market prices. It must be a place conducive for student learning and
apprecition too.
Personnel
There
must
be
some
personnel
who
are
really
skilled
and
knowledgeable about the stock market that the students can ask anytime
and be able to explain and clarify them about the things theyve asked. If
possible, they must be experts and people who have experienced working
as a stock broker and the like.
Teaching, Industry Interaction and Immersion
It has to be a must that asside from learning withing the four corners
of a classmoroom, business students have a hands-on experience in
investing because through this, they will be able to appreciate more how
this industry works. It must be imbimbed in the students that the stock
market is a vast ocean of opportunities and that as young as they are, they
must start investing in the stock market.
APPENDIX
Figure 12.Investment Provisional Receipt
Figure 13. Investment Official Receipt
References
(n.d.). Retrieved from Metro Pacific Investments: http://www.mpic.com.ph/
A deep look at MVPs Metro Pacific Investments Corp. (MPI). (n.d.). Retrieved from
investengineer.com.ph: http://investingengineer.com/metro-pacific-investmentscorp/
Metro Pacific Investments. (n.d.). Retrieved from 4-traders.com: http://www.4traders.com/METRO-PACIFIC-INVESTMENTS-6496195/news-sector/
Metro Pacific Investments Corp. News. (n.d.). Retrieved from business.inquirer.net:
http://business.inquirer.net/tag/metro-pacific-investments-corp
MPI.PH Annual Balance Sheet - Metro Pacific Investments Corp. (n.d.). Retrieved from The
Wall Street Journal: http://quotes.wsj.com/PH/XPHS/MPI/financials/annual/balancesheet
MPI.PH Stock Price & News - Metro Pacific Investments Corp. (2016, May). Retrieved from
Wall Street Journal: http://quotes.wsj.com/PH/MPI

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12

Metro Pacific Investments Corporation Investment Analysis

In partial fulfillment of BA-141

INVESTING IN THE STOCK MARKET

WEEKLY ANALYSIS OF INVESTMENT______________________________________________22

List of Tables and Figures

Figure 1.Breakdown of MPI's Infrastructure Assets................................................................4

Figure 4.Revenue (2010-2014)

Figure 5.Cash & Short Term Investments (2010-2014)

Description and Scope

Metro Pacific Investments Corporation, or commonly known as

MPIC is a leading infrastructure holding company in the Philippines.

Manuel Velez Pangilinan

Jose Maria K. Lim

David John Nicol

Santhea V. Delos Santos

Ray Celis Espinosa

Robert Charles Nicholson

Edward Anthony Tortorici

Melody M. del Rosario

Robin Michael L. Velasco

Jose Jesus G. Laurel

Lydia Balatbat Echauz

Artemio Villaseor Panganiban

Figure 2.Organizational Structure of MPI

Operations of Manila Electric

Operations and management of

Provision of water and

Operations and maintenance of toll

LRT 1 South Extension Project

Operations and maintenance of the

Table 1. MPIC's Investment in Power, Hospitals, Tolls, Water, and Railways

Figure 3.Net Income (2010-2014)

Figure 4.Revenue (2010-2014)

By looking at Figures 3 and 4, we cleary see that in this aspect, MPI is

Figure 5.Cash & Short Term Investments (2010-2014)

Figure 6.Total Inventory

Figures 5 & 6 shows the graph of MPICs liquid assets. Thus, it is an

Figure 7.Retained Earnings (2010-2014)

Figure 8. Earnings Per Share

As a result of the companys increase in income and revenue, it also

METRO PACIFIC INVESTMENTS CORPORATION 5-YEAR FINANCIAL

Cash & Short Term Investments

Fiscal year is January-December. All values PHP

Land & Improvements

Cash & Short Term Investments Growth

Cash & ST Investments / Total Assets

Total Accounts Receivable

Accounts Receivables, Net

Accounts Receivables, Gross

Accounts Receivable Growth

Accounts Receivable Turnover

Progress Payments & Other

Other Current Assets

Miscellaneous Current Assets

Total Current Assets

Net Property, Plant & Equipment

Property, Plant & Equipment - Gross

Fiscal year is January-December. All values PHP

Other Property, Plant & Equipment

Land & Improvements

Other Property, Plant & Equipment

Total Investments and Advances

LT Investment - Affiliate Companies