Table 1: Market Profile, 2020 Table 4: Number of B

Item Value
Closing Price (Php) 44.1 Metro Manila
52-week price range (Php) 26.0 - 50.0 North Luzon
Share Outstanding (in Billions) 3 South Luzon
Market Cap (in Billions) 138.443 Visayas
Dividend Yield (%) 0.42 Mindanao
P/E 19.86x Total
EPS (Php) 2.72 Source: Company Data (1Q 2020)
Source: Refinitv

Table 3: Score Average A

Peers
COSTCO
Table 2: Target Price Breakdown PGOLD
Item Value Weight RRHI
Puregold 41.272 77% SM
Hypermarket SEVN
Supermarket Source: Company Data
Extra
S&R 12.328 23%
Target Price 53.6 100%
Source: Team Estimate

Figure 8. Geographic Coverage

Source: Company Data (1Q 2020)

 Table 4: Number of Branches Table 5: Level of Competitiveness
Puregold S&R QSR Puregold
132 10 24 Price 4
101 3 4 Product Variety 3
108 3 7 Market Presence 4
32 2 4 Brand 4
11 2 0 Total 15
384 20 39 443 Source: Team Estimate
ource: Company Data (1Q 2020) 86.68%
4.51%
8.80%
100%
PORTER'S FIVE FORCES ANAL
Table 3: Score Average Among Peers Puregold
3M 6M Current Competitive Rivalry 5
9 9 9 Buyer Power 2
7 7 8 Supplier Power 2
7 7 6 Threat of New Entry 1
6 7 6 Threat of New Substitute 1
8 5 5 Source: Team Estimate
ource: Company Data
evel of Competitiveness
S&R QSR
2 3
5 2
3 4
4 4
14 13
5-Highest; 1-Lowest

PORTER'S FIVE FORCES ANALYSIS

S&R QSR Average Threat Level
4 5 5 High
5 2 3 Moderate
3 4 3 Moderate
3 2 2 Low
3 2 2 Low
5-Highest; 1-Lowest
 2018 2019 2021F 2022F 2023F

Exchange Date Close Net % Chg Open

31-Dec-2020 46.2000 +6.4500 +16.2264% 39.7500
31-Dec-2019 39.7500 -2.8589 -6.7095% 42.6089
31-Dec-2018 42.6089 -6.9363 -14.0000% 49.6443
31-Dec-2017 49.5452 +11.1493 +29.0378% 38.8881
31-Dec-2016 38.3959 +4.3333 +12.7215% 34.0626
31-Dec-2015 34.0626 -3.6811 -9.7529% 37.7437
31-Dec-2014 37.7437 +0.6364 +1.7150% 37.1562
31-Dec-2013 37.1073 +4.7975 +14.8485% 32.2608
31-Dec-2012 32.3098 +14.8038 +84.5638% 17.7018
31-Dec-2011 17.5060 11.7490

Source: Philippine Statistics Authority, 2015 and 2018 Family Income and Expenditure Survey
 2024F

Low High Volume Turnover - PHP

26.0000 50.0000 489,056,900 21,471,259,425.0000
36.1203 50.0510 353,152,200 15,774,060,300.0000
39.2398 54.5492 364,050,820 17,106,750,602.0000
37.9036 54.3791 579,226,720 26,833,984,495.0000
29.9291 49.0286 616,245,700 25,182,032,070.0000
29.2526 43.1427 622,908,500 23,463,469,536.0000
30.7922 47.4856 841,562,000 33,162,556,093.0000
31.1349 46.5065 1,102,944,300 42,860,921,097.0000
17.4081 34.2190 864,322,500 21,771,724,356.0000
10.4566 18.5047 444,420,000 6,187,438,999.0000

ncome and Expenditure Survey

 2018
Expenditure Items All
Bottom
Income
30%
Groups

Total Expenditure (In billion pesos) 5,906 956

Percent 100.0 100.0

Food Expenditures 42.6 58.2

Alcoholic Beverages 0.6 0.7
Tobacco 1.2 1.7
Other Vegetable-Based Products 0.0 0.0
Clothing and Footwear 2.5 2.3
Furnishings and Routine Household Maintenance 2.3 2.0
Health 2.7 1.4
House Rent/Rental Value 12.2 8.1
Water, Electricity, Gas and Other Fuels 8.2 7.6
Transport 6.6 5.2
Communication 2.2 0.9
Recreation and Culture 0.7 0.6
Education 2.6 1.5
Hotels (Accomodation Services) 0.2 0.1
Miscellaneous Goods and Services 6.6 5.3
Durable Furniture and Equipment 3.5 1.6
Special Family Occasions 2.8 2.0
Other Expenditure 2.5 0.6
2018 2015
All
Upper Bottom Upper
Income
70% 30% 70%
Groups

4,950 4,958 740 4,218

100.0 100.0 100.0 100.0

39.5 41.8 59.6 38.7

0.5 0.5 0.7 0.5
1.2 1.1 1.9 1.0
0.0 0.0 0.0 0.0
2.6 2.4 2.2 2.5
2.3 2.5 1.9 2.6
3.0 3.7 1.9 4.0
12.9 12.2 7.7 13.0
8.3 7.9 7.2 8.0
6.9 6.2 4.6 6.5
2.4 2.2 0.9 2.5
0.8 0.8 0.6 0.8
2.8 3.8 2.3 4.0
0.2 0.2 0.2 0.2
6.8 6.3 4.9 6.6
3.9 2.5 1.0 2.8
3.0 2.5 1.7 2.7
2.9 3.1 0.7 3.5
Preliminary Results of the 2019 Annual Estimates of Labor Force Survey
(LFS)
Philippines 2019 2018
Population 15 years and over (in '000) 72,931 71,339
Labor Force Participation 61.30 60.90
Employment Rate (%) 94.90 94.70
Unemployment Rate (%) 5.10 5.30
Underemployment Rate (%) 14.00 16.40
 Name Age Current Position

Mr. Lucio Co 62 Chairman of the Board

Mr. Ferdinand Vincent Co 32 President, Director
Anthony Sy 52 President, S&R Membership Shopping
Ms. Susan Co Vice Chairman of the Board
Aida de Guzman 53 Senior Vice President
Mr. John Marson Heo Vice President for Investor Relations
Vice President for Operations of S&R Membership
70 Shopping
Kelly Ricks, Jr.
Denise Maria Carolino 49 Vice President - Administration
Ms. Grce Sy 50 Treasurer
Elvira Gutierez 42 Senior Manager - Human Resources
Pamela Justine Co 29 Merchandising Manager, Director
Gisela Altura 43 Comptroller of Karella Management Corporation
Edison Anggala 36 Senior Store Manager
Elbert Balcos 47 Senior Manager - Management Information Services
James Balingit 42 Senior Store Manager
Emelda Bechayada 45 Department Manager - Cash Management
Antonio De Los Santos 40 National Operations Manager
Sherwin Hau 37 Senior Store Manager
Robert Kelvin Kuan 36 Senior Store Manager
Mr. Teodoro Polinga Acting Comptroller
Baby Gerlie Sacro 35 Corporate Secretary
Atty. Candy Dacanay- Datuon 39 Assistant Corporate Secretary, Compliance Officer
Mr. Edgardo Lacson 74 Lead Independent Director
Mr. Leonardo Dayao Director
Mr. Jack Huang Director
Mr. Jaime Dela Rosa Independent Director
Ms. Marilyn Pardo Independent Director
Officer/Director In Position
(years) (years)
22 22
18 5
15 15
22 5
21 21
6 6

22 22
26 5
17 9
18 18
14 14
20 20
9 9
26 26
22 22
9 9
22 22
11 11
7 5
21 21

8 2
23 4
2 2
2 2
10 10