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As of: 7/20/2016 COL Date of COL Buy Outstanding Market Cap Ticker Company Name

As of: 7/20/2016 COL Date of COL Buy Outstanding Market Cap Ticker Company Name Price Rating Update FV Below Shares (Mil) (PhpMil) 2014 2015 2016E 2017E 2014 2015 2016E 2017E Banks and Financials 1,569,106 335,232 344,951 375,193 420,254 4% 3% 9% 12% BDO BANCO DE ORO 115.80 HOLD 7/20/16 128.00 111.00 3,645 422,379 80,712 88,900 94,900 106,586 8% 10% 7% 12% BPI BANK OF PHILIPPINE ISLANDS 99.50 HOLD 7/20/16 103.00 89.00 3,932 390,944 55,787 59,359 68,254 75,838 6% 6% 15% 11% CHIB CHINA BANKING CORP 38.00 HOLD 7/20/16 41.50 33.00 2,002 76,077 18,848 19,572 21,047 23,049 25% 4% 8% 10% EW EASTWEST BANKING CORP 21.10 BUY 7/20/16 30.00 24.00 1,500 31,650 14,886 16,316 18,900 21,917 13% 10% 16% 16% MBT METROPOLITAN BANK & TRUST 94.40 BUY 7/20/16 113.00 98.00 3,180 300,208 74,894 67,402 76,270 85,311 -5% -10% 13% 12% PNB PHILIPPINE NATIONAL BANK 59.90 BUY 7/20/16 72.50 58.00 1,249 74,823 26,412 26,847 28,416 31,083 8% 2% 6% 9% RCB RIZAL COMMERCIAL BANKING CORP c 32.20 N/A N/A N/A N/A 1,400 45,077 26,565 27,801 23,986 25,991 -6% 5% -14% 8% SECB SECURITY BANK CORP 208.40 HOLD 7/20/16 208.00 173.00 603 157,038 16,769 18,677 21,852 26,550 36% 11% 17% 22% UBP UNION BANK OF PHILIPPINES 67.00 BUY 7/20/16 88.00 70.00 1,058 70,909 20,359 20,077 21,568 23,929 -5% -1% 7% 11% Commercial and Industrial 457,640 707,861 604,978 560,446 636,961 8% -15% -7% 14% ABS ABS-CBN BROADCASTING CORP 53.40 BUY 7/20/16 78.60 65.00 872 45,433 33,261 38,278 40,260 39,250 0% 15% 5% -3% CEB CEBU AIR INC 99.50 BUY 7/20/16 162.00 140.00 606 60,292 52,000 56,502 61,357 63,551 27% 9% 9% 4% EEI EEI CORPORATION 9.45 BUY 7/20/16 12.70 10.10 1,036 9,793 17,080 18,979 18,894 23,346 62% 11% 0% 24% GMA7 GMA NETWORK INC 6.27 BUY 7/20/16 8.05 6.40 3,361 21,074 11,983 13,727 15,150 14,355 -7% 15% 10% -5% ICT INTL CONTAINER TERM SVCS 62.60 HOLD 7/20/16 92.60 74.00 2,035 127,286 47,111 47,862 53,798 58,951 30% 2% 12% 10% IMI INTEGRATED MICRO-ELECTRONICS INC 5.75 BUY 7/20/16 10.40 8.30 1,867 10,677 37,491 37,074 47,326 51,634 19% -1% 28% 9% MWC MANILA WATER COMPANY 27.20 HOLD 7/20/16 26.30 21.00 2,054 55,867 16,357 16,936 17,420 18,365 3% 4% 3% 5% MWIDE MEGAWIDE CONSTRUCTION CORP c 9.65 N/A N/A N/A N/A 2,399 23,154 10,042 15,442 0 0 -8% 54% 0% 0% PCOR PETRON CORP c 11.10 N/A N/A N/A N/A 9,375 104,064 482,535 360,178 306,241 367,509 4% -25% -15% 20% Conglomerates 3,728,899 1,320,675 1,458,060 1,634,614 1,758,906 15% 10% 12% 8% AC AYALA CORPORATION 894.00 HOLD 7/20/16 932.00 810.00 620 554,413 156,416 174,035 205,346 219,823 14% 11% 18% 7% AEV ABOITIZ EQUITY VENTURES INC 84.40 HOLD 7/20/16 58.70 51.00 5,554 469,725 107,989 111,260 109,221 117,380 21% 3% -2% 7% AGI ALLIANCE GLOBAL 16.22 HOLD 7/20/16 22.08 17.60 10,147 166,577 120,595 135,673 147,474 156,097 7% 13% 9% 6% COSCO COSCO CAPITAL INC 7.88 BUY 7/20/16 12.40 9.90 7,405 58,148 98,787 116,752 112,240 123,080 28% 18% -4% 10% DMC DMCI HOLDINGS INC 12.78 UNDER REVIEW 7/20/16 - - 13,277 169,686 56,561 57,204 74,434 80,166 1% 1% 30% 8% FPH FIRST PHILIPPINE HLDGS 70.00 BUY 7/20/16 149.50 124.00 554 38,773 99,191 96,510 106,922 112,621 7% -3% 11% 5% GTCAP GT CAPITAL HLDGS 1,573.00 HOLD 7/20/16 1,530.00 1,330.00 174 274,174 135,077 149,864 189,343 215,061 38% 11% 26% 14% JGS JG SUMMIT HLDGS 85.95 HOLD 7/20/16 75.00 65.00 7,163 615,646 184,812 229,272 257,988 269,274 25% 24% 13% 4% LTG LT GROUP INC c 15.98 N/A N/A N/A N/A 10,821 172,926 51,696 54,374 60,764 64,155 -7% 5% 12% 6% MPI METRO PACIFIC INVESTMENTS 7.23 HOLD 7/20/16 7.57 6.30 27,895 201,842 33,832 37,239 43,531 49,101 10% 10% 17% 13% SM SM INVESTMENTS CORP 1,017.00 HOLD 7/20/16 885.00 769.00 803 816,707 275,718 295,878 327,351 352,148 9% 7% 11% 8% SMC SAN MIGUEL CORP c 80.00 N/A N/A N/A N/A 2,379 190,282 773,723 673,925 - - 3% -13% - - Consumer 1,249,362 461,675 533,968 588,712 639,714 15% 16% 10% 9% CIC CONCEPCION INDUSTRIAL CORPORATION 53.60 BUY 7/20/16 58.00 46.00 340 18,129 9,175 10,594 12,463 14,416 21% 15% 18% 16% CNPF CENTURY PACIFIC FOOD INC 16.60 HOLD 7/20/16 17.00 13.60 3,348 58,781 20,439 23,325 27,899 30,783 7% 14% 20% 10% DNL D&L INDUSTRIES INC 9.58 HOLD 7/20/16 10.20 8.80 7,143 68,429 16,121 19,578 20,613 22,677 50% 21% 5% 10% EMP EMPERADOR INC 7.31 HOLD 7/20/16 9.72 7.70 16,120 117,837 31,458 43,268 44,846 46,508 10% 38% 4% 4% JFC JOLLIBEE FOODS CORPORATION 250.40 HOLD 7/20/16 211.00 175.00 1,070 268,602 90,671 100,783 111,175 121,371 13% 11% 10% 9% PGOLD PUREGOLD PRICE CLUB INC 47.85 BUY 7/20/16 56.00 46.00 2,765 132,324 84,697 97,172 109,914 120,494 16% 15% 13% 10% PIP PEPSI-COLA PRODUCTS PHILS. INC c 3.50 N/A N/A N/A N/A 3,694 12,928 25,325 27,333 31,254 35,004 13% 8% 14% 12% RFM RFM CORPORATION c 4.29 N/A N/A N/A N/A 3,500 14,983 11,010 11,982 12,632 13,767 8% 9% 5% 9% RRHI ROBINSONS RETAIL HOLDINGS INC 87.40 HOLD 7/20/16 85.00 70.00 1,385 121,049 80,401 90,883 100,444 108,225 20% 13% 11% 8% URC UNIVERSAL ROBINA CORPORATION 200.00 HOLD 7/20/16 229.00 190.00 2,182 436,300 92,376 109,051 117,472 126,471 14% 18% 8% 8% Gaming 187,897 63,272 77,835 83,679 88,289 24% 23% 8% 6% BEL BELLE CORP 3.40 HOLD 7/20/16 4.10 3.20 10,519 35,696 3,164 5,195 7,104 7,876 21% 64% 37% 11% BLOOM BLOOMBERY RESORTS CORP 6.13 HOLD 7/20/16 7.90 6.30 11,016 67,441 24,037 25,040 29,363 30,484 96% 4% 17% 4% LR LIESURE & RESORTS WORLD CORP c 6.73 N/A N/A N/A N/A 1,200 8,075 6,580 9,270 - - 30% 0 - - MCP MELCO CROWN PHILS RESORTS CORP 3.61 HOLD 7/20/16 3.80 3.00 5,643 20,438 430 13,727 22,898 25,727 712% 3091% 67% 12% RWM TRAVELLERS INTERNATIONAL HOTEL GROUP INC 3.57 HOLD 7/20/16 3.70 2.90 15,756 56,248 29,060 24,602 24,315 24,203 -6% -15% -1% 0% Mining 212,940 63,379 48,637 53,600 60,040 31% -23% 10% 12% NIKL NICKEL ASIA CORP 5.80 HOLD 7/20/16 5.40 4.30 7,597 44,062 24,746 15,432 12,716 15,072 123% -38% -18% 19% PX PHILEX MINING CORP 8.44 HOLD 7/20/16 6.30 5.00 4,940 41,697 10,048 8,525 8,922 8,922 3% -15% 5% 0% SCC SEMIRARA MINING 119.00 BUY 7/20/16 171.00 136.00 1,069 127,181 28,585 24,680 31,962 36,046 5% -14% 30% 13% Power 883,385 260,594 260,787 266,621 269,112 11% 0% 2% 1% AP ABOITIZ POWER CORP 45.45 HOLD 7/20/16 49.40 42.00 7,359 334,449 86,759 85,174 83,273 89,771 20% -2% -2% 8% EDC PNOC ENERGY DEV CORP 5.80 BUY 7/20/16 9.21 7.30 18,745 108,675 30,867 34,360 34,785 35,589 20% 11% 1% 2% FGEN FIRST GEN CORPORATION 25.25 BUY 7/20/16 35.30 30.00 3,661 92,439 84,470 83,597 92,965 98,672 4% -1% 11% 6% MER MANILA ELECTRIC COMPANY 308.60 HOLD 7/20/16 329.20 286.00 1,127 347,823 58,498 57,656 55,598 45,081 3% -1% -4% -19% Property 1,877,354 246,077 274,122 303,603 335,134 16% 11% 11% 10% ALI AYALA LAND INC 40.05 BUY 7/20/16 47.10 40.00 14,696 589,243 89,028 100,661 112,230 126,261 17% 13% 11% 13% FLI FILINVEST LAND INC 1.96 BUY 7/20/16 2.47 2.10 24,250 47,530 15,839 17,003 18,372 19,996 27% 7% 8% 9% MEG MEGAWORLD CORP 5.11 BUY 7/20/16 6.19 5.10 32,239 164,744 34,072 38,466 42,846 47,856 23% 13% 11% 12% RLC ROBINSONS LAND 32.95 HOLD 7/20/16 33.50 29.00 4,094 134,892 17,051 19,733 21,767 23,611 7% 16% 10% 8% SMPH SM PRIME HOLDINGS 29.95 HOLD 7/20/16 27.00 23.40 28,879 864,933 66,240 71,511 77,229 83,390 11% 8% 8% 8% VLL VISTA LAND & LIFESCAPES INC 5.89 BUY 7/20/16 7.07 5.60 12,507 76,014 23,848 26,748 31,159 34,020 19% 12% 16% 9% Telecoms 758,593 264,095 276,609 283,649 287,815 4% 5% 3% 1% GLO GLOBE TELECOM INC 2,300.00 HOLD 7/20/16 2,000.00 1,600.00 133 305,308 99,025 113,679 120,474 122,995 9% 15% 6% 2% TEL PHILIPPINE LONG DISTANCE TEL 2,098.00 HOLD 7/20/16 1,940.00 1,552.00 216 453,285 165,070 162,930 163,175 164,820 1% -1% 0% 1% MARKET 10,712,236 3,659,481 3,831,311 4,096,517 4,436,186 11% 5% 7% 8% PSEi 9,390,008 2,861,944 2,939,088 3,154,073 3,416,322 11% 3% 7% 8% PSEi ex-TEL, GLO 8,631,416 2,597,849 2,662,478 2,870,424 3,128,507 11% 2% 8% 9% * Source: Bloomberg c Consensus Forecast Revenue Revenue Growth PEG P/BV ROE Div Yield Ticker 2014 2015 2016E 2017E 2014 2015 2016E 2017E 2014 2015 2016E 2017E 2014 2015 2016E 2017E 2014 2015 2016E 2017E 2016E 2016E 2016E 2016E 93,481 94,435 104,198 119,143 -2% 1% 10% 14% -7% -4% 8% 13% 16.1 16.8 15.5 13.7 8.0 1.7 11.9 1.6% BDO 22,805 25,016 26,199 30,300 1% 10% 5% 16% 6.27 6.84 7.22 8.37 1% 9% 6% 16% 18.5 16.9 16.0 13.8 1.5 2.0 12.7 2.1% BPI 18,039 18,234 21,899 24,722 -4% 1% 20% 13% 4.62 4.64 5.58 6.30 -11% 0% 20% 13% 21.5 21.4 17.8 15.8 1.1 2.3 13.6 1.8% CHIB 5,116 5,607 5,792 6,486 0% 10% 3% 12% 3.08 2.80 2.89 3.24 -14% -9% 3% 12% 12.3 13.6 13.1 11.7 1.7 1.2 9.2 2.9% EW 2,073 2,004 2,770 3,643 1% -3% 38% 32% 1.84 1.44 1.85 2.43 1% -22% 28% 32% 11.5 14.7 11.4 8.7 0.4 0.9 8.4 0.0% MBT 20,113 18,625 20,270 23,425 -11% -7% 9% 16% 7.15 5.86 6.22 7.21 -11% -18% 6% 16% 13.2 16.1 15.2 13.1 1.4 1.4 10.1 1.1% PNB uploads/Geographie/ investment-guide 1 .pdf