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As of: 10/28/2014 COL Date of COL Buy Outstanding Market Cap Ticker Company Nam

As of: 10/28/2014 COL Date of COL Buy Outstanding Market Cap Ticker Company Name Price Rating Update FV Below Shares (Mil) (PhpMil) 2012 2013 2014E 2015E 2012 2013 2014E 2015E Banks and Financials 1,389,838 267,145 321,490 320,591 356,894 12% 20% 0% 11% BDO BANCO DE ORO 95.75 BUY 10/28/14 107.00 85.00 3,581 342,869 60,625 75,010 76,198 84,494 11% 24% 2% 11% BPI BANK OF PHILIPPINE ISLANDS 94.55 HOLD 8/4/14 102.00 81.00 3,627 371,495 47,384 52,498 55,877 62,934 13% 11% 6% 13% CHIB CHINA BANKING CORP 49.50 HOLD 8/8/14 61.00 48.00 1,573 84,963 13,960 15,097 16,946 18,606 10% 8% 12% 10% EW EASTWEST BANKING CORP 25.90 BUY 8/11/14 40.00 32.00 1,128 29,226 9,784 13,165 14,769 17,192 34% 35% 12% 16% MBT METROPOLITAN BANK & TRUST 82.15 BUY 8/12/14 111.00 88.00 2,745 225,485 55,868 78,924 70,101 75,888 14% 41% -11% 8% PNB PHILIPPINE NATIONAL BANK 85.00 HOLD 8/18/14 94.00 75.00 1,104 106,177 17,593 24,565 26,683 30,214 1% 40% 9% 13% RCB RIZAL COMMERCIAL BANKING CORP c 53.00 N/A N/A N/A N/A 1,276 67,610 29,742 28,391 23,920 27,463 10% -5% -16% 15% SECB SECURITY BANK CORP 143.20 BUY 8/13/14 155.00 124.00 603 86,325 14,048 12,312 15,091 17,187 20% -12% 23% 14% UBP UNION BANK OF PHILIPPINES 118.00 HOLD 10/28/14 142.00 113.00 641 75,688 18,142 21,528 21,006 22,916 10% 19% -2% 9% Commercial and Industrial 9,874,733 4,708,834 5,433,158 6,024,225 6,730,690 1023% 15% 11% 12% ABS ABS-CBN BROADCASTING CORP 43.60 BUY 8/14/14 44.60 35.00 872 37,104 28,984 33,378 32,984 36,687 13% 15% -1% 11% CEB CEBU AIR INC 70.50 BUY 9/10/14 90.00 72.00 599 42,720 37,904 41,004 51,017 57,047 12% 8% 24% 12% EEI EEI CORPORATION 11.20 BUY 8/18/14 13.70 10.90 1,036 11,606 13,691 10,524 11,552 12,994 56% -23% 10% 12% GMA7 GMA NETWORK INC 7.50 HOLD 9/1/14 6.71 5.30 3,361 25,208 12,086 12,951 11,895 13,104 8% 7% -8% 10% ICT INTL CONTAINER TERM SVCS 112.90 HOLD 8/8/14 121.50 97.00 2,034 229,871 30,780 36,188 45,011 49,677 7% 18% 24% 10% LRI LAFARGE REPUBLIC INC c 9.49 N/A N/A N/A N/A 5,824 55,268 19,935 23,212 25,473 28,592 15% 16% 10% 12% MWC MANILA WATER COMPANY 27.80 Under Review 1/6/14 N/A N/A 2,047 56,033 14,289 15,280 17,076 18,977 19% 7% 12% 11% MWIDE MEGAWIDE CONSTRUCTION CORP c 8.89 N/A N/A N/A N/A 2,400 21,331 8,205 10,880 11,565 13,784 6% 33% 6% 19% PCOR PETRON CORP c 11.74 N/A N/A N/A N/A 9,375 110,064 424,795 463,638 493,526 567,823 55% 9% 6% 15% Conglomerates 2,891,298 1,659,296 1,907,024 2,077,357 2,279,781 28% 15% 9% 10% AC AYALA CORPORATION 672.50 BUY 8/18/14 816.00 652.00 599 403,836 109,889 136,941 154,309 171,498 27% 25% 13% 11% AEV ABOITIZ EQUITY VENTURES INC c 49.50 N/A N/A N/A N/A 5,522 274,160 77,635 89,570 91,546 99,906 13% 15% 2% 9% AGI ALLIANCE GLOBAL 24.45 BUY 9/25/14 31.60 25.00 10,115 251,097 94,606 113,206 118,612 131,454 70% 20% 5% 11% COSCO COSCO CAPITAL INC 7.43 BUY 8/18/14 11.50 9.20 7,405 55,021 60,680 77,180 90,154 101,024 46% 27% 17% 12% DMC DMCI HOLDINGS INC 15.14 Under Review 10/16/14 N/A N/A 13,277 201,021 51,740 55,971 56,976 69,638 8% 8% 2% 22% FPH FIRST PHILIPPINE HLDGS 86.55 BUY 8/18/14 139.80 111.00 608 47,845 99,669 93,308 94,818 104,471 43% -6% 2% 10% GTCAP GT CAPITAL HLDGS 1,014.00 HOLD 8/18/14 970.00 776.00 174 176,740 16,125 105,547 123,135 141,503 125% 555% 17% 15% JGS JG SUMMIT HLDGS 58.45 HOLD 8/18/14 59.53 47.00 7,017 410,155 135,253 147,633 200,986 228,974 10% 9% 36% 14% LTG LT GROUP INC c 14.54 N/A N/A N/A N/A 10,821 157,343 62,657 55,792 58,258 64,612 92% -11% 4% 11% MPI METRO PACIFIC INVESTMENTS 4.79 BUY 10/10/14 5.91 4.70 26,026 124,749 27,807 30,863 34,661 38,844 26% 11% 12% 12% SM SM INVESTMENTS CORP 772.00 HOLD 8/8/14 770.00 616.00 796 614,775 223,877 253,293 271,278 290,342 12% 13% 7% 7% SMC SAN MIGUEL CORP c 73.40 N/A N/A N/A N/A 2,377 174,555 699,359 747,720 782,624 837,515 31% 7% 5% 7% Consumer 1,020,543 316,800 375,042 425,516 482,547 17% 18% 13% 13% CIC CONCEPCION INDUSTRIAL CORPORATION 40.00 BUY 8/23/14 49.75 39.00 340 13,585 6,940 7,588 9,433 10,819 24% 9% 24% 15% CNPF CENTURY PACIFIC FOOD INC 16.02 BUY 10/3/14 19.00 15.20 2,230 35,719 - 19,023 21,843 24,319 - - 15% 11% DNL D&L INDUSTRIES INC 13.52 HOLD 8/8/14 11.50 9.20 3,571 48,286 6,375 10,766 11,655 12,523 82% 69% 8% 7% EMP EMPERADOR INC 10.58 HOLD 8/19/14 11.05 8.80 15,000 158,700 22,812 29,865 29,888 33,681 34% 31% 0% 13% JFC JOLLIBEE FOODS CORPORATION 190.50 HOLD 8/14/14 143.00 114.00 1,052 202,409 71,059 80,283 87,257 94,524 14% 13% 9% 8% PGOLD PUREGOLD PRICE CLUB INC 32.55 HOLD 8/18/14 45.00 36.00 2,766 90,047 57,467 73,177 86,070 96,335 47% 27% 18% 12% PIP PEPSI-COLA PRODUCTS PHILS. INC c 4.68 N/A N/A N/A N/A 3,694 17,287 19,494 22,462 25,040 28,557 14% 15% 11% 14% RFM RFM CORPORATION c 5.07 N/A N/A N/A N/A 3,160 17,747 10,998 10,240 11,996 13,200 6% -7% 17% 10% RRHI ROBINSONS RETAIL HOLDINGS INC 63.90 BUY 8/18/14 79.00 63.00 1,366 87,289 57,393 67,254 80,075 93,996 19% 17% 19% 17% URC UNIVERSAL ROBINA CORPORATION 182.80 HOLD 8/14/14 170.00 136.00 2,182 398,779 71,202 80,995 93,534 109,730 6% 14% 15% 17% Gaming 431,601 35,063 49,436 76,988 97,116 14% 41% 56% 26% BEL BELLE CORP 5.10 BUY 8/13/14 6.16 4.90 10,559 53,853 437 2,624 5,821 6,482 -37% 500% 122% 11% BLOOM BLOOMBERY RESORTS CORP 15.02 BUY 8/4/14 13.80 11.00 10,590 159,059 0 10,826 23,849 28,745 - - 120% 21% LR LIESURE & RESORTS WORLD CORP c 9.46 N/A N/A N/A N/A 1,180 11,351 4,429 5,085 3,273 3,486 15% 15% -36% 7% MCP MELCO CROWN PHILS RESORTS CORP 13.60 HOLD 1/6/14 14.25 11.40 4,426 66,796 0 53 12,877 24,773 - - 24218% 92% RWM TRAVELLERS INTERNATIONAL HOTEL GROUP INC 8.92 BUY 9/25/14 12.40 9.90 15,756 140,542 30,196 30,848 31,168 33,630 15% 2% 1% 8% Mining 274,671 44,455 48,243 66,565 88,990 -17% 9% 38% 34% NIKL NICKEL ASIA CORP 39.05 HOLD 9/25/14 41.00 32.00 2,519 98,718 11,607 11,110 26,023 37,677 -9% -4% 134% 45% PX PHILEX MINING CORP 9.05 HOLD 8/5/14 10.85 8.60 4,937 44,711 8,698 9,802 11,089 12,467 -43% 13% 13% 12% SCC SEMIRARA MINING 122.80 HOLD 8/20/14 140.00 112.00 1,069 131,243 24,150 27,331 29,452 38,846 -6% 13% 8% 32% Power 823,410 205,916 235,646 240,647 266,741 11% 14% 2% 11% AP ABOITIZ POWER CORP 40.35 BUY 8/1/14 44.90 35.00 7,359 296,920 62,153 72,055 70,751 78,296 14% 16% -2% 11% EDC PNOC ENERGY DEV CORP 7.59 HOLD 9/25/14 8.20 6.50 18,750 142,313 28,369 25,656 27,949 35,488 16% -10% 9% 27% FGEN FIRST GEN CORPORATION 25.55 BUY 8/18/14 34.60 27.00 3,335 85,948 64,471 81,284 86,144 95,196 11% 26% 6% 11% MER MANILA ELECTRIC COMPANY 264.60 HOLD 9/25/14 291.30 233.00 1,127 298,230 50,923 56,651 55,803 57,760 5% 11% -1% 4% Property 1,284,564 184,891 219,583 250,848 284,787 46% 19% 14% 14% ALI AYALA LAND INC 32.60 BUY 8/13/14 37.50 30.00 14,173 462,583 54,705 76,337 89,829 102,894 33% 40% 18% 15% CPG CENTURIES PROPERTIES GROUP 1.08 BUY 8/13/14 2.10 1.60 11,685 12,613 8,804 9,304 10,985 12,890 123% 6% 18% 17% FLI FILINVEST LAND INC 1.52 BUY 8/14/14 2.35 1.80 24,250 36,860 10,685 10,478 12,759 14,432 26% -2% 22% 13% MEG MEGAWORLD CORP 4.68 BUY 8/19/14 5.73 4.50 32,101 150,431 23,630 27,740 32,558 36,951 18% 17% 17% 13% RLC ROBINSONS LAND 23.95 BUY 8/18/14 28.10 22.40 4,094 98,047 13,515 15,904 17,414 19,126 6% 18% 9% 10% SMPH SM PRIME HOLDINGS 17.02 BUY 8/4/14 20.30 16.20 27,819 473,482 57,215 59,794 63,639 70,786 113% 5% 6% 11% VLL VISTA LAND & LIFESCAPES INC 5.92 BUY 8/18/14 7.00 5.60 8,539 50,549 16,336 20,025 23,664 27,707 21% 23% 18% 17% Telecoms 909,733 249,479 254,552 264,782 280,251 8% 2% 4% 6% GLO GLOBE TELECOM INC 1,655.00 HOLD 8/6/14 1,800.00 1,440.00 133 219,651 86,446 90,500 99,015 110,045 6% 5% 9% 11% TEL PHILIPPINE LONG DISTANCE TEL 3,194.00 HOLD 8/6/14 3,345.00 2,676.00 216 690,082 163,033 164,052 165,767 170,206 10% 1% 1% 3% MARKET 18,625,720 7,627,424 8,795,932 9,680,952 10,778,806 173% 15% 10% 11% PSEi 7,922,101 2,897,968 3,322,006 3,587,147 3,976,164 25% 15% 8% 11% PSEi ex-TEL, GLO 7,012,368 2,648,489 3,067,454 3,322,365 3,695,913 27% 16% 8% 11% * Source: Bloomberg c Consensus Forecast Revenue Growth Revenue PEG P/BV ROE Div Yield 2012 2013 2014E 2015E 2012 2013 2014E 2015E 2012 2013 2014E 2015E 2012 2013 2014E 2015E 2012 2013 2014E 2015E 2014E 2014E 2014E 2014E 78,850 95,547 93,065 106,861 23% 21% -3% 15% 18% 12% -5% 14% 16.0 14.3 15.0 13.1 3.4 1.9 14.0 1.9% 14,483 22,608 23,058 26,044 38% 56% 2% 13% 4.52 6.22 6.34 7.18 16% 38% 2% 13% 21.2 15.4 15.1 13.3 2.0 2.0 13.5 2.2% 16,352 18,811 19,477 22,583 28% 15% 4% 16% 4.60 5.19 5.01 5.75 27% 13% -3% 15% 20.6 18.2 18.9 16.4 3.6 2.7 15.9 2.4% 5,018 5,103 5,400 6,138 0% 2% 6% 14% 3.54 3.57 3.40 3.86 1% 1% -5% 14% 14.0 13.9 14.6 12.8 3.6 1.4 10.5 2.2% 1,817 2,056 2,285 2,918 5% 13% 11% 28% 1.76 1.82 2.02 2.59 -30% 3% 11% 28% 14.7 14.2 12.8 10.0 0.7 1.3 11.1 0.0% 15,399 22,488 18,636 20,655 40% 46% -17% 11% 5.44 uploads/Geographie/ investment-guide 2 .pdf