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As of: 2/2/2018 COL Date of COL Buy Outstanding Market Cap Ticker Company Name

As of: 2/2/2018 COL Date of COL Buy Outstanding Market Cap Ticker Company Name Price Rating Update FV Below Shares (Mil) (PhpMil) 2015 2016 2017E 2018E 2015 2016 2017E 2018E Banks and Financials 1,948,254 317,150 372,923 406,492 467,899 3% 18% 9% 15% BDO BANCO DE ORO 153.50 HOLD 9/29/17 145.00 126.00 3,815 670,658 88,900 106,853 118,685 135,042 10% 20% 11% 14% BPI BANK OF PHIL ISLANDS 120.00 HOLD 1/15/18 114.00 99.00 3,937 471,491 59,359 66,551 71,250 80,159 6% 12% 7% 13% CHIB CHINA BANKING CORP 36.15 BUY 1/9/18 42.00 35.00 2,270 97,095 19,572 21,789 25,201 32,413 4% 11% 16% 29% EW EASTWEST BANKING COR 29.10 BUY 10/13/17 39.40 32.00 1,500 43,650 16,316 21,575 24,740 29,837 10% 32% 15% 21% MBT METROPOLITAN BANK 98.60 BUY 10/25/17 120.00 104.00 3,180 313,565 67,402 78,171 84,135 95,278 -10% 16% 8% 13% PNB PHIL NATIONAL BANK 57.70 HOLD 9/29/17 71.00 56.00 1,249 72,075 26,847 31,828 30,619 33,831 2% 19% -4% 10% SECB SECURITY BANK CORP 251.60 HOLD 9/29/17 242.00 210.00 754 183,411 18,677 20,832 26,550 32,361 11% 12% 27% 22% UBP UNION BANK OF PHIL 91.00 BUY 9/29/17 107.00 89.00 1,058 96,309 20,077 25,324 25,313 28,978 -1% 26% 0% 14% Commercial and Industrial 558,533 613,473 615,025 695,938 763,829 -14% 0% 13% 10% ABS ABS-CBN BROADCASTING 33.00 BUY 9/29/17 80.60 64.00 872 28,076 38,278 41,631 39,434 41,283 15% 9% -5% 5% CEB CEBU AIR INC 100.90 BUY 9/29/17 131.60 105.00 606 61,141 56,502 61,899 64,990 74,569 9% 10% 5% 15% CHP CEMEX HOLDINGS PHIL 4.47 BUY 1/22/18 5.70 4.50 5,344 23,223 23,937 24,806 22,077 22,519 23% 4% -11% 2% EEI EEI CORPORATION 12.36 HOLD 11/28/17 12.40 10.30 1,036 12,808 18,979 14,836 14,588 18,308 11% -22% -2% 26% GMA7 GMA NETWORK INC 5.90 BUY 9/29/17 9.00 7.20 3,361 19,830 13,727 16,673 15,248 16,277 15% 21% -9% 7% ICT INTL CONTAINER TERM 110.00 HOLD 9/29/17 106.60 92.00 2,028 223,762 47,862 53,592 60,565 69,327 2% 12% 13% 14% IMI INTEGRATED MICRO-ELE 21.20 HOLD 11/6/17 20.20 16.80 1,867 39,587 37,074 40,036 53,710 76,684 -1% 8% 34% 43% MWC MANILA WATER COMPANY 28.35 HOLD 11/6/17 31.50 27.00 2,054 58,229 16,936 17,712 19,360 20,727 4% 5% 9% 7% PCOR PETRON CORP c 9.80 BUY 10/20/17 12.60 10.50 9,375 91,876 360,178 343,840 405,966 424,135 -25% -5% 18% 4% Conglomerates 4,389,795 1,434,893 1,656,202 1,849,810 2,003,226 9% 15% 12% 8% AC AYALA CORPORATION 1,050.00 BUY 9/29/17 1,158.00 1,006.00 620 652,250 174,035 218,167 242,342 264,823 11% 25% 11% 9% AEV ABOITIZ EQUITY VENTU 75.30 HOLD 9/29/17 67.06 58.00 5,634 424,225 109,474 114,561 133,207 153,165 1% 5% 16% 15% AGI ALLIANCE GLOBAL 15.60 BUY 9/29/17 20.99 16.70 10,270 159,096 135,673 139,740 143,312 156,210 13% 3% 3% 9% COSCO COSCO CAPITAL INC 7.50 BUY 12/6/17 12.50 10.00 7,405 55,211 116,752 129,186 145,059 152,395 18% 11% 12% 5% DMC DMCI HOLDINGS INC 14.56 HOLD 12/14/17 13.27 11.00 13,277 193,320 57,204 64,899 79,878 83,989 1% 13% 23% 5% FPH FIRST PHIL HOLDINGS 63.05 BUY 9/29/17 129.00 103.00 554 34,943 96,510 91,910 102,025 105,750 -3% -5% 11% 4% GTCAP GT CAPITAL HOLDINGS 1,350.00 BUY 12/18/17 1,600.00 1,333.00 174 260,006 131,383 191,785 242,560 275,823 -3% 46% 26% 14% JGS JG SUMMIT HLDGS 77.40 HOLD 9/29/17 70.60 61.00 7,163 554,404 229,272 240,503 267,850 282,156 24% 5% 11% 5% LTG LT GROUP INC c 23.15 N/A N/A N/A N/A 10,821 250,515 51,473 57,800 62,175 67,899 0% 12% 8% 9% MPI METRO PACIFIC INVEST 6.46 BUY 1/30/18 8.61 7.40 31,504 203,571 37,239 44,820 47,530 51,717 10% 20% 6% 9% SM SM INVESTMENTS CORP 1,030.00 HOLD 9/29/17 939.00 816.00 1,204 1,240,720 295,878 362,831 383,872 409,300 7% 23% 6% 7% SMC SAN MIGUEL CORP c 152.00 N/A N/A N/A N/A 2,380 361,536 672,243 685,314 786,671 879,058 -13% 2% 15% 12% Consumer 1,277,366 499,894 552,677 621,325 680,820 16% 11% 12% 10% CIC CONCEPCION INDUST CO 62.50 SELL 9/29/17 52.40 43.00 404 25,367 10,594 12,342 14,024 16,221 15% 17% 14% 16% CNPF CENTURY PACIFIC FOOD 15.80 HOLD 1/3/18 17.50 15.20 3,542 55,968 23,325 28,288 33,253 36,999 14% 21% 18% 11% DNL D&L INDUSTRIES INC 11.82 BUY 9/29/17 12.70 11.00 7,143 84,429 19,578 22,232 25,876 27,971 21% 14% 16% 8% EMP EMPERADOR INC 8.06 BUY 10/23/17 8.18 6.50 16,120 130,550 43,268 40,447 42,052 44,238 38% -7% 4% 5% JFC JOLLIBEE FOODS CORP 294.00 HOLD 11/14/17 257.00 223.00 1,077 319,123 100,780 113,908 130,296 146,367 11% 13% 14% 12% PGOLD PUREGOLD PRICE CLUB 53.00 BUY 12/6/17 58.00 50.00 2,765 146,565 97,172 112,589 125,426 140,433 15% 16% 11% 12% PIZZA SHAKEY'S PIZZA ASIA VENTU 15.44 BUY 9/29/17 16.30 14.10 1,531 23,644 5,244 5,946 6,971 7,958 12% 13% 17% 14% RRHI ROBINSONS RETAIL HLD 96.90 BUY 1/3/18 103.00 89.00 1,385 134,207 90,883 105,293 116,492 128,437 13% 16% 11% 10% URC UNIVERSAL ROBINA COR 162.20 HOLD 11/24/17 142.00 113.00 2,204 357,515 109,051 111,632 126,935 132,196 18% 2% 14% 4% Gaming 283,625 68,565 85,222 100,865 108,594 21% 24% 18% 8% BEL BELLE CORP 3.77 HOLD 9/29/17 3.95 3.40 10,499 39,580 5,195 6,322 8,037 8,439 64% 22% 27% 5% BLOOM BLOOMBERY RESORTS CO 12.10 BUY 11/10/17 14.60 12.60 11,002 133,121 25,040 30,387 37,149 40,425 4% 21% 22% 9% MRP MELCO RESORTS & ENT 8.87 BUY 9/29/17 12.50 10.80 5,663 50,264 13,727 23,419 30,355 32,838 3091% 71% 30% 8% RWM TRAVELLERS INT HOTEL 3.85 HOLD 9/29/17 4.09 3.20 15,756 60,660 24,602 25,095 25,324 26,892 -15% 2% 1% 6% Mining 248,012 48,637 60,085 76,098 80,175 -23% 24% 27% 5% NIKL NICKEL ASIA CORP 6.89 HOLD 12/14/17 7.30 5.80 7,603 52,384 15,432 14,123 16,123 17,362 -38% -8% 14% 8% PX PHILEX MINING CORP 6.94 HOLD 12/14/17 9.30 7.40 4,940 34,286 8,525 9,378 10,389 10,389 -15% 10% 11% 0% SCC SEMIRARA MINING 37.90 BUY 12/14/17 47.25 41.00 4,261 161,342 24,680 36,584 49,586 52,424 -14% 48% 36% 6% Power 845,635 260,787 256,913 283,649 302,783 0% -1% 10% 7% AP ABOITIZ POWER CORP 41.00 BUY 12/6/17 52.00 45.00 7,359 301,703 85,174 89,163 107,998 121,247 -2% 5% 21% 12% EDC ENERGY DEVT CORP 5.68 N/A 9/29/17 N/A N/A 18,737 106,426 34,360 34,236 34,751 36,354 11% 0% 2% 5% FGEN FIRST GEN CORP 16.00 BUY 9/29/17 27.60 22.00 3,661 58,575 83,597 74,161 83,256 85,869 -1% -11% 12% 3% MER MANILA ELECTRIC CO 336.20 BUY 9/29/17 371.60 323.00 1,127 378,931 57,656 59,353 57,643 59,313 -1% 3% -3% 3% Property 2,141,713 274,104 307,395 345,696 381,664 11% 12% 12% 10% ALI AYALA LAND INC 45.85 BUY 9/29/17 53.07 46.00 14,713 675,139 100,661 117,700 133,095 147,483 13% 17% 13% 11% FLI FILINVEST LAND INC 1.87 HOLD 9/29/17 2.20 1.90 24,250 45,347 17,003 17,640 18,924 20,341 7% 4% 7% 7% MEG MEGAWORLD CORP 4.96 BUY 9/29/17 6.33 5.50 32,239 159,908 38,466 40,326 47,104 50,618 13% 5% 17% 7% RLC ROBINSONS LAND 20.85 BUY 12/5/17 31.05 27.00 4,235 108,291 19,714 22,512 22,790 25,361 16% 14% 1% 11% SMPH SM PRIME HOLDINGS 36.95 BUY 9/29/17 42.00 36.00 28,879 1,067,088 71,511 79,816 88,770 97,953 8% 12% 11% 10% VLL VISTA LAND & LIFESCP 6.70 BUY 9/29/17 7.75 6.70 12,839 85,940 26,748 29,401 35,013 39,908 12% 10% 19% 14% Telecoms 589,023 276,609 285,252 293,526 304,996 5% 3% 3% 4% GLO GLOBE TELECOM INC 1,899.00 BUY 9/29/17 2,340.00 2,034.00 133 252,409 113,679 119,990 125,433 131,509 15% 6% 5% 5% TEL PH LONG DISTANCE TEL 1,558.00 BUY 9/29/17 2,210.00 1,921.00 216 336,615 162,930 165,262 168,093 173,487 -1% 1% 2% 3% MARKET 12,033,945 3,745,475 4,131,610 4,597,302 5,013,810 4% 10% 11% 9% PSEi 10,711,813 3,019,962 3,353,236 3,752,795 4,074,078 2% 11% 12% 9% PSEi ex-TEL, GLO 10,122,790 2,743,353 3,067,984 3,459,268 3,769,083 2% 12% 13% 9% * Source: Bloomberg c Consensus Forecast Revenue Revenue Growth PEG P/BV ROE Div Yield Ticker 2015 2016 2017E 2018E 2015 2016 2017E 2018E 2015 2016 2017E 2018E 2015 2016 2017E 2018E 2015 2016 2017E 2018E 2017 2017 2017 2017E 89,306 101,851 109,734 129,014 0% 14% 8% 18% -2% 9% 2% 17% 20.2 18.6 18.2 15.6 3.7 1.9 11.5 1.2% BDO 25,016 26,090 28,633 33,473 10% 4% 10% 17% 6.84 7.06 6.65 7.73 9% 3% -6% 16% 22.4 21.7 23.1 19.9 5.0 2.2 11.0 0.8% BPI 18,234 22,050 23,225 26,564 1% 21% 5% 14% 4.64 5.60 5.90 6.75 0% 21% 5% 14% 25.9 21.4 20.3 17.8 2.1 2.6 13.4 1.5% CHIB 5,607 6,458 7,391 8,528 10% 15% 14% 15% 2.59 2.99 2.91 3.18 7% 15% -3% 9% 13.9 12.1 12.4 11.4 4.0 1.2 10.0 2.0% EW 2,004 3,408 4,430 5,840 -3% 70% 30% 32% 1.44 2.27 2.95 3.89 -22% 58% 30% 32% 20.2 12.8 9.9 7.5 0.3 1.1 12.2 1.1% MBT 18,625 18,086 20,166 24,257 -7% -3% 11% 20% 5.86 5.61 6.34 7.63 -18% -4% 13% 20% 16.8 17.6 15.5 12.9 0.9 1.5 10.8 1.0% PNB 6,114 7,147 7,036 7,939 14% 17% -2% 13% 4.89 5.72 5.63 6.36 6% 17% -2% 13% 11.8 10.1 10.2 9.1 1.9 0.7 7.5 1.7% SECB 7,699 8,554 10,176 12,438 7% 11% 19% 22% 12.77 11.95 13.50 16.51 7% -6% 13% 22% 19.7 21.1 18.6 15.2 1.1 1.8 10.1 1.0% UBP 6,008 10,058 8,677 9,974 -28% 67% -14% 15% 5.68 9.50 8.19 9.41 -28% 67% -14% 15% 16.0 9.6 11.1 9.7 0.0 1.6 14.9 2.1% 27,372 43,882 48,891 55,738 13% uploads/Geographie/ investment-guide 3 .pdf