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TUESDAY, 01 DECEMBER 2015

Profit growth slowed, but less disappointing compared to


expectations

Less disappointing results on more subdued expectations


Median earnings growth of the 56 listed companies that we monitor slowed to 6.5% during the first
nine months of the year from 11.5% during the first half of the year. Earnings growth slowed for most
sectors including banks, mining, consumer, and power.
Although the earnings performance of listed companies remained generally disappointing during the
first nine months of 2015, results were less disappointing compared to the first half of the year. Out
of the 56 companies that we monitor, 19 or 33.9% still reported below expected profits. This is down
from 39.3% in the first half. Meanwhile, 24 companies or 42.9% reported in line results, up from
37.5% during the first half of the year. The number of companies that outperformed expectations was
unchanged at 13 or 23.2%.
One of the main reasons for the less disappointing earnings results was the downward adjustment in
analysts earnings estimates reflecting more subdued expectations. For example, compared to end
June, COLs 2015 earnings estimates for companies that we cover dropped by an average of 5.2%.
Consensus 2015 earnings estimates also fell during the same period, although by a slower pace of
3.2%. Downward adjustments were notable for several sectors namely banks, mining, consumer,
and power.
Exhibit 1: 9M15 Earnings Summary (vs. COL Forecast)
Above
Inline
Below

GMA7
BDO
BPI
PX
PNB
CHIB
COSCO
RCB
EW
FPH
SECB
MBT
JGS
CEB
UBP
CNPF
ICT
ABS
BEL
MWC
EEI
EDC
IMI
SCC
FGEN
AC
AEV
MER
AGI
DMC
MEG
GTCAP
CIC
VLL
MPI
EMP
GLO
SM
AP
DNL
CPG
JFC
RLC
PGOLD
MCP
URC
RWM
RRHI
SSI
BLOOM
RFM
PIP
ALI
FLI
SMPH
TEL
Total
13
24
19
Percentage 23.20%
42.90%
33.90%

Head of Research:
April Lynn Tan, CFA

Analysts:
George Ching
Richard Laeda, CFA
Charles William Ang, CFA
Jed Frederick Pilarca
Meredith Hazel Cua
Angelo Lecaros
Michelle Angeline Yu

PHILIPPINE EQUITY RESEARCH

Property Sector: Growth remains strong


Profits of property companies remained strong, growing by an average of 13.8% during the first nine
months of 2015. Moreover, out of the seven companies that we cover, only CPG reported lower
earnings during the period in review. Earnings growth of property companies was driven by the
continuous increase of residential revenues and leasing revenues. Residential revenues increased
by an average of 8.5% as property companies continued to increase completion of their projects,
allowing them to realize profits from past take up sales. Take up sales also remained steady, growing
by 4.6% during the first nine months of the year. Meanwhile, leasing revenues grew by 13.6% as
property companies continued to expand their leasing portfolio.
Relative to expectations, earnings results for the first nine months were mixed, with ALI, FLI, and
SMPH performing in line with expectations, MEG and VLL beating expectations, and CPG and
RLC missing expectations. MEG surprised positively on better than expected gross profit margins
while VLL beat expectations on higher-than-expected interest income. On the other hand, CPG
underperformed due to lower-than-estimated revenues, while RLCs profitability disappointed due to
the expiration of some of its hotels income tax holiday.

Banking Sector: Core earnings generally in line but trading losses drag profits
Banks earnings were generally weak during the first nine months of the year. During the period in
review, banks net income increased by only 2% from the same period last year, with the relatively
smaller banks EW (-25%), SECB (-6%) and UBP (-22%) reporting weaker profits. Earnings growth
slowed as trading gains fell. During the first nine months of the year, trading gains dropped 23%
year-on-year. This dragged non-interest income lower by 3% for the period in review. On the positive
side, net interest income from core operations remained strong, growing by 9.2% year-on-year. The
pace of net interest income growth also accelerated to 12% in the third quarter from 9% in the second
quarter and 7% in the first quarter, thanks to the improvement in net interest margin to 3.2% in the
third quarter from 3.1% in the second quarter and 3.0% in the first quarter. Banks also benefited from
the growth in loans and interest earning assets which remained strong at 14% and 10% y/y as of end
September respectively.
Compared to our estimates, only BDO, PNB and SECB performed in line with expectations. The
remaining five banks that we cover reported profits that were below expectations, primarily due to
lower-than-expected trading gains.

Telecom Sector: Competition for market share continues,


data remains the main growth driver
For the first nine months of the year, the telco industrys core earnings declined slightly by 0.9%
y/y to Php39.8Bil. GLO reported a 9.8% y/y growth in core earnings as it continued to grab market
share from TEL which reported a 5.2% y/y decline in core earnings. Competition remained intense
as ARPU remained on a downtrend for both telcos. Nevertheless, the drop in earnings was already
expected as both GLO and TEL outperformed our expectations. Between the two companies
though, the quality of GLOs outperformance was much better. GLO outperformed due to higher
than expected revenues and lower-than-expected expenses. On the other hand, TEL outperformed
due to lower-than-expected depreciation expense and due to deferred gain recognized from the sale

TUESDAY, 01 DECEMBER 2015

PHILIPPINE MARKET STRATEGY

page 2

PHILIPPINE EQUITY RESEARCH

of Meralco shares. Excluding the said items, TELs operating performance was disappointing, with
9M15 EBITDA accounting for only 73.8% of our full year estimates.
Despite the continuous weakness of more traditional services as reflected by the 3.3% drop in nondata revenues to Php136.8 Bil, the telco industrys service revenues still increased 5.0% y/y to
Php205.4Bil during the first nine months of the year. Growth was still largely driven by the substantial
increase in data revenues which grew by 26.4% to Php68.6 Bil. Because of its strong growth, data
revenues already accounted for 33.3% of revenues for the first nine months of 2015, up from 27.7%
during the same period last year.

Consumer Sector: Slower growth as expected


Median earnings growth of consumer companies slowed to 8.9% during the first nine months of
2015 from 13.4% during the first half of the year. However, slower growth was already expected
as fewer companies underperformed this earnings season compared to the last. From six in the
first half, there were only three underperformers in the nine months earnings season, namely CIC,
EMP and SSI. CIC underperformed on lower-than-expected margins due to the timing of provisions,
change in sales mix and intensifying competition. EMP underperformed due to weak domestic sales,
while SSI underperformed due to heavy discounting in the retail sector brought about by intensifying
competition. Seven out of the 11 companies that we monitor performed in line with expectations. Only
CNPF surprised positively as better sales mix led to higher margins.
Despite the slower growth in profits, nine month 2015 revenue growth remained strong, with median
revenue growth reaching 12.4%.

Gaming Sector: Net loss widens, results mixed


The four gaming companies that we cover reported a combined core net loss of Php3.5 Bil in the
first nine months of the year, a reversal from the Php3.7Bil in profits earned during the same period
last year. The industry reversed to a loss largely due to the significant increase in costs brought
about by expansion (BLOOMs expansion of the SkyTower and MCPs opening of City of Dreams).
At the same time, BLOOM booked provisions for bad debts of ~Php1.7Bil for the year-to-date period.
Although industry gross gaming revenues increased by 23.2% to Php52.1 Bil during the first nine
months of the year, it was not enough to cover the increase in expenses.
Out of the four companies that we cover, MCP and RWM missed estimates. MCP missed estimates
after booking higher-than-expected operating expenses. Meanwhile, RWM reported an 18.8% drop
in gross gaming revenues as it lost market share to other players with newer facilities. Despite
booking huge losses in 9M15 due to higher opex and provisions, BLOOMs performance was largely
in line with our expectations. Only BEL beat estimates on higher-than-expected interest income on
finance lease accounting and real estate revenues.

WEDNESDAY, 26 AUGUST 2015

PHILIPPINE MARKET STRATEGY

page 3

PHILIPPINE EQUITY RESEARCH

Power sector: Mixed results continue


Three out of the five power companies that we cover delivered better than expected results during
the first nine months of 2015, namely EDC, FGEN and MER. The three companies beat expectations
after reporting stronger than expected revenues. Analysts also had a more subdued earnings
outlook for the EDC and FGEN as implied by the significant reduction in earnings forecasts for the
two companies compared to their end June levels (by 18.8% and 20.8% based on consensus).
Meanwhile, the operating performance of SCC and AP was worse than expected despite headline
numbers being in line or better than expected. AP suffered from the disappointing performance of its
power generation and power distribution businesses while SCC encountered delays in the operation
of its Calaca expansion project. Interestingly, the earnings of EDC and FGEN were lower on a y/y
basis despite reporting stronger than expected results while SCC enjoyed a 58.8% increase in profits
despite reporting below expected operating profits. During the first nine months of the year, earnings
from the power sector fell by an average of 3.5% as AP, EDC and FGEN reported lower profits y/y.

TUESDAY, 01 DECEMBER 2015

PHILIPPINE MARKET STRATEGY

page 4

PHILIPPINE EQUITY RESEARCH

Appendix 1: 9M15 Earnings Table


In PhpMil
Banks and Financials
BDO
BANCO DE ORO
BPI
BANK OF PHILIPPINE ISLANDS
CHIB
CHINA BANKING CORP
EW
EAST WEST BANKING CORP
MBT
METROPOLITAN BANK & TRUST
PNB
PHILIPPINE NATIONAL BANK
RCB
RIZAL COMMERCIAL BANKING CORP
SECB
SECURITY BANK CORP
UBP
UNION BANK OF THE PHILIPPINES
Commercial and Industrial
ABS
ABS-CBN BROADCASTING CORP
AT
ATLAS CONSOLIDATED MINING
CEB
CEBU AIR
EEI
EEI CORPORATION
GMA7
GMA NETWORK INC
ICT*
INTL CONTAINER TERM SVCS
IMI*
INTEGRATED MICRO-ELECTRONICS
MWC
MANILA WATER COMPANY
NIKL
NICKEL ASIA CORP
PX
PHILEX MINING CORPORATION
SCC
SEMIRARA MINING
Conglomerates
AEV
ABOITIZ EQUITY VENTURES INC
AC
AYALA CORPORATION
AGI
ALLIANCE GLOBAL
COSCO CAPITAL, INC.
COSCO
DMC
DMCI HOLDINGS INC
FPH
FIRST PHILIPPINE HLDGS
GTCAP
GT CAPITAL HOLDINGS INC
JGS
JG SUMMIT HOLDINGS
MPI
METRO PACIFIC INVESTMENTS
SM
SM INVESTMENTS CORP
Consumer
CIC
CONCEPCION INDUSTRIAL CORP.
DNL
DNL INDUSTRIES, INC
EMP
EMPERADOR, INC
JFC
JOLLIBEE FOODS CORPORATION
PGOLD
PUREGOLD PRICE CLUB INC
PIP
PEPSI-COLA PRODUCTS PHILS INC
RFM
RFM CORP
RRHI
ROBINSONS RETAIL HOLDINGS, INC.
SSI
SSI GROUP INC
URC**
UNIVERSAL ROBINA CORPORATION
CNPF
CENTURY PACIFIC FOOD, INC.
Gaming
BEL
BELLE CORP.
BLOOM
BLOOMBERRY RESORTS CORP
MCP
MELCO CROWN (PHILS) RESORTS
RWM
TRAVELLERS INTERNATIONAL HOTEL
Telecoms
GLO
GLOBE TELECOM INC
TEL
PHILIPPINE LONG DISTANCE TEL
Power
AP
ABOITIZ POWER CORP
EDC
ENERGY DEV CORP
FGEN*
FIRST GEN CORPORATION*
MER
MANILA ELECTRIC COMPANY
Property
ALI
AYALA LAND INC
CPG
CENTURY PROPERTIES GROUP INC
FLI
FILINVEST LAND INC
MEG
MEGAWORLD CORP
RLC**
ROBINSONS LAND
VLL
VISTA LAND & LIFESCAPES
SMPH
SM PRIME HOLDINGS

Net Income
9M14
9M15

% Change

2015 Income Estimate


COL
Consensus

FY15 (% of Full Yr Est)


COL
Consensus

2016 Income Estimate


COL
Consensus

16,740
12,802
3,370
1,740
13,077
3,622
3,010
6,428
5,992

17,603
13,840
3,640
1,306
13,253
4,566
3,635
6,064
3,668

5.2%
8.1%
8.0%
-25.0%
1.3%
26.1%
20.8%
-5.7%
-38.8%

24,505
20,147
5,107
2,350
19,608
6,113
7,797
6,561

24,484
20,537
5,553
2,746
17,912
6,475
4,979
7,418
6,903

71.8%
68.7%
71.3%
55.6%
67.6%
74.7%
77.8%
55.9%

71.9%
67.4%
65.6%
47.6%
74.0%
70.5%
73.0%
81.8%
53.1%

27,681
23,225
5,481
2,963
21,619
6,320
8,913
7,397

27,919
22,993
5,961
3,380
20,811
7,179
5,818
7,699
7,517

1,540
566
2,333
496
1,001
136
21
4,549
7,978
1,205
3,909

1,894
(1,318)
6,919
121
1,804
136
22
4,762
2,492
851
6,209

23.0%
-333.1%
196.6%
-75.6%
80.2%
0.3%
4.8%
4.7%
-68.8%
-29.3%
58.8%

2,706

2,866

70.0%

66.1%

3,799

3,917

9,095
970
1,985
178
28
6,004
5,867
1,036
8,296

6,385
937
1,725
180
5,278
3,641
1,242
8,720

76.1%
12.5%
90.9%
76.3%
77.7%
79.3%
42.5%
82.2%
74.8%

108.4%
12.9%
104.6%
75.7%
90.2%
68.4%
68.5%
71.2%

6,908
1,001
2,622
194
33
5,727
5,878
896
11,451

7,462
1,108
2,248
208
5,271
5,012
1,542
10,880

14,256
14,053
11,431
2,553
7,267
4,734
6,346
15,700
5,987
18,157

11,899
17,700
10,610
3,010
9,862
3,697
8,408
16,105
7,794
19,430

-16.5%
26.0%
-7.2%
17.9%
35.7%
-21.9%
32.5%
2.6%
30.2%
7.0%

17,000
19,972
14,362
3,953
13,146
5,385
11,947
25,023
10,960
30,857

19,350
20,024
16,137
4,856
13,100
5,410
11,764
23,740
9,760
31,356

70.0%
88.6%
73.9%
76.2%
75.0%
68.7%
70.4%
64.4%
71.1%
63.0%

61.5%
88.4%
65.7%
62.0%
75.3%
68.3%
71.5%
67.8%
79.9%
62.0%

19,228
23,913
15,407
4,363
15,746
6,315
14,148
26,525
9,832
32,818

21,020
24,077
15,936
5,264
14,560
6,540
14,094
26,000
9,820
34,595

495
1,293
4,566
3,640
3,007
619
577
2,346
674
11,559
1,228

482
1,614
4,703
3,858
3,203
706
627
2,972
701
12,678
1,497

-2.6%
24.8%
3.0%
6.0%
6.5%
14.0%
8.7%
26.7%
4.1%
9.7%
21.9%

720
2,314
6,854
5,507
4,925
4,187

66.9%
69.7%
68.6%
70.1%
65.0%
71.0%
97.9%
79.8%

65.8%
67.2%
71.4%
68.4%
64.4%
79.2%
65.9%
67.4%
56.7%
95.9%
79.1%

823
2,679
7,107
6,575
5,463
4,585

12,944
1,876

732
2,403
6,587
5,638
4,971
891
951
4,407
1,237
13,223
1,891

14,866
2,207

855
2,781
7,186
6,727
5,501
996
1,140
5,069
1,489
15,527
2,204

623
3,088
(4,096)
4,131

891
(1,709)
(6,053)
3,354

43.0%
-155.3%
47.8%
-18.8%

1,094
(2,039)
(3,873)
4,863

2,061
(1,117)
(5,894)
4,761

81.4%
83.8%
156.3%
69.0%

43.2%
153.0%
102.7%
70.4%

2,270
1,287
(1,376)
4,569

2,833
2,110
(2,137)
4,603

10,530
27,957

14,151
25,339

34.4%
-9.4%

13,519
34,238

16,893
34,513

104.7%
74.0%

83.8%
73.4%

12,433
33,227

18,493
34,668

13,202
10,443
163
14,308

12,194
5,900
120
16,149

-7.6%
-43.5%
-26.4%
12.9%

15,974
8,515
147
19,122

17,360
9,270
154
18,260

76.3%
69.3%
81.8%
84.5%

70.2%
63.6%
77.8%
88.4%

18,146
9,336
183
20,429

18,840
10,770
197
17,250

10,789
1,592
2,843
18,787
3,880
4,245
13,457

12,825
1,293
3,015
8,094
4,355
5,020
22,867

18.9%
-18.8%
6.0%
-56.9%
12.2%
18.3%
69.9%

16,937
2,465
5,092
9,773
5,751
6,220
20,910

17,520
2,055
5,007
10,589
5,784
6,244
22,663

75.7%
52.5%
59.2%
82.8%
75.7%
80.7%
109.4%

73.2%
62.9%
60.2%
76.4%
75.3%
80.4%
100.9%

19,307
2,473
5,970
11,185
6,185
7,027
23,579

20,794
2,284
5,940
12,006
6,615
7,149
25,186

*In US$ M il
** Fiscal year ending September
*** Fiscal year ending April; in US$M il
Source: Listed companies, COL estimates, Bloomberg

WEDNESDAY, 26 AUGUST 2015

PHILIPPINE MARKET STRATEGY

page 5

PHILIPPINE EQUITY RESEARCH

Appendix 2: Potential Revisions (Up, Down, Unchanged)


9M15 Profits (vs.
Est)

In PhpMil
Banks and Financials
BDO
BANCO DE ORO
BPI
BANK OF PHILIPPINE ISLANDS
CHIB
CHINA BANKING CORP
EW
EAST WEST BANKING CORP
MBT
METROPOLITAN BANK & TRUST
PNB
PHILIPPINE NATIONAL BANK
RCB
RIZAL COMMERCIAL BANKING CORP
SECB
SECURITY BANK CORP
UBP
UNION BANK OF THE PHILIPPINES
Commercial and Industrial
ABS
ABS-CBN BROADCASTING CORP
AT
ATLAS CONSOLIDATED MINING
CEB
CEBU AIR

In Line
Below
Below
Below
Below
In Line
In Line
In Line
Below
Below
In Line

EEI

EEI CORPORATION

Below

GMA7
ICT*

GMA NETWORK INC


INTL CONTAINER TERM SVCS

Above
In Line

IMI*

INTEGRATED MICRO-ELECTRONICS

In Line

MWC
NIKL

MANILA WATER COMPANY


NICKEL ASIA CORP

In Line
Below

PX

PHILEX MINING CORPORATION

Above

SCC
SEMIRARA MINING
Conglomerates
AEV
ABOITIZ EQUITY VENTURES INC
AC
AYALA CORPORATION

Below
Below
In Line

AGI

In Line

ALLIANCE GLOBAL

COSCO COSCO CAPITAL, INC.


DMC
DMCI HOLDINGS INC
FPH
FIRST PHILIPPINE HLDGS
GTCAP GT CAPITAL HOLDINGS INC
JGS
JG SUMMIT HOLDINGS
MPI
METRO PACIFIC INVESTMENTS
SM
SM INVESTMENTS CORP
Consumer
CIC
CONCEPCION INDUSTRIAL CORP.
DNL
DNL INDUSTRIES, INC

Above
Below
Above
In Line
Above
In Line
In Line
Below
In Line

Potential Revisions
Reasons for potential revisions
Revenues Net Income
Unchanged

Unchanged
Trading loss in 3Q15
Down
Down
Down
Down
Weaker-than-expected net interest income (already downgraded)
Down
Down
Trading loss in 3Q15
Down
Down
Trading loss in 3Q15
Unchanged Unchanged
Unchanged Unchanged
Unchanged Unchanged
Down
Down
Trading loss in 3Q15
Down

Down

Lower-than-expected 'PayTV' and 'New Business' revenue

Unchanged Unchanged
Up

Down

Up
Up
Unchanged Unchanged
Down

Unchanged

Loss in Saudi Arabia operations through ARCC, outperformance in


domestic revenues
Higher than expected revenues and margins
Slowdown in revenues from mature segments (computing & telecom)
offset by increase in high margin products

Unchanged Unchanged
Down
Down
Lower-than-expected nickel prices
Lower-than-expected metal prices more than offset by lower-thanDown
Up
expected interest expense (none booked in 9M15)
Down
Down
Delay in Calaca expansion project
Lower than expected earnings from banking & power
Down
Down
Unchanged Unchanged Recurring income in line, outperformance on one off gains
RWM and EMP earnings weaker than expected, offset by lower than
Down
Unchanged
expected expenses on parent level
Up
Up
Liquigaz acquisition not yet factored in model
Down
Down
Core earnings below forecast
Up
Up
Core earnings above forecast
Unchanged Unchanged
Core earnings above forecast
Unchanged
Up
Unchanged Unchanged Core earnings in line
Unchanged Unchanged
Down
Down

Down
Margin pressure and slowdown in consumer AC sales growth
Unchanged Commodities drag revenues but GPM is improving
Local sales weaker than expected, interest expense higher than
Down
Down
expected
Unchanged Unchanged
Unchanged Unchanged

EMP

EMPERADOR, INC

Below

JFC
PGOLD
PIP
RFM

JOLLIBEE FOODS CORPORATION


PUREGOLD PRICE CLUB INC
PEPSI-COLA PRODUCTS PHILS INC
RFM CORP

In Line
In Line
In Line
Below

RRHI

ROBINSONS RETAIL HOLDINGS, INC.

In Line

Unchanged

SSI
SSI GROUP INC
URC**
UNIVERSAL ROBINA CORPORATION
CNPF
CENTURY PACIFIC FOOD, INC.
Gaming
BEL
BELLE CORP.
BLOOM BLOOMBERRY RESORTS CORP
MCP
MELCO CROWN (PHILS) RESORTS
RWM
TRAVELLERS INTERNATIONAL HOTEL
Telecoms
GLO
GLOBE TELECOM INC

Below
In Line
Above

Unchanged Unchanged
Unchanged
Up
Lower-than-expected opex

Above
In Line
Below
Below

Up
Up
Higher income on finance lease accounting, real estate business
Unchanged Unchanged
Unchanged
Down
Higher than expected OPEX
Down
Down
Lower than expected revenues

TEL

PHILIPPINE LONG DISTANCE TEL

In Line

ABOITIZ POWER CORP


ENERGY DEV CORP
FIRST GEN CORPORATION*
MANILA ELECTRIC COMPANY

Below
Above
Above
Above

AYALA LAND INC


CENTURY PROPERTIES GROUP INC
FILINVEST LAND INC
MEGAWORLD CORP
ROBINSONS LAND
VISTA LAND & LIFESCAPES
SM PRIME HOLDINGS

In Line
Below
In Line
Above
Below
Above
In Line

Power
AP
EDC
FGEN*
MER
Property
ALI
CPG
FLI
MEG
RLC**
VLL
SMPH

TUESDAY, 01 DECEMBER 2015

Above

Up

Up

Up

Unchanged Unchanged
Down
Up
Up
Up

Down
Up
Up
Up

Higher-than-expected dividend/interest income from AFS. Core income


is in line
Weak revenues, falling margins

Higher than expected revenues, lower than expected depreciation

Lower than expected depreciation offset by lower than expected


EBITDA
Power generation and distribution businesses disappoint
Revenues were stronger than expected
Revenues were stronger than expected

Non electrrictiy subs performed better than expected

Unchanged Unchanged
Down
Down
Lower than expected revenues
Unchanged Unchanged
Up
Up
Higher than expected gross margin of GERI
Higher than expected effective incom tax
Unchanged
Down
Higher than expected interest income
Unchanged
Up
Unchanged Unchanged Outperform because of one-off gain of Php7.4 Bil

PHILIPPINE MARKET STRATEGY

page 6

PHILIPPINE EQUITY RESEARCH

Investment Rating Definitions

BUY

HOLD

SELL

Stocks that have a BUY rating have attractive


fundamentals and valuations, based on
our analysis. We expect the share price
to outperform the market in the next six to
twelve months.

Stocks that have a HOLD rating have either


1.) attractive fundamentals but expensive
valuations; 2.) attractive valuations but
near term earnings outlook might be poor
or vulnerable to numerous risks. Given the
said factors, the share price of the stock may
perform merely inline or underperform the
market in the next six to twelve months.

We dislike both the valuations and


fundamentals of stocks with a SELL rating.
We expect the share price to underperform in
the next six to twelve months.

Important Disclaimers
Securities recommended, offered or sold by COL Financial Group, Inc.are subject to investment risks, including the possible loss of the principal amount
invested. Although information has been obtained from and is based upon sources we believe to be reliable, we do not guarantee its accuracy and it may
be incomplete or condensed. All opinions and estimates constitute the judgment of COLs Equity Research Department as of the date of the report and are
subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a
security. COL Financial ans/or its employees not involved in the preparation of this report may have investments in securities or derivatives of securities of
securities of the companies mentioned in this report, and may trade them in ways different from those discussed in this report.

2401-B East Tower, Philippine Stock Exchange Centre, Exchange Road, Ortigas Center, Pasig City, 1605 Philippines
Tel: +632 636-5411

WEDNESDAY, 26 AUGUST 2015

Fax: +632 635-4632

PHILIPPINE MARKET STRATEGY

Website: http://www.colfinancial.com

page 7

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