As of: 1/22/2015COL 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 1,437,418 267,145 321,490 319,543 353,224 12% 20% -1% 11%

BDO BANCO DE ORO 111.00 HOLD 1/22/15 118.00 94.00 3,581 397,477 60,625 75,010 76,198 84,494 11% 24% 2% 11%

BPI BANK OF PHILIPPINE ISLANDS 93.75 HOLD 1/22/15 107.00 93.00 3,627 368,352 47,384 52,498 54,369 61,213 13% 11% 4% 13%

CHIB CHINA BANKING CORP 47.00 BUY 1/22/15 63.00 54.00 1,573 80,671 13,960 15,097 16,946 18,606 10% 8% 12% 10%

EW EASTWEST BANKING CORP 24.50 BUY 1/22/15 37.00 32.00 1,128 27,646 9,784 13,165 14,716 17,004 34% 35% 12% 16%

MBT METROPOLITAN BANK & TRUST 90.00 BUY 1/22/15 112.00 97.00 2,745 247,032 55,868 78,924 70,101 75,888 14% 41% -11% 8%

PNB PHILIPPINE NATIONAL BANK 78.10 BUY 1/22/15 100.00 86.00 1,104 97,558 17,593 24,565 26,683 30,214 1% 40% 9% 13%

RCB RIZAL COMMERCIAL BANKING CORP c

47.40 N/A N/A N/A N/A 1,276 60,466 29,742 28,391 22,218 25,218 10% -5% -22% 14%

SECB SECURITY BANK CORP 144.30 HOLD 1/22/15 175.00 152.00 603 86,989 14,048 12,312 17,305 17,672 20% -12% 41% 2%

UBP UNION BANK OF PHILIPPINES 67.30 BUY 1/22/15 91.00 79.00 1,058 71,227 18,142 21,528 21,006 22,916 10% 19% -2% 9%

Commercial and Industrial 598,396 590,669 647,056 672,092 735,803 41% 10% 4% 9%

ABS ABS-CBN BROADCASTING CORP 49.00 HOLD 1/22/15 47.50 41.00 872 41,699 28,984 33,378 32,984 36,687 13% 15% -1% 11%

CEB CEBU AIR INC 89.40 BUY 1/22/15 156.00 135.00 599 54,172 37,904 41,004 51,017 57,047 12% 8% 24% 12%

EEI EEI CORPORATION 10.60 BUY 8/18/14 13.70 11.90 1,036 10,985 13,691 10,524 11,552 12,994 56% -23% 10% 12%

GMA7 GMA NETWORK INC 6.54 HOLD 1/22/15 7.20 6.20 3,361 21,981 12,086 12,951 11,895 13,104 8% 7% -8% 10%

ICT INTL CONTAINER TERM SVCS 116.00 HOLD 1/22/15 125.00 108.00 2,034 236,183 30,780 36,188 46,139 50,922 7% 18% 27% 10%

LRI LAFARGE REPUBLIC INC c

9.97 N/A N/A N/A N/A 5,824 58,063 19,935 23,212 25,057 28,009 15% 16% 8% 12%

MWC MANILA WATER COMPANY 32.00 Under Review 1/6/14 N/A N/A 2,047 64,503 14,289 15,280 17,076 18,977 19% 7% 12% 11%

MWIDE MEGAWIDE CONSTRUCTION CORP c

8.36 N/A N/A N/A N/A 2,399 20,059 8,205 10,880 11,228 14,797 6% 33% 3% 32%

PCOR PETRON CORP c

9.68 N/A N/A N/A N/A 9,375 90,751 424,795 463,638 465,145 503,267 55% 9% 0% 8%

Conglomerates 3,072,516 1,659,296 1,903,451 2,129,444 2,337,160 28% 15% 12% 10%

AC AYALA CORPORATION 694.50 BUY 1/22/15 855.00 743.00 599 430,198 109,889 136,941 154,309 171,498 27% 25% 13% 11%

AEV ABOITIZ EQUITY VENTURES INC c

55.00 N/A N/A N/A N/A 5,522 304,622 77,635 89,570 99,929 108,110 13% 15% 12% 8%

AGI ALLIANCE GLOBAL 23.70 BUY 1/22/15 33.20 28.00 10,115 243,395 94,606 113,206 118,612 131,454 70% 20% 5% 11%

COSCO COSCO CAPITAL INC 8.48 BUY 1/22/15 12.40 10.70 7,405 62,788 60,680 77,180 90,154 101,024 46% 27% 17% 12%

DMC DMCI HOLDINGS INC 14.70 HOLD 1/22/15 15.50 13.40 13,277 195,179 51,740 55,971 63,111 77,468 8% 8% 13% 23%

FPH FIRST PHILIPPINE HLDGS 89.95 BUY 1/22/15 155.00 134.00 608 49,793 99,669 93,308 95,840 105,688 43% -6% 3% 10%

GTCAP GT CAPITAL HLDGS 1,169.00 BUY 1/22/15 1,340.00 1,165.00 174 203,757 16,125 101,960 134,492 162,474 125% 532% 32% 21%

JGS JG SUMMIT HLDGS 62.10 HOLD 1/22/15 69.40 60.00 7,017 435,768 135,253 147,633 203,977 230,649 10% 9% 38% 13%

LTG LT GROUP INC c

13.36 N/A N/A N/A N/A 10,821 144,574 62,657 55,792 56,592 62,752 92% -11% 1% 11%

MPI METRO PACIFIC INVESTMENTS 5.14 BUY 1/22/15 6.60 5.70 26,026 133,878 27,807 30,877 32,978 39,515 26% 11% 7% 20%

SM SM INVESTMENTS CORP 860.00 HOLD 1/22/15 837.00 727.00 796 684,853 223,877 253,293 271,278 290,342 12% 13% 7% 7%

SMC SAN MIGUEL CORP c

77.25 N/A N/A N/A N/A 2,377 183,712 699,359 747,720 808,172 856,185 31% 7% 8% 6%

Consumer 1,179,586 323,739 401,654 441,930 511,627 20% 24% 10% 16%

CIC CONCEPCION INDUSTRIAL CORPORATION 45.50 BUY 1/22/15 53.20 46.00 340 15,453 6,940 7,588 9,433 10,819 24% 9% 24% 15%

CNPF CENTURY PACIFIC FOOD INC 16.80 BUY 1/22/15 21.00 18.20 2,230 37,458 - 19,023 21,843 24,319 - - 15% 11%

DNL D&L INDUSTRIES INC 16.00 HOLD 1/22/15 17.80 15.40 3,571 57,143 6,375 10,766 15,921 23,337 82% 69% 48% 47%

EMP EMPERADOR INC 10.52 HOLD 1/22/15 12.10 10.50 15,000 169,582 22,812 29,865 29,888 33,681 34% 31% 0% 13%

JFC JOLLIBEE FOODS CORPORATION 210.00 HOLD 1/22/15 215.00 186.00 1,052 224,026 71,059 80,283 91,320 104,118 14% 13% 14% 14%

PGOLD PUREGOLD PRICE CLUB INC 39.50 HOLD 1/22/15 51.00 44.00 2,766 109,269 57,467 73,177 86,070 96,335 47% 27% 18% 12%

PIP PEPSI-COLA PRODUCTS PHILS. INC c

4.03 N/A N/A N/A N/A 3,694 14,886 19,494 22,462 - - 14% 15% - -

RFM RFM CORPORATION c

5.25 N/A N/A N/A N/A 3,160 18,377 10,998 10,240 11,996 13,200 6% -7% 17% 10%

RRHI ROBINSONS RETAIL HOLDINGS INC 75.30 BUY 1/22/15 83.20 72.00 1,366 104,291 57,393 67,254 80,785 95,818 19% 17% 20% 19%

URC UNIVERSAL ROBINA CORPORATION 196.70 HOLD 1/22/15 199.00 173.00 2,182 429,101 71,202 80,995 94,673 110,000 6% 14% 17% 16%

Gaming 374,639 35,063 49,436 76,988 97,116 14% 41% 56% 26%

BEL BELLE CORP 4.69 BUY 1/22/15 6.56 5.70 10,559 49,524 437 2,624 5,821 6,482 -37% 500% 122% 11%

BLOOM BLOOMBERY RESORTS CORP 12.30 BUY 1/22/15 16.30 14.10 10,590 135,706 0 10,826 23,849 28,745 - - 120% 21%

LR LIESURE & RESORTS WORLD CORP c

10.98 N/A N/A N/A N/A 1,180 13,174 4,429 5,085 3,273 3,486 15% 15% -36% 7%

MCP MELCO CROWN PHILS RESORTS CORP 12.40 HOLD 1/22/15 15.40 13.30 4,426 60,902 0 53 12,877 24,773 - - 24218% 92%

RWM TRAVELLERS INTERNATIONAL HOTEL GROUP INC 7.32 BUY 1/22/15 10.50 9.10 15,756 115,333 30,196 30,848 31,168 33,630 15% 2% 1% 8%

Mining 305,613 44,455 48,243 66,971 86,262 -17% 9% 39% 29%

NIKL NICKEL ASIA CORP 28.05 HOLD 1/22/15 27.80 24.10 3,779 106,475 11,607 11,110 26,023 37,677 -9% -4% 134% 45%

PX PHILEX MINING CORP 9.20 HOLD 1/22/15 11.50 10.00 4,937 45,452 8,698 9,802 11,089 12,467 -43% 13% 13% 12%

SCC SEMIRARA MINING 143.80 HOLD 1/22/15 156.00 135.00 1,069 153,686 24,150 27,331 29,858 36,118 -6% 13% 9% 21%

Power 868,057 205,916 235,646 244,883 271,604 11% 14% 4% 11%

AP ABOITIZ POWER CORP 42.40 HOLD 1/22/15 46.10 40.00 7,359 312,005 62,153 72,055 70,751 78,296 14% 16% -2% 11%

EDC PNOC ENERGY DEV CORP 8.45 BUY 1/22/15 9.90 8.60 18,750 158,438 28,369 25,656 28,970 36,706 16% -10% 13% 27%

FGEN FIRST GEN CORPORATION 27.40 BUY 1/22/15 37.30 32.00 3,335 92,171 64,471 81,284 89,359 98,841 11% 26% 10% 11%

MER MANILA ELECTRIC COMPANY 271.00 HOLD 1/22/15 311.00 270.00 1,127 305,444 50,923 56,651 55,803 57,760 5% 11% -1% 4%

Property 1,411,427 184,891 219,583 250,848 284,787 46% 19% 14% 14%

ALI AYALA LAND INC 34.85 BUY 1/22/15 38.00 33.00 14,173 494,539 54,705 76,337 89,829 102,894 33% 40% 18% 15%

CPG CENTURIES PROPERTIES GROUP 0.99 BUY 1/22/15 1.77 1.50 9,685 11,484 8,804 9,304 10,985 12,890 123% 6% 18% 17%

FLI FILINVEST LAND INC 1.65 BUY 1/22/15 2.42 2.10 24,250 40,012 10,685 10,478 12,759 14,432 26% -2% 22% 13%

MEG MEGAWORLD CORP 5.21 BUY 1/22/15 5.86 5.00 32,101 167,723 23,630 27,740 32,558 36,951 18% 17% 17% 13%

RLC ROBINSONS LAND 26.30 BUY 1/22/15 29.30 25.40 4,094 107,668 13,515 15,904 17,414 19,126 6% 18% 9% 10%

SMPH SM PRIME HOLDINGS 18.52 BUY 1/22/15 22.20 19.30 27,819 534,842 57,215 59,794 63,639 70,786 113% 5% 6% 11%

VLL VISTA LAND & LIFESCAPES INC 6.46 BUY 1/22/15 7.06 6.10 8,539 55,160 16,336 20,025 23,664 27,707 21% 23% 18% 17%

Telecoms 869,613 249,479 254,552 264,782 280,251 8% 2% 4% 6%

GLO GLOBE TELECOM INC 1,740.00 HOLD 1/22/15 1,900.00 1,652.00 133 230,952 86,446 90,500 99,015 110,045 6% 5% 9% 11%

TEL PHILIPPINE LONG DISTANCE TEL 2,956.00 HOLD 1/22/15 3,090.00 2,686.00 216 638,661 163,033 164,052 165,767 170,206 10% 1% 1% 3%

MARKET 9,811,653 3,516,198 4,032,868 4,400,509 4,871,572 26% 15% 9% 11%

PSEi 8,330,143 2,897,968 3,318,433 3,619,296 3,979,291 25% 15% 9% 10%

PSEi ex-TEL, GLO 7,460,530 2,648,489 3,063,881 3,354,514 3,699,040 27% 16% 9% 10%

* Source: Bloombergc

Consensus Forecast

Revenue GrowthRevenue

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 92,901 105,287 23% 21% -3% 13% 18% 13% -8% 12% 16.0 14.2 15.4 13.8 9.7 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% 24.6 17.8 17.5 15.5 2.4 2.3 13.5 1.9%

16,352 18,811 18,132 21,194 28% 15% -4% 17% 4.60 5.19 4.67 5.40 27% 13% -10% 16% 20.4 18.1 20.1 17.4 10.2 2.7 15.9 2.5%

5,018 5,103 5,400 6,138 0% 2% 6% 14% 3.54 3.57 3.40 3.86 1% 1% -5% 14% 13.3 13.2 13.8 12.2 3.4 1.3 10.5 2.3%

1,817 2,056 2,187 2,566 5% 13% 6% 17% 1.76 1.82 1.94 2.27 -30% 3% 6% 17% 13.9 13.5 12.6 10.8 1.1 1.3 10.7 0.0%

15,399 22,488 18,636 20,655 40% 46% -17% 11% 5.44 8.02 6.62 7.35 41% 47% -17% 11% 16.5 11.2 13.6 12.2 0.0 1.7 13.7 1.1%

4,709 5,124 6,056 7,467 1% 9% 18% 23% 7.11 4.88 4.92 5.98 1% -31% 1% 21% 11.0 16.0 15.9 13.1 1.5 1.2 8.2 0.0%

5,949 5,321 4,595 5,817 18% -11% -14% 27% 4.85 3.95 3.56 4.39 9% -19% -10% 23% 9.8 12.0 13.3 10.8 2.5 1.3 10.1 2.1%

7,516 5,012 7,703 7,608 12% -33% 54% -1% 12.47 8.31 12.78 12.62 12% -33% 54% -1% 11.6 17.4 11.3 11.4 0.5 1.9 17.8 1.4%

7,607 9,025 7,134 7,798 15% 19% -21% 9% 11.86 14.07 6.74 7.37 15% 19% -52% 9% 5.7 4.8 10.0 9.1 0.0 1.9 12.1 4.0%

24,800 28,600 29,010 41,399 -17% 15% 1% 43% -12% 10% 7% 35% 26.4 24.0 22.4 16.6 1.1 2.5 12.8 1.2%

1,581 2,146 1,528 1,812 -32% 36% -29% 19% 2.13 2.69 1.84 2.19 -32% 26% -32% 19% 23.0 18.2 26.6 22.4 0.0 1.6 6.1 1.6%

3,572 512 2,976 3,317 -1% -86% 481% 11% 5.89 0.84 4.91 5.47 -1% -86% 485% 11% 15.2 106.4 18.2 16.3 0.1 2.2 12.4 0.0%

979 916 1,010 1,153 32% -6% 10% 14% 0.94 0.88 0.97 1.11 32% -6% 10% 14% 11.2 12.0 10.9 9.5 0.9 1.7 17.5 1.9%

1,617 1,667 1,206 1,943 -5% 3% -28% 61% 0.33 0.34 0.25 0.40 -5% 3% -28% 61% 19.6 19.1 26.4 16.4 3.3 3.7 14.2 4.7%

6,042 7,318 8,874 9,828 7% 21% 21% 11% 2.49 3.06 3.89 4.85 -9% 23% 27% 25% 46.6 37.9 29.8 23.9 1.1 3.3 12.5 0.6%

2,807 3,647 3,808 4,677 14% 30% 4% 23% 0.49 0.64 0.53 0.65 15% 31% -17% 23% 20.5 15.6 18.8 15.3 19.8 - 17.6 5.0%

5,490 5,752 6,719 7,809 29% 5% 17% 16% 2.24 2.34 2.72 3.16 29% 4% 16% 16% 14.3 13.7 11.8 10.1 0.7 2.1 19.8 2.5%

1,012 1,396 1,259 1,294 35% 38% -10% 3% 0.91 1.13 0.70 0.54 34% 24% -38% -23% 9.2 7.4 11.9 15.5 0.0 1.5 11.4 0.7%

1,701 5,247 1,630 9,565 -80% 208% -69% 487% 0.08 0.46 0.11 0.96 -90% 473% -77% 810% 121.0 21.1 92.2 10.1 2.1 1.5 4.9 0.9%

159,102 175,758 154,904 186,471 26% 10% -12% 20% 14% 2% 0% 18% 20.3 19.9 19.8 16.8 2.2 2.1 11.8 1.4%

10,504 12,778 17,054 19,595 12% 22% 33% 15% 17.03 20.53 28.46 32.70 17% 21% 39% 15% 40.8 33.8 24.4 21.2 0.9 2.8 10.9 0.7%

23,965 21,027 20,086 21,865 13% -12% -4% 9% 4.34 3.81 3.64 3.96 13% -12% -5% 9% 12.7 14.4 15.1 13.9 7.8 2.7 16.9 3.2%

13,910 17,218 15,182 17,143 64% 24% -12% 13% 1.38 1.70 1.49 1.69 17% 24% -13% 13% 17.2 13.9 15.9 14.0 0.0 2.0 12.8 1.7%

1,525 3,332 3,332 3,720 95% 118% 0% 12% 0.21 0.45 0.45 0.50 91% 114% 0% 12% 40.4 18.8 18.8 16.9 3.3 1.5 8.1 0.0%

9,736 18,937 11,876 17,107 1% 95% -37% 44% 0.74 1.43 0.89 1.29 2% 93% -37% 44% 19.9 10.3 16.4 11.4 0.0 3.2 16.2 3.3%

9,175 2,350 5,232 6,695 333% -74% 123% 28% 16.06 4.09 9.33 11.93 418% -75% 128% 28% 5.6 22.0 9.6 7.5 0.1 0.8 8.0 2.2%

6,590 8,640 8,793 11,848 98% 31% 2% 35% 44.50 49.70 50.45 67.98 67% 12% 2% 35% 26.3 23.5 23.2 17.2 1.4 1.8 11.5 0.7%

13,553 10,098 19,212 20,947 -37% -25% 90% 9% 1.99 1.48 2.74 2.99 -38% -26% 85% 9% 31.2 42.0 22.7 20.8 0.5 2.4 10.4 0.3%

12,757 8,669 4,847 7,481 119% -32% -44% 54% 1.44 0.85 0.45 0.70 112% -41% -47% 55% 9.3 15.7 29.8 19.1 0.0 1.2 4.1 1.3%

5,907 7,209 7,452 10,523 17% 22% 3% 41% 0.24 0.28 0.29 0.40 7% 16% 3% 41% 21.4 18.5 18.0 12.7 0.9 1.3 7.3 0.6%

24,674 27,446 29,705 32,148 16% 11% 8% 8% 31.76 34.85 37.32 40.39 -8% 10% 7% 8% 27.1 24.7 23.0 21.3 3.0 2.9 13.0 1.5%

26,806 38,053 12,133 17,398 53% 42% -68% 43% 8.72 13.43 5.12 7.34 75% 54% -62% 43% 8.9 5.8 15.1 10.5 0.0 0.8 - 1.4%

23,371 31,596 36,665 42,215 66% 35% 16% 15% 51% 22% 5% 15% 42.7 34.9 33.4 29.1 3.5 5.7 18.6 1.3%

426 511 683 790 9% 20% 34% 16% 3.28 2.21 2.01 2.33 9% -32% -9% 16% 13.9 20.6 22.7 19.6 9.0 5.5 24.2 1.0%

- 744 1,582 1,898 - - 113% 20% - 0.50 0.77 0.85 - - 54% 11% - 33.6 21.8 19.7 0.7 4.3 19.7 0.0%

1,012 1,399 1,832 2,417 51% 38% 31% 32% 0.41 0.39 0.51 0.68 2% -5% 32% 32% 39.0 41.0 31.2 23.6 1.0 5.5 19.1 0.6%

5,000 5,831 6,544 7,522 117% 17% 12% 15% 0.33 0.39 0.44 0.50 120% 18% 13% 14% 31.9 27.0 23.9 21.0 1.8 4.4 27.0 2.1%

3,727 4,672 5,387 6,138 15% 25% 15% 14% 3.58 4.45 5.05 5.75 14% 24% 13% 14% 58.7 47.2 41.6 36.5 3.0 9.1 21.6 1.3%

2,719 3,959 3,971 4,460 76% 46% 0% 12% 1.11 1.43 1.44 1.61 14% 29% 0% 12% 35.6 27.6 27.5 24.5 4.5 3.2 12.3 0.7%

849 903 608 653 194% 6% -33% 7% 0.23 0.24 0.16 0.18 188% 4% -33% 13% 17.5 16.8 25.2 22.4 0.0 1.9 8.1 1.7%

676 788 992 1,169 33% 17% 26% 18% 0.21 0.25 0.28 0.33 33% 16% 12% 18% 24.5 21.1 18.8 15.9 1.2 - 11.3 1.1%

1,200 2,745 3,384 4,008 148% 129% 23% 18% 2.89 3.79 2.48 2.93 149% 31% -35% 18% 26.1 19.9 30.4 25.7 0.0 2.5 8.8 0.6%

7,763 10,045 11,683 13,160 67% 29% 16% 13% 3.70 4.60 5.36 6.03 64% 24% 16% 13% 53.2 42.8 36.7 32.6 2.5 7.7 20.9 1.5%

6,848 6,539 11,252 18,412 34% -5% 72% 64% -14% 33% 185% 81% 115.1 86.4 30.4 16.8 0.2 3.4 17.0 0.3%

556 3,618 1,855 3,645 177% 551% -49% 96% 0.05 0.35 0.19 0.38 66% 548% -46% 100% 86.9 13.4 24.7 12.3 5.9 2.0 14.7 0.4%

(688) 2,321 4,990 5,809 - - - 16% (0.07) (0.02) 0.56 0.69 - - - 23% - - 22.0 17.8 - 6.1 25.2 0.0%

279 324 844 1,337 -868% 16% 161% 58% 0.28 0.22 0.70 1.11 -828% -24% 225% 59% 38.6 51.0 15.7 9.9 0.1 2.4 15.6 1.7%

(33) (2,463) (2,371) 757 - - - - (0.08) (0.74) (0.54) 0.17 - - - - - - - 72.9 - 4.0 N/A 0.0%

6,734 2,740 5,934 6,864 39% -59% 117% 16% 0.42 0.17 0.37 0.43 40% -60% 118% 16% 17.4 43.1 19.8 17.0 0.3 3.1 16.4 0.0%

8,775 9,915 17,837 28,788 -43% 13% 80% 61% -28% 16% -17% 61% 13.5 11.7 14.2 8.8 0.9 3.4 19.8 2.3%

2,207 2,054 10,348 16,954 -38% -7% 404% 64% 0.88 0.82 4.10 6.71 -50% -7% 400% 64% 31.9 34.2 6.8 4.2 0.0 2.4 35.4 0.9%

209 342 1,285 1,552 -96% 64% 276% 21% 0.04 0.07 0.26 0.31 -96% 64% 277% 21% 219.0 133.3 35.3 29.3 0.3 2.0 5.6 0.2%

6,359 7,520 6,204 10,282 5% 18% -17% 66% 17.85 21.11 5.80 9.62 5% 18% -73% 66% 8.1 6.8 24.8 14.9 0.0 7.0 29.4 2.8%

58,557 45,540 49,941 59,761 62% -22% 10% 20% 118% -31% 27% 25% 15.5 22.5 17.6 14.1 0.7 2.6 18.1 2.1%

24,426 18,577 15,804 17,880 13% -24% -15% 13% 3.32 2.52 2.15 2.43 13% -24% -15% 13% 12.8 16.8 19.7 17.5 0.0 3.2 16.2 3.1%

9,002 4,740 9,698 12,787 - -47% 105% 32% 0.48 0.25 0.52 0.68 - -48% 105% 32% 17.6 33.5 16.3 12.4 0.3 3.5 21.6 0.9%

8,012 5,013 6,869 8,805 428% -37% 37% 28% 1.90 0.98 1.50 2.08 493% -49% 54% 38% 14.4 28.1 18.2 13.2 0.4 1.1 8.2 1.1%

17,117 17,211 17,570 20,290 29% 1% 2% 15% 15.19 15.55 15.87 18.33 29% 2% 2% 15% 17.8 17.4 17.1 14.8 2.0 3.6 21.3 3.5%

46,444 52,283 59,876 67,572 31% 13% 15% 13% 5% 11% 12% 14% 29.3 26.5 23.7 20.8 1.8 2.5 11.3 1.1%

9,038 11,742 14,018 16,227 27% 30% 19% 16% 0.68 0.84 0.99 1.15 24% 24% 18% 16% 51.3 41.5 35.2 30.3 2.1 4.6 13.6 1.1%

1,849 1,845 2,052 2,248 114% 0% 11% 10% 0.21 0.19 0.21 0.23 108% -9% 10% 9% 4.7 5.1 4.7 4.3 0.5 0.7 0.2 1.9%

3,431 3,918 4,203 4,782 17% 14% 7% 14% 0.14 0.16 0.17 0.20 17% 14% 9% 13% 11.8 10.3 9.5 8.4 0.9 0.8 8.4 1.7%

7,299 8,971 9,391 10,410 -9% 23% 5% 11% 0.28 0.31 0.29 0.32 -12% 10% -6% 11% 18.5 16.9 18.0 16.2 8.0 1.6 9.6 0.7%

4,239 4,470 4,972 5,534 7% 5% 11% 11% 1.04 1.09 1.15 1.36 -10% 5% 6% 18% 25.3 24.1 22.9 19.3 2.0 2.0 9.8 1.4%

16,203 16,275 19,137 21,638 79% 0% 18% 13% 0.58 0.59 0.69 0.78 -10% 0% 18% 13% 31.7 31.6 26.8 23.7 1.7 2.8 11.0 0.8%

4,386 5,063 6,103 6,733 24% 15% 21% 10% 0.52 0.59 0.71 0.78 25% 14% 19% 11% 12.4 10.9 9.1 8.3 0.6 1.0 0.1 2.8%

46,940 50,334 52,638 54,564 17% 7% 5% 4% -15% 6% 3% 3% 18.0 16.9 16.3 15.9 5.1 4.6 28.7 5.9%

10,275 11,617 13,028 13,960 898% 13% 12% 7% 77.10 87.17 97.75 104.75 3% 13% 12% 7% 22.6 20.0 17.8 16.6 1.9 5.3 30.6 4.8%

36,665 38,717 39,610 40,603 -6% 6% 2% 3% 169.70 179.00 183.11 187.71 -17% 5% 2% 3% 17.4 16.5 16.1 15.7 6.7 4.5 28.4 6.1%

444,912 486,198 487,188 575,680 27% 9% 0% 18% 11% 6% 2% 18% 21.3 20.2 19.7 16.8 2.0 2.6 15.5 1.9%

362,023 408,779 396,318 468,417 22% 13% -3% 18% 322 339 351 409 14% 5% 4% 17% 23.0 21.9 21.1 18.1 2.7 2.8 15.9 2.0%

315,083 358,445 343,680 413,853 23% 14% -4% 20% 13% 11% -1% 19% 24.2 21.9 22.0 18.5 2.5 2.6 14.1 1.4%

Net Income P/E (x)EPSNet Income Growth EPS Growth