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PINOYINVESTORMake the right stock investment decisions with

the help of the country's top expert brokers

OUR OFFICIAL PARTNER BROKERS:

17 Nov 2013 | www.pinoyinvestor.com


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17 Nov 2013 |www.pinoyinvestor.com| Back to Top | page 3

* This section summarizes our partner brokers expected movement of the Philippine Stock Exchange index (PSEi) in

the coming week. Take note that the opinion primarily relies on Technical Analysis and may be useful only to short-

term traders. Long-term investors may consider this weeks outlook but should remember that the information isshort-term in nature and may not necessarily impact their long-term investing strategy.

THIS WEEKS MARKET OUTLOOKAs of 18 November 2013

BROKEROPINION

ISSUED ONSUPPORT RESISTANCE ANALYSIS AND RECOMMENDATION

Philippine

Stock

Exchange

index (PSEi)

First Metro

Securities

15 Nov

2013

6,200 /

6,191

None

given

The market managed to hold above itssupport at 6,191 to 6,200 as it approached

oversold conditions last week. However,

traders should still be cautious as it is still

vulnerable to continuing downward

pressures.

ACTION:Those who are long may continue

to lighten up on strength and look to buy

back if the market forms a support base via ahigher low. Counter-trend traders who

bought the bounce may look to trade the

range from 6,191 to 6,618. Keep stops on a

break below 6,191.
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4/52


Philippine

Stock

Exchange

index (PSEi)

AB Capital

Securities

15 Nov

20136,300 6,500

While the main index recovered from its

slump last Monday, movement has beencautious as earnings performance slowed

down in the third quarter. Last week's trade

established the sideways trading range

between 6,200 and 6,650. With technical

indicators at their oversold levels, the PSEi

could make a comeback to 6,400 but external

factors will still weigh, particularly the

upcoming FOMC minutes.

ACTION:We place the immediate support

at 6,300 and resistance at 6,500.

Philippine

StockExchange

index (PSEi)

F. Yap

Securities/2TradeAsia

15 Nov2013 6,300 6,375 /6,400

Investors will take their cue from trends

overseas, especially given hints from the

nominated Fed chief on the continuity of the

US stimulus plan. How this will be

undertaken, however, might still keep somefund managers afloat, as momentum could

slow in case details remain lacking.

ACTION:Trade the range. Immediate

support is 6,300, resistance at 6,370-6,400.


5/52


GUIDE TO PINOYINVESTOR STOCK PICKS

STOCK PICKS MEANING TARGET INVESTORS TIME HORIZONAPPLICABLEINVESTMENTSTRATEGIES

PSE index

(PSEi) Stock

Picks

Top 10 stocks belonging to

the PSE index with the

highest number of Buy

recommendations from our

partner brokers, offering at

least 12% potential profit

Long-term investors

looking to invest in

companies with a good

track record that can

provide capital

appreciation in the next

5-10 years

Mid- to Long-

term

(at least

5-10 years)

Buy and

Hold or

Cost

Averaging

Growth /

Value Stock

Picks

Top 10 growth or value

stocks outside the PSE index

with the highest number of

Buy recommendations from

our partner brokers, offering

at least 12% potential profit

Long-term investors

looking to invest in

companies with high

potential for growth or

that are relatively

undervalued

Mid- to Long-

term

(at least

5-10 years)

Buy and

Hold or

Cost

Averaging

Speculative

Stock Picks

Top 10 stocks considered

high-risk or speculative,

offering the highest possible

profit among all stocks

Speculative traderslooking to make quick

trades that can result in

either huge gains or

losses

Short-term

(may be 1

year or less)

Market

Timing


6/52


PSEINDEX (PSEI)STOCK PICKSAs of 18 November 2013

*CHANGE FROM PREVIOUS ISSUE: INCREASE IN TARGETPRICE || DECREASE INTARGET PRICE || CHANGE IN NUMBER OF RECOMMENDATIONS || NEWLY ADDED

Number of Brokers

recommendat ions

THIS WEEK All Prices in Philippine Peso (PHP)

Number of Brokers

recommendat ions

Last Week

STOCKCODE

COMPANY BUY HOLD SELL

BrokersAverageTargetPrice

ClosingPrice onNov. 15,

2013

PotentialProfit %

BrokersHighestTargetPrice

BrokersLowestTargetPrice

BUY HOLD SELL

1 XXXX XXXX XXXX 4 0 0 XXXX XXXX 38.81% XXXX XXXX 4 0 0

2 MBT Metrobank 4 0 0 ... XXXX 35.95% 137.32 90.00 4 0 0









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GROWTH/VALUE STOCK PICKSAs of 18 November 2013


Number of Brokers

recommendat ions


Number of Brokers

recommendat ions

Last Week

STOCKCODE




2013

PotentialProfit %



BUY HOLD SELL






6 SECB Security Bank 2 2 0 181.51 142.10 27.73% 232.74 142.50 2 2 0





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SPECULATIVE STOCK PICKSAs of 18 November 2013


Number of Brokers

recommendat ions


Number of Brokers

recommendat ions

Last Week

STOCKCODE




2013

PotentialProfit %



BUY HOLD SELL









9 EEI EEI Corp 3 0 0 16.39 10.42 57.33% 17.44 14.80 3 0 0




9/52


CHANGES IN COMPOSITION OF STOCK PICKSAs of 18 November 2013

PSE index (PSEi) STOCK PICKS

DMCI Holdings (DMC)staged a price rally last week, closing at PHP53.00 on Friday a

5.8% increase in just one week. This caused the stock to inch closer to our partner

Brokers Average Target Price, which narrowed further its Profit Potential and explains

why DMC is dropping out of our Top 10 PSEi Stock Picks.

XXXX XXXX XXXX XXXX(XXXX), meanwhile, is eased out of the stock picks after receiving a

price and recommendation downgrade from our partner brokers.XXXXstill offers a huge

target return, though, with a Profit Potential of 27.62%.

Two new stocks are added to our PSEi Stock Picks this week:XXXX XXXX XXXX(XXXX)with

a 12.27% Profit Potential andXXXX XXXX XXXX(XXXX)which offers a 22.22% potential

return.



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GROWTH / VALUE STOCK PICKS

A new stockXXXX XXXX XXXX XXX(XXXX)makes its debut in the Top 10 Growth/Value

Stock Picks after several price declines in recent weeks render it relatively undervalued

with a huge potential for profits.XXXXcurrently has a 2 (Buy) / 0 (Hold) / 0 (Sell)

recommendation record from our partner brokers, offering a 48.92% target return.

XXXXreplacesABS-CBN Corp. (ABS)in the stock picks after the latter gained 4.4% in just

one week! ABS isXXXX XXXX XXXX XXXX XXXX XXXX XXX.


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SPECULATIVE STOCK PICKS

XXXX XXXX XXXX(XXXX)returns to the Top 10 Speculative Stock Picks after weeks of price

declines made it relatively undervalued and more attractive compared to other

speculative stocks.XXXXoffers a huge profit potential of 48.99% versus its closing price

on Friday.

It replacedXXXX XXXX XXXX(XXXX)which may not be part of the stock picks anymore but

still provides a huge speculative target return of 46.96%.



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* Looking for more stocks to invest in? Here are our partner brokers recommendations on 30 other Actively Traded

PSE stocks. Take note that Target Prices are based on fundamental analysis, which means these stocks are typically

intendedformid- to long-term investing. Stocks are arranged from highest to lowest Profit Potential %.

TARGET PRICES OF 30OTHER PSESTOCKSAs of 18 November 2013

*CHANGE FROM PREVIOUS ISSUE: INCREASE IN TARGETPRICE || DECREASE IN TARGET PRICE || CHANGE IN NUMBER OF RECOMMENDATIONS ||

Brokers

recommendat ion


Brokers

recommendat ion

Last Week

STOCK

CODE COMPANY BUY HOLD SELL

BrokersAverage

TargetPrice

ClosingPrice on

Nov. 15,2013

Potential

Profit %

BrokersHighest

TargetPrice

BrokersLowest

TargetPrice

BUY HOLD SELL


2 XXXX XXXX XXXX 1 2 0 ... XXXX 59.57% XXXX XXXX 1 1 1









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Brokers

recommendat ion


Brokers

recommendat ion

Last Week

STOCKCODE

COMPANY BUY HOLD SELLBrokersAverageTargetPrice


2013

PotentialProfit

(Loss) %



BUY HOLD SELL

9 XXXX XXXX XXXX 1 3 0 00000 XXXX 27.62% XXXX XXXX 2 2 0













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*CHANGE FROM PREVIOUS ISSUE: INCREASE IN TARGETPRICE || DECREASE INTARGET PRICE ||CHANGE IN NUMBER OF RECOMMENDATIONS

Brokers

recommendat ion


Brokers

recommendat ion

Last Week

STOCKCODE




2013

PotentialProfit

(Loss) %



BUY HOLD SELL





25 PGOLD Puregold 2 1 0 45.09 42.70 5.60% XXXX XXXX 1 2 0


27 XXXX XXXX XXXX 2 2 0 XXXX XXXX -0.83% XXXX XXXX 2 2 0






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* The Stock in Focus section summarizes our partner brokers analyses of a particular stock. This explains the

current stock performance, rationale for its target price, and future prospects.

STOCK IN FOCUS:AYALA CORPORATION (AC)As of 18 November 2013

Sector: ConglomeratesNumber of Brokers m aking the

recommendat ion

STOCKCODE




2013

PotentialProfit %



AC Ayala Corp XX XX XX XXXX XXXX XXXX XXXX XXXX

AYALA CORP. (AC)s FINANCIAL AND VALUATION DATA (from Wealth Securities)



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STOCK IN FOCUS:AYALA CORPORATION (AC)As of 18 November 2013

Summary of Broker Recommendations

BROKERRECOM-

MENDATIONTARGETPRICE

TARGETPRICE

ISSUED ONSUMMARY OF BROKERS OPINION

Wealth

SecuritiesXXXX XXXX

15 Nov

2013

AC reported core net income of PHPXXXX XXXwhich

isXXXbyXX% year-on-year (YoY)driven byXXXX

XXXX XXXX XXin banking and property units, which

saw profits goXXXbyXlX% andXlX%, respectively.

XXXlXinterest expensesXXX XXXXthe healthy

toplineXXXXand EBIT marginXXXX XXXXin 3Q.

Financing charges wereXXXXby PHP2 billion to

PHP7.2 billion, as borrowingsXXXX XXXX XXXX

XXXX XXXX XXXX. As a result, ACs core profit in 3Q

wasXXXX XXXX XXXXbyXX% YoY.

AC will raise PHP10 billion in preferred shares thismonth with a rate of 5.25%. Proceeds will be used to

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

XXXX. This brings cash at the parent level to ~US$1

billion.


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Key upside to ACs earnings and valuation would be

theXXXX XXXX XXXX XXXX XXXX XXXX. AC is

pursuing nearlyXXXX XXXX XXXX XXXXto meet

increasing demand for base loads.XXXX XXXis

undergoing commissioning and is targeted to operate

early next year. Meanwhile, in infrastructure, its

Daang Hari project continued toXXXX XXXX XXXX

XXXX XXXX XXXX XXXX. Completion date has been

XXXX XXXX XXXX XXXX XXXX.

RECOMMENDATION:XXXX XXXXin Target Price

and recommendation. Ayala Corporation (AC) is a

XXllX, with a Target Price of PHPXXXXper share.



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STOCK IN FOCUS:ENERGY DEVELOPMENT CORP.(EDC)As of 18 November 2013

Sector: Power & WaterNumber of Brokers m aking the

recommendat ion

STOCKCODE




2013

PotentialProfit %



EDC EnergyDevelopment Corp

XX XX XX XXXX XXXX XXXX XXXX XXXX

ENERGY DEVT CORP.(EDC)s FINANCIAL AND VALUATION DATA (from AB Capital Securities)



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STOCK IN FOCUS:ENERGY DEVELOPMENT CORP.(EDC)As of 18 November 2013


BROKERRECOM-


TARGETPRICE


AB Capital

SecuritiesXXXX XXXX

12 Nov

2013

Super typhoon Yolanda battered the Visayas region

two weeks ago, whichXXXX XXXX XXXX XXXX

XXXX XXXX XXXX XXXX XXXX XXXX. TheXXXX

Geothermal Field has four power plants: Malitbog

(232.5 MW), Mahanagdong (180 MW), Tongonan (112.5MW), and Upper Mahiao (125 MW). According to EDC,


XXXX. The Leyte Geothermal Field accounts for 56%

of total capacity and 40% of total revenues.

We estimate that there is approximately PHPXXXX

XXXXinXXXX XXXXper day since theXXXX XXXX

XXXX XXXX XXXX XXXX XXXX. We base this on a75% load factor and an average price of PHPXXXper

kilowatt hour (P/KWh). This is extremely important as

if we assume that theXXXX XXXX XXXX XXXX

XXXX XXXX XXXX XXXX XXXX XXXX, 2013F profits


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would be at PHPXXXX XXXwhich translates to a P/E

ofXlXx.

Our valuation is now at PHPXXlXfrom PHPXXlX.

Cash flow-based valuations areXXXX XXXX XXXX


XXXX XXXX XXXX. We likely see furtherXXXX

XXXXfor 2013 EPS given theXXXX XXXX. However,

we think the target priceXXXX XXXX XXXX XXXX


RECOMMENDATION:Our rating for EDC isXXlXas we continue toXXXX XXXX XXXX XXXX XXXX

XXXX XXXXand itsXXXX XXXX XXXX XXXX XXXX

XXXX XXXX XXXX. Target Price is now at PHPXXXX

per share.


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STOCK IN FOCUS:GTCAPITAL HOLDINGS (GTCAP)As of 18 November 2013

Sector: ConglomeratesNumber of Brokers m aking the

recommendat ion

STOCKCODE




2013

PotentialProfit %



GTCAP GT Capital Holdings XX XX XX XXXX XXXX XXXX XXXX XXXX

GT CAPITAL HOLDINGS (GTCAP)s FINANCIAL AND VALUATION DATA (from Wealth Securities)



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STOCK IN FOCUS:GTCAPITAL HOLDINGS (GTCAP)As of 18 November 2013


BROKERRECOM-


TARGETPRICE


Wealth

SecuritiesXXXX XXXX

15 Nov

2013

GTCAP disclosed 9M (January to September) 2013 net

income of PHPXXX XXX, which isXXXbyXlX% YoY.

This was on aXXX%XXXin revenues mainly brought

about by the consolidation of Toyota and Global

Business Power (GBP). Net marginsXXXXdue to theasset infusion. Excluding the non-recurring income of

PHPXXXX XX, core profit amounted to a total of PHP

XXXX XX,XXXbyXXl% YoY. The profit represents

XXl% of our PHPXXXXXXXfull-year income estimate.

ExcludingXXXX, all units delivered as expected. Of

the component companies, onlyXXXXshowedXXXX

profits owing toXXXX XXXX XXXX. Toyota MotorsPhils (+XX%), Federal Land (+XX%), Metrobank

(+XlX%), and the insurance units (+XlX%) performed

XXXX XXXXour estimates.


24/52


With respect to the impact of the recent typhoon,

management noted thatXXXX XXXX XXXX XXXX

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX.

Both plants institutedXXXX XXXX XXXX XXXX


RECOMMENDATION:We are more cautious about

the potential impact on GTCAPsXXXX XXbusinesses.

Barring any significant adverseXXXX XXXX XXXX

XXXX XXXX XXX(which it recently folded into the

company), we reiterate aXXXXreco on GTCAP.



25/52




STOCK IN FOCUS:METROBANK (MBT)As of 18 November 2013

Sector: Banks & FinancialsNumber of Brokers m aking the

recommendat ion

STOCKCODE




2013

PotentialProfit %



MBT Metrobank 4 0 0 109.31 80.40 35.95% 137.32 90.00

METROBANK (MBT)s FINANCIAL AND VALUATION DATA (from AB Capital Securities)


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The bank is adequately prepared for the

implementation of Basel III next year. Several asset

sales done this year were in preparation for the more

stringent requirements to be implemented on banks.

Consolidated assets totaled PHP1.3 trillion and

recorded a capital base of PHP137.9 billion.

Meanwhile, non-performing loans (NPL) ratio was

brought down further to 1.4% from 2.2% last year with

NPL coverage of 140%.

RECOMMENDATION:MBT remains a steadilygrowing bank with valuations that are below local and

regional peers. The bank's current P/E stands at 8.31x,

far below its other Asian counterparts and local peers.

We revise our target to reflect its high nine-month

earnings and increase in outstanding shares. Our

Target Price is now at PHP105.60 per share with a

BUY recommendation.


28/52




STOCK IN FOCUS:MERALCO (MER)As of 18 November 2013

Sector: Power & WaterNumber of Brokers m aking the

recommendat ion

STOCKCODE




2013

PotentialProfit %



MER Meralco XX XX XX XXXX XXXX XXXX XXXX XXXX

MERALCO (MER)s FINANCIAL AND VALUATION DATA (from AB Capital Securities)



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STOCK IN FOCUS:MERALCO (MER)As of 18 November 2013


BROKERRECOM-


TARGETPRICE


AB Capital

SecuritiesXXXX XXXX

13 Nov

2013

MER reported nine-month net profits of PHPXXXX

XXXX,XXXX% year-on-year (YoY)and makes up

XXX% of our 2013 forecast. Last year nine-month (9M)

profits made upXXl% of full year profits. Revenues,

XXXX XXXXXXof our estimates at PHPXXXX XXX,XXXXl% YoY.Since Gigawatt-hours (GWh) salesXX

Xl%, this is attributable to aXXXX XXXX XXXX XX.

As disclosed to the stock exchange, MER purchased

XX% of Global Business Power (GBP) worth PHP

XXXX X. GBP has approximatelyXlXMW in capacity.

Additional income from GBP shouldXXXX XXXX

XXXX XXXX. Based on our estimates, it amounts toPHPXXXX XXXin 2013E and PHPXXXX XXXin

2014F. The cost of the stake isXXXXour fair value

estimate for GBP (currently at PHPXXXX XXX) which

means that change in valuation isXXXX XXXX XXXX.


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STOCK IN FOCUS:SECURITY BANK (SECB)As of 18 November 2013

Sector: Banks & FinancialsNumber of Brokers m aking the

recommendat ion

STOCKCODE




2013

PotentialProfit %



SECB Security Bank XX XX XX XXXX XXXX XXXX XXXX XXXX

SECURITY BANK (SECB)s FINANCIAL AND VALUATION DATA (from AB Capital Securities)



32/52


STOCK IN FOCUS:SECURITY BANK (SECB)As of 18 November 2013


BROKERRECOM-


TARGETPRICE


AB Capital

SecuritiesXXXX XXXX

12 Nov

2013

SECBs Interest IncomeXXXX XXXXbyXX% from

PHPXXXX XXXto PHPXXXX XXXas of September

2013. Main driver for core revenues wasXXXX XXXX


XXXX XXXX XXXX XXXX XXXX XXXX XXXXwhichXXXX XXbyXXX%. Interest income from loans and

receivablesXXXX XXXXbyXlX% while Financial

investmentsXXXXbyXXl%. Overall, Net Interest

Income for the nine-month period wasXXXX XXat

PHPXXXX XXX, aXXXXXlX% growth as Interest

ExpenseXXXX XXXXthe top line.

SECB's industry-leading investment returns can beattributed to itsXXXX XXXX XXXXbut theXXXX

XXXX XXXXthis year as the bank postedXXXX

XXXX XXXnon-interest income, particularly its

trading gains.XXXX XXXX XXXX XXXXXXin Q3


33/52


weighed on SECB's 9MXXXX XXXof PHPXXXlXXXX

as compared to PHPXXXX XXXXXXlyear-on-year.

On the other hand, SECB finally booked trading gains

on investment at amortized cost worth PHPXXXX XlXin Q3. Despite stable Interest Income, a much-needed

boost fromXXXX XXXX XXXXhasXXXX XXXSECB's

performance this year. We expect SECB's earnings to

beXXXXbyXXl% in 2013 with Return on Equity at

XXl%,XXXXfrom the bank'sXXl% benchmark.

RECOMMENDATION:We adjust our forecasts on

Security Bank Corporation (SECB) as core revenuesXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX


XXXX XXXX XXXX XXXX.

Despite a Target Price revision from PHPXXXX, we

place a aXXXXrecommendation on SECB as we expect


XXXX XXXX XXXX XXXX XXXX. SECB is on route toXXXX XXXX XXXX XXXXbut moving forward, the

bank is poised forXXXX XXXX XXXX.



34/52


* Important news and updates last week about top Philippines companies are highlighted in this section. These

developments can affect their respective stock prices so better read them to be in the know!

CORPORATE NEWS AND DISCLOSURESAs of 18 November 2013

COMPANY /STOCK

ANNOUNCEDON

NEWS / DISCLOSURES

Ayala

Corporation(AC)

15 Nov

2013

Ayala Corporation's net income for 9M13 rose 20% YoY to PHP10.4

billion. Excluding the impact of Globe's accelerated depreciation

(network modernization), core income rose to PHP12.3 billion.Strong performance of banking, property and water businesses

resulted in equity earnings of PHP13.9 billion, up 26% YoY.

Brokers (Wealth Securities) Analysis:Ayala Corporation's net income for 9M13 rose 20% YoY to

PHP10.4 billion. Excluding the impact of Globe's accelerated depreciation (network modernization),

core income rose to PHP12.3 billion. Strong performance of banking, property and water businesses

resulted in equity earnings of PHP13.9 billion, up 26% YoY.

AtlasConsolidated

Mining &

Development

Corporation

14 Nov

2013

AT announced 9M13 core net income of PHP2.1 billion, up 21%YoY despite a 3% YoY decline in revenues to PHP11 billion due to

lower realized copper metal prices. Reported net income is 20%

lower YoY at PHP1.6 billion given the unrealized forex losses of

PHP699 vs. the PHP434m in unrealized forex gains registered in


35/52


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East West

Banking

Corporation

(EW)

14 Nov

2013

EW yesterday disclosed 9M13 net income of PHPXXXX XXX,XXX

XlX% YoY. This was driven by theXXl% growth in net interest

income (PHPXXXX XX) and theXlX%XXXin non-interest income(PHPXXXX XX). Consumer and corporate loansXXXXXXbyXX%

andXXl% YoY, respectively. Total bank assetsXXXbyXXl% while

depositsXXlXbyXX%.XXXXof low-cost deposits (XXl%) outpaced

theXX%XXXXof high-cost deposits. Thus, net interest margin

XXXX XXtoXXl%, roughlyXlx the industry average. Meanwhile,

operating expenses increasedXX% as the bank incurred additional

costs related to itsXXXX XXXX XXXX XXXXprogram. The bank

now has a total ofXXXbranches. It aims to increase its branch

count toXXllby 1Q14 from onlyXXXin end-2011.

Brokers (Wealth Securities) Analysis:EW's 9M13 earnings accounted forXXl% of our full-year

forecasts. We continue to see EW asXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX

XXXX XXXXthat is financed by rising contribution of low-cost deposits. This should justify the

relativelyXXXcosts related to its aggressive branch expansion program.

Emperador, Inc.

(EMP)

15 Nov

2013

EMPs core profitXXlXbyXXl% on the back ofXXXX XXXXof

22%. Outperformance was brought about by the sustainedXXXX

XXXXdespite price increases effected earlier this year. EBITDA

also slightlyXXXX XXtoXXX% in 9M13 from 29.5% a year ago.



37/52


Brokers (Wealth Securities) Analysis:We believe the strong brand equity that Emperador has been

able to build has enabled it toXXXX XXXX XXXX XXXXand more that has taken its toll on itsXXXX

XXXXwhile expanding itsXXXX. Moreover, the company has a strongXXXX XXXXwhich it canleverage against itsXXXX XXXand use forXXXX XXXX XXXX. It currently has a cash hoard of

PHPXXXX XXXandXXXX XXXXdebt.

First Gen

Corporation(FGEN)

15 Nov2013

In a disclosure, First Gen Corp reported net income of

US$XXXXXXXXin 9M13,XXXlbyXXl% YoY on aXXl%XXXXX

in revenues. The latter arose fromXXXX XXXXfrom ancillary

services of First Gen Hydro and theXXl%XXXX Xin revenues

from First Gas plants due toXXXX XXXXof the plants andXXXXaverage gas prices.XXXX XXXX XXXX XXXX XXXX XXXX XXXX

XXXX XXXX XXXX XXXX. TheXXXXXXXXalso came amid the

higher stake in First Gas after FGEN acquired the 40% stake of

the BG Group. Taking out the extraordinary items, recurring

incomeXXlXbyXXl% YoY to US$XXXX XXX.

Brokers (Wealth Securities) Analysis:The results came atXXX% of our full-year earnings. In this

light,XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX.



38/52


GT Capital

Holdings, Inc.(GTCAP)

15 Nov

2013

GT Capital Holdings Inc reported that its net income for 9M13

XXXXbyXlX% to PHPXXXX XXXas revenuesXXXXbyXXX% to

PHPXXXX XXX. TheXXXX XXXrevenues came as a result of the

consolidation of a greater stake in Toyota Motor Philippines. All

subsidiariesXXXX XXXXin net income exceptXXXX XXXX XXXX

whose bottomline wasXXXX XXXX XXXX.

Brokers (Wealth Securities) Analysis:GTCAP's profitXXXXXXXXwas anchored on key

acquisitions that were folded into its financials early this year: TMP and GBP. The company's core

profit representsXXl% of our PHPXXXX XXXfull-year income estimate,XXXXXXXXwith consensus

numbers. There were service disruptions in GBP's power plants situated in Visayas, butXXXX XXXX

XXXX XXXX. We reiterate ourXXXXcall on GTCAP.

Megaworld

Corporation

(MEG)

14 Nov

2013

MEG announced aXXX% YoYXXXlXin 9M13 net income to

PHPXXXX XXX. This came on aXXX%XXXXin revenues to

PHPXXXX XXX. Total group presalesXXXXbyXlX% YoY to

PHPXXX XXXXof which PHP40.3 billion pertain to MEGs own

projects. No further details were given.


39/52


Brokers (Wealth Securities) Analysis:The numbers indicate aXXXXXXXXin 3Q13 during which

we compute the earnings growth atXXX% vs. 17% in 1H13. MEG has yet to submit its detailed

financial statements but we believe that theXXXX XXXX XXXmay be partly due toXXXX XXXX XXX

in connection with the U$250m in newXXXX XXXX XXXX. At any rate, MEGs 9M13 net earnings are

stillXXXX XXXX(XXl%) of the full-year market consensus forecast. We will put out a more detailed

note pending the release of the financial statements and after the briefing.

Puregold Price

Club, Inc.

(PGOLD)

15 Nov

2013

Puregold reported earnings of PHPXXXX XXXin 9M13 and

PHPXXX XXXXfor 3Q13,XXXbyXXX%YoY. 3Q13 net earnings

grew at aXXXXpace ofXXl% YoY on revenue growth ofXXl% to

PHPXXXX XX. Operating marginXXXa bit toXXl% in 3Q13 vs.

7.07% in 1H13 as opexXXXXbyXX% thusXXXXrevenue growth.

Brokers(Wealth Securities) Analysis:Growth momentum hasXXXX XXXXsince 1Q13 as the

acquisition and consolidation of SNR in 2Q12XXXX XXXX XXXX XXXX XXX. We believe thatXXXX

XXXXmajor acquisitions, growth of PGOLD earnings willXXXX XXXX XX.

Security BankCorporation

(SECB)

15 Nov

2013

SECB disclosed that it received BSP's approval for the declaration

of a PHP0.50 per share regular semestral cash dividend andanother PHP0.50 per share special cash dividend. The record date

for SECB's PHP1.00 per share cash dividend is onXXXX XXXX

while the ex-date is onXXXX XXXX. The payment date for the

dividend is on 27 Dec 2013.



40/52


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* The Technicals Talk section summarizes our partner brokers technical analysis of select PSE stocks. Technical

Analysis relies on trends and price movements and is typically used for short-term trading. To learn more about

Technical Analysis, access the free educational resources at the PinoyInvestor Academy.

TECHNICALS TALK:FIRST PHILIPPINE HOLDINGS CORP (FPH)As of 18 November 2013

INDEX /STOCK

BROKEROPINION


First

Philippine

Holdings

Corp.

(FPH)

First Metro

Securities

14 Nov

2013XXXX XXXX

FPHXXXX XXXX, following itsXXXXXinthe past months.

ACTION:XXXX XXXX XXXX. Look for the

stock toXXXX XXXXfirst beforeXXXX.

The next support is at PHPXXXXwhile

resistance is at PHPXXXX.



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* The Technicals Talk section summarizes our partner brokers technical analysis of select PSE stocks. Technical

Analysis relies on trends and price movements and is typically used for short-term trading. To learn more about

Technical Analysis, access the free educational resources at the PinoyInvestor Academy.

TECHNICALS TALK:ENERGY DEVELOPMENT CORP (EDC)As of 18 November 2013

INDEX /STOCK

BROKEROPINION


Energy

Development

Corporation

(EDC)

First Metro

Securities

13 Nov

2013XXXX XXXX

EDC retests supportat PHPXXX, as sharp

XXXXin the past daysXXXX XXXX.

ACTION:XXXX XXXX. Buy atXXXX XXX

and sell onXXXX. Support levels are at

PHPXXXand PHPXXX. Resistance levels

are at PHPXXXand PHPXXX.



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ABOUT PINOYINVESTOR.COM

Investing in the stock market is not easy. Thats why we created PinoyInvestorfor you, stockmarket investor. Why? Because you may not have time to thoroughly research and analyze

stocks yourself. More importantly, because you need more than just one source of stock picks!

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ABOUT F.YAP SECURITIES,INC./2TRADEASIA.COM

F. Yap Securities, Inc. / 2TradeAsia.comis one of PinoyInvestors partners indelivering superior and reliable stock research reports and recommendations thatFilipino investors can depend on for smart stock investing decisions.

Company ProfileYapster e-Trade, Inc., through its website, www.2TradeAsia.com, is the online arm of F. Yap Securities, Inc. The companywas granted pioneer status by the Board of Investments on February 2001 as the first in the Philippines to provide a completesolution that integrates trading, financial planning and portfolio management capabilities online. 2TradeAsia provides thefollowing online services: Internet-based stock market trading; Real-time ticker and quotes; Philippine and international news;Daily, weekly and quarterly market commentary and outlook; Corporate features; and Portfolio and account management.

Definition of F. Yap Securities, Inc. / 2TradeAsia.coms Stock Ratings BuyStocks with sustainable and strong fundamentals. Target price is seen to be reached within the next 12 months. HoldStocks that are trading near or at fair value. SellStocks with unfavorable valuations and fundamentals due to risks or uncertainties within the next 6-12 months.

Contact InformationF. YAP SECURITIES, INC.17/F Lepanto Bldg., 8747 Paseo de Roxas

Makati City 1226Tel.: (632) 856-7680 / (632) 840-8330Fax: (632) 813-0865Email:[email protected]:www.2tradeasia.com
http://www.pinoyinvestor.com/http://www.pinoyinvestor.com/http://www.pinoyinvestor.com/mailto:[email protected]:[email protected]:[email protected]://www.2tradeasia.com/http://www.2tradeasia.com/http://www.2tradeasia.com/http://www.2tradeasia.com/mailto:[email protected]://www.pinoyinvestor.com/


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ABOUT WEALTH SECURITIES,INC.

Wealth Securities is one of PinoyInvestors partners in delivering superiorand reliable stock research reports and recommendations that Filipinoinvestors can depend on for smart stock investing decisions.

Company ProfileWealth Securities Inc. is a leading stock brokerage in the Philippines and member of the Philippine Stock Exchange. It hasranked among the top 20 brokerages in the Philippines since its incorporation in November 1986. In 2000, Wealth receivedthe Euro Money Award for Excellence as the "Best Domestic Securities House in the Philippines". Wealth caters to both retailand institutional clients in the Philippines and overseas. With over 25 years of experience in equity securities, its researchteam is often quoted in local newspapers and journals for their stock picks and coverage of mid-to-large cap stocks. Over theyears, Wealth has developed a reputation for having a keen eye in spotting small companies with sound fundamentals andstrong growth potential.

Definition Wealth SecuritiesStock Ratings BuyOver the next 6 to 12 months, share price is expected to increase by 12% or more HoldOver the next 6 to 12 months, share price is expected to move within a range +/- 12% SellOver the next 6 to 12 months, share price is expected to decline by 12% or more

Contact InformationWEALTH SECURITIES INC.

2103-A East Tower, Philippine Stock Exchange CenterExchange Road, Ortigas CenterPasig City 1605Email:[email protected]:https://www.wealthsec.net
http://www.pinoyinvestor.com/http://www.pinoyinvestor.com/http://www.pinoyinvestor.com/mailto:[email protected]:[email protected]:[email protected]://www.wealthsec.net/https://www.wealthsec.net/https://www.wealthsec.net/https://www.wealthsec.net/mailto:[email protected]://www.pinoyinvestor.com/


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ABOUTABCAPITAL SECURITIES,INC.

AB Capital Securities, Inc.is one of PinoyInvestorspartners indelivering superior and reliable stock research reports andrecommendations that Filipino investors can depend on for smart stockinvesting decisions.

Company ProfileAB Capital Securities, Incorporated (ABCSI), formerly Anscor Hagedorn Securities, Inc. or AHSI, has long been one of thePhilippines' leading stock brokerage firms. Today it takes pride in being one of the pioneers in online stock trading. With overthirty years of industry presence, AB Capital Securities, Inc. has become a major player in the Philippine financial markets.The firm consistently ranks among the country's top brokerages in terms of turnover.

Definition of AB Capital Securities, Inc.s Stock Ratings BuyStocks return is expected to outperform its industry counterparts HoldStock price has reached its Fair Value level SellStocks return is expected to underperform compared to its industry counterparts

Contact InformationAB CAPITAL SECURITIES, INC.Units 1401-1403, 14th Floor Tower One & Exchange Plaza Ayala Triangle,

Ayala Avenue Makati City, Metro Manila 1226Tel.: (632) 898-7555Fax: (632) 898-7596Email:[email protected]:www.abcapitalsecurities.com.ph
http://www.pinoyinvestor.com/http://www.pinoyinvestor.com/http://www.pinoyinvestor.com/mailto:[email protected]:[email protected]:[email protected]://www.abcapitalsecurities.com.ph/http://www.abcapitalsecurities.com.ph/http://www.abcapitalsecurities.com.ph/http://www.abcapitalsecurities.com.ph/mailto:[email protected]://www.pinoyinvestor.com/


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DISCLAIMER

The contents of this document are not to be construed as an offer, invitation, solicitation,advertisement, inducement or representation of any kind. The information contained herein is

not to be relied upon as authoritative or taken in substitution for the exercise of judgment by

any recipient. The information in this report is not intended as financial advice. The

information and opinions found herein constitute a judgement of our partner brokers as of the

date indicated and are subject to change without notice. The information may, therefore, not

be accurate or current.

Readers of this report should be aware that investments in securities, such as stocks or otherfinancial instruments, involve risks. Loss of capital is a possibility. Past results are not and

cannot be a guarantee of future performance.

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