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PINOYINVESTOR STOCKS REPORT (NOVEMBER 18, 2013 ISSUE)

This Weeks Market Outlook (FREE ACCESS!) .............................................................................................................. 3
Guide to PinoyInvestor Stock Picks ................................................................................................. 5
PSE index (PSEi) Stock Picks (1 FREE STOCK PICK!) .......................................................... 6
Growth / Value Stock Picks (1 FREE STOCK PICK!) .............................................................. 7
Speculative Stock Picks (1 FREE STOCK PICK!) .................................................................... 8
Target Prices of 30 other PSE Stocks (1 FREE STOCK!) ...................................................... 12
Stock in Focus: Ayala Corporation (AC) ................................................................................................ 15
Stock in Focus: Energy Development Corp. (EDC) ................................................................................ 19
Stock in Focus: GT Capital Holdings (GTCAP) ..................................................................................... 22
Stock in Focus: Metrobank (MBT) (FREE ACCESS!) ......................................................................... 25
Stock in Focus: Meralco (MER) .............................................................................................................. 28
Stock in Focus: Security Bank (SECB) ................................................................................................... 31
Corporate News and Disclosures (FREE Select companies!) ......................................................... 34
Technicals Talk: Puregold Price Club, Inc. (PGOLD) (FREE ACCESS!) ........................................... 40
Technicals Talk: First Philippine Holdings Corp (FPH) ....................................................................... 42
Technicals Talk: Energy Development Corp (EDC) ............................................................................... 44
Our Partner Brokers ............................................................................................................................................................. 46

* 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 is
short-term in nature and may not necessarily impact their long-term investing strategy.

THIS WEEKS MARKET OUTLOOK
As of 18 November 2013

BROKER
OPINION
ISSUED ON
SUPPORT 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 its
support 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 a
higher 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.

Philippine
Stock
Exchange
index (PSEi)
AB Capital
Securities
15 Nov
2013
6,300 6,500

While the main index recovered from its
slump last Monday, movement has been
cautious 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
Stock
Exchange
index (PSEi)
F. Yap
Securities /
2TradeAsia
15 Nov
2013
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 some
fund 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.

GUIDE TO PINOYINVESTOR STOCK PICKS

STOCK PICKS MEANING TARGET INVESTORS TIME HORIZON
APPLICABLE
INVESTMENT
STRATEGIES
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 traders
looking to make quick
trades that can result in
either huge gains or
losses
Short-term
(may be 1
year or less)
Market
Timing

PSE INDEX (PSEI) STOCK PICKS

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

Number of Brokers
recommendations
THIS WEEK All Prices in Philippine Peso (PHP)
Number of Brokers
recommendations
Last Week

STOCK
CODE
COMPANY BUY HOLD SELL
Brokers
Average
Target
Price
Closing
Price on
Nov. 15,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
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 PICKS


Number of Brokers
recommendations
Number of Brokers
recommendations
Last Week

STOCK
CODE
Brokers
Average
Target
Price
Closing
Price on
Nov. 15,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
BUY HOLD SELL
6 SECB Security Bank 2 2 0 181.51 142.10 27.73% 232.74 142.50 2 2 0

SPECULATIVE STOCK PICKS


Number of Brokers
recommendations
Number of Brokers
recommendations
Last Week

STOCK
CODE
Brokers
Average
Target
Price
Closing
Price on
Nov. 15,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
BUY HOLD SELL
9 EEI EEI Corp 3 0 0 16.39 10.42 57.33% 17.44 14.80 3 0 0

CHANGES IN COMPOSITION OF STOCK PICKS

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. XXXX still 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 and XXXX XXXX XXXX (XXXX) which offers a 22.22% potential
return.



GROWTH / VALUE STOCK PICKS

A new stock XXXX 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. XXXX currently has a 2 (Buy) / 0 (Hold) / 0 (Sell)
recommendation record from our partner brokers, offering a 48.92% target return.

XXXX replaces ABS-CBN Corp. (ABS) in the stock picks after the latter gained 4.4% in just
one week! ABS is XXXX XXXX XXXX XXXX XXXX XXXX XXX.


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. XXXX offers a huge profit potential of 48.99% versus its closing price
on Friday.

It replaced XXXX XXXX XXXX (XXXX) which may not be part of the stock picks anymore but
still provides a huge speculative target return of 46.96%.


* 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
intended for mid- to long-term investing. Stocks are arranged from highest to lowest Profit Potential %.

TARGET PRICES OF 30 OTHER PSE STOCKS

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

Brokers
recommendation
Brokers
recommendation
Last Week

STOCK
CODE
Brokers
Average
Target
Price
Closing
Price on
Nov. 15,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
BUY HOLD SELL
2 XXXX XXXX XXXX 1 2 0 ... XXXX 59.57% XXXX XXXX 1 1 1


Brokers
recommendation
Brokers
recommendation
Last Week

STOCK
CODE
Brokers
Average
Target
Price
Closing
Price on
Nov. 15,
2013
Potential
Profit
(Loss) %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
BUY HOLD SELL
9 XXXX XXXX XXXX 1 3 0 00000 XXXX 27.62% XXXX XXXX 2 2 0


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

Brokers
recommendation
Brokers
recommendation
Last Week

STOCK
CODE
Brokers
Average
Target
Price
Closing
Price on
Nov. 15,
2013
Potential
Profit
(Loss) %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
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

* 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)

Sector: Conglomerates
Number of Brokers making the
recommendation

STOCK
CODE
Brokers
Average
Target
Price
Closing
Price on
Nov. 15,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price

AC Ayala Corp XX XX XX XXXX XXXX XXXX XXXX XXXX

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


STOCK IN FOCUS: AYALA CORPORATION (AC)

Summary of Broker Recommendations
BROKER
RECOM-
MENDATION
TARGET
PRICE
TARGET
PRICE
ISSUED ON
SUMMARY OF BROKERS OPINION
Wealth
Securities
XXXX XXXX
15 Nov
2013
AC reported core net income of PHP XXXX XXX which
is XXX by XX% year-on-year (YoY) driven by XXXX
XXXX XXXX XX in banking and property units, which
saw profits go XXX by XlX% and XlX%, respectively.

XXXlX interest expenses XXX XXXX the healthy
topline XXXX and EBIT margin XXXX XXXX in 3Q.
Financing charges were XXXX by PHP2 billion to
PHP7.2 billion, as borrowings XXXX XXXX XXXX
XXXX XXXX XXXX. As a result, ACs core profit in 3Q
was XXXX XXXX XXXX by XX% YoY.

AC will raise PHP10 billion in preferred shares this
month 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.


Key upside to ACs earnings and valuation would be
the XXXX XXXX XXXX XXXX XXXX XXXX. AC is
pursuing nearly XXXX XXXX XXXX XXXX to meet
increasing demand for base loads. XXXX XXX is
undergoing commissioning and is targeted to operate
early next year. Meanwhile, in infrastructure, its
Daang Hari project continued to XXXX XXXX XXXX
XXXX XXXX XXXX XXXX. Completion date has been
XXXX XXXX XXXX XXXX XXXX.

RECOMMENDATION: XXXX XXXX in Target Price
and recommendation. Ayala Corporation (AC) is a
XXllX, with a Target Price of PHP XXXX per share.





STOCK IN FOCUS: ENERGY DEVELOPMENT CORP. (EDC)

Sector: Power & Water
recommendation

STOCK
CODE
Brokers
Average
Target
Price
Closing
Price on
Nov. 15,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price

EDC
Energy
Development Corp
XX XX XX XXXX XXXX XXXX XXXX XXXX

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


STOCK IN FOCUS: ENERGY DEVELOPMENT CORP. (EDC)

BROKER
RECOM-
MENDATION
TARGET
PRICE
TARGET
PRICE
ISSUED ON
AB Capital
Securities
XXXX XXXX
12 Nov
2013
Super typhoon Yolanda battered the Visayas region
two weeks ago, which XXXX XXXX XXXX XXXX
XXXX XXXX XXXX XXXX XXXX XXXX. The XXXX
Geothermal Field has four power plants: Malitbog
(232.5 MW), Mahanagdong (180 MW), Tongonan (112.5
MW), 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 PHP XXXX
XXXX in XXXX XXXX per day since the XXXX XXXX
XXXX XXXX XXXX XXXX XXXX. We base this on a
75% load factor and an average price of PHP XXX per
kilowatt hour (P/KWh). This is extremely important as
if we assume that the XXXX XXXX XXXX XXXX
XXXX XXXX XXXX XXXX XXXX XXXX, 2013F profits

would be at PHP XXXX XXX which translates to a P/E
of XlXx.

Our valuation is now at PHP XXlX from PHP XXlX.
Cash flow-based valuations are XXXX XXXX XXXX
XXXX XXXX XXXX. We likely see further XXXX
XXXX for 2013 EPS given the XXXX XXXX. However,
we think the target price XXXX XXXX XXXX XXXX

RECOMMENDATION: Our rating for EDC is XXlX
as we continue to XXXX XXXX XXXX XXXX XXXX
XXXX XXXX and its XXXX XXXX XXXX XXXX XXXX
XXXX XXXX XXXX. Target Price is now at PHP XXXX
per share.


STOCK IN FOCUS: GT CAPITAL HOLDINGS (GTCAP)

Sector: Conglomerates
recommendation

STOCK
CODE
Brokers
Average
Target
Price
Closing
Price on
Nov. 15,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price

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

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


STOCK IN FOCUS: GT CAPITAL HOLDINGS (GTCAP)

BROKER
RECOM-
MENDATION
TARGET
PRICE
TARGET
PRICE
ISSUED ON
Wealth
Securities
XXXX XXXX
15 Nov
2013
GTCAP disclosed 9M (January to September) 2013 net
income of PHP XXX XXX, which is XXX by XlX% YoY.
This was on a XXX% XXX in revenues mainly brought
about by the consolidation of Toyota and Global
Business Power (GBP). Net margins XXXX due to the
asset infusion. Excluding the non-recurring income of
PHP XXXX XX, core profit amounted to a total of PHP
XXXX XX, XXX by XXl% YoY. The profit represents
XXl% of our PHP XXXXXXX full-year income estimate.

Excluding XXXX, all units delivered as expected. Of
the component companies, only XXXX showed XXXX
profits owing to XXXX XXXX XXXX. Toyota Motors
Phils (+XX%), Federal Land (+XX%), Metrobank
(+XlX%), and the insurance units (+XlX%) performed
XXXX XXXX our estimates.

With respect to the impact of the recent typhoon,
management noted that XXXX XXXX XXXX XXXX
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX.
Both plants instituted XXXX XXXX XXXX XXXX

RECOMMENDATION: We are more cautious about
the potential impact on GTCAPs XXXX XX businesses.
Barring any significant adverse XXXX XXXX XXXX
XXXX XXXX XXX (which it recently folded into the
company), we reiterate a XXXX reco on GTCAP.



STOCK IN FOCUS: METROBANK (MBT)

Sector: Banks & Financials
recommendation

STOCK
CODE
Brokers
Average
Target
Price
Closing
Price on
Nov. 15,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price

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)

STOCK IN FOCUS: METROBANK (MBT)

BROKER
RECOM-
MENDATION
TARGET
PRICE
TARGET
PRICE
ISSUED ON
AB Capital
Securities
BUY 105.60
11 Nov
2013
MBT was able to post 20% growth in Net Interest
Income to PHP27.6 billion as loans grew 19% for the
period. Top line figures are in line with our estimates.
MBT's total deposits grew by 36% but this helped the
bank record lower interest expense as these were
mostly low-cost Current Account, Savings Account
(CASA) deposits. On the credit side, the consumer
segment is still the leading sector in the bank's
portfolio.

Same as with other banks, MBT recorded high Non-
Interest Income of PHP32.7 billion, or 72% up year-on-
year, as trading and foreign exchange gains grew
sharply. One-time asset sales also contributed to
MBT's earnings for the period. The bank sold its
15% stake in Toyota Motor Philippines Corporation
and 20% stake in Global Business Power Corporation.


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 steadily
growing 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.


STOCK IN FOCUS: MERALCO (MER)

Sector: Power & Water
recommendation

STOCK
CODE
Brokers
Average
Target
Price
Closing
Price on
Nov. 15,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price

MER Meralco XX XX XX XXXX XXXX XXXX XXXX XXXX

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


STOCK IN FOCUS: MERALCO (MER)

BROKER
RECOM-
MENDATION
TARGET
PRICE
TARGET
PRICE
ISSUED ON
AB Capital
Securities
XXXX XXXX
13 Nov
2013
MER reported nine-month net profits of PHP XXXX
XXXX, XX XX% year-on-year (YoY) and makes up
XXX% of our 2013 forecast. Last year nine-month (9M)
profits made up XXl% of full year profits. Revenues,
XXXX XXXXXX of our estimates at PHP XXXX XXX,
XXX Xl% YoY. Since Gigawatt-hours (GWh) sales XX
Xl%, this is attributable to a XXXX XXXX XXXX XX.

As disclosed to the stock exchange, MER purchased
XX% of Global Business Power (GBP) worth PHP
XXXX X. GBP has approximately XlX MW in capacity.
Additional income from GBP should XXXX XXXX
XXXX XXXX. Based on our estimates, it amounts to
PHP XXXX XXX in 2013E and PHP XXXX XXX in
2014F. The cost of the stake is XXXX our fair value
estimate for GBP (currently at PHP XXXX XXX) which
means that change in valuation is XXXX XXXX XXXX.


RECOMMENDATION: Our new Target Price for
MER is at PHP XXXX after adjusting cash flow
projections to end-2014. XXXX XXXX XXXX XXXX
XXXX XXXX XXXX XXXX XXXX was an important
part of our assumption.

We maintain a XXlX rating on MER as we expect
XXXX XXXX XXXX. This is all due to XXXX XXXX
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX.



STOCK IN FOCUS: SECURITY BANK (SECB)

Sector: Banks & Financials
recommendation

STOCK
CODE
Brokers
Average
Target
Price
Closing
Price on
Nov. 15,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price

SECB Security Bank XX XX XX XXXX XXXX XXXX XXXX XXXX

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


STOCK IN FOCUS: SECURITY BANK (SECB)

BROKER
RECOM-
MENDATION
TARGET
PRICE
TARGET
PRICE
ISSUED ON
AB Capital
Securities
XXXX XXXX
12 Nov
2013
SECBs Interest Income XXXX XXXX by XX% from
PHP XXXX XXX to PHP XXXX XXX as of September
2013. Main driver for core revenues was XXXX XXXX
XXXX XXXX XXXX XXXX XXXX XXXX XXXX which
XXXX XX by XXX%. Interest income from loans and
receivables XXXX XXXX by XlX% while Financial
investments XXXX by XXl%. Overall, Net Interest
Income for the nine-month period was XXXX XX at
PHP XXXX XXX, a XXXX XlX% growth as Interest
Expense XXXX XXXX the top line.

SECB's industry-leading investment returns can be
attributed to its XXXX XXXX XXXX but the XXXX
XXXX XXXX this year as the bank posted XXXX
XXXX XXX non-interest income, particularly its
trading gains. XXXX XXXX XXXX XXXXXX in Q3

weighed on SECB's 9M XXXX XXX of PHP XXXlXXXX
as compared to PHP XXXX XXX XXXl year-on-year.
On the other hand, SECB finally booked trading gains
on investment at amortized cost worth PHP XXXX XlX
in Q3. Despite stable Interest Income, a much-needed
boost from XXXX XXXX XXXX has XXXX XXX SECB's
performance this year. We expect SECB's earnings to
be XXXX by XXl% in 2013 with Return on Equity at
XXl%, XXXX from the bank's XXl% benchmark.

RECOMMENDATION: We adjust our forecasts on
Security Bank Corporation (SECB) as core revenues
XXXX XXXX XXXX XXXX.

Despite a Target Price revision from PHP XXXX, we
place a aXXXX recommendation on SECB as we expect
XXXX XXXX XXXX XXXX XXXX. SECB is on route to
XXXX XXXX XXXX XXXX but moving forward, the
bank is poised for XXXX XXXX XXXX.


* 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 DISCLOSURES

COMPANY /
STOCK
ANNOUNCED
ON
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.
Atlas
Consolidated
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

(AT) the same period last year. Its wholly-owned Carmen Copper Corp
registered total output of 68.9 million pounds (+3% YoY) of copper
metal concentrate and 15,188 ounces of gold (+50%).
Brokers (Wealth Securities) Analysis: Taking out the XXXX XXXX XXXX, we thought the
earnings XXXX XXXX XXXX. We also take note of ATs cash costs which XXXX XX XX% YoY to
PHPXXXX XXXX. Output is also being XXXX XXX with average daily milling capacity XXXX almost
XXXX tonnes per day in 3Q13 vs the XXXX tonnes per day for the year. As such, copper and gold
shipment volumes XXXl by XX% and XXl% YoY during the quarter.
BDO Unibank,
Inc.
(BDO)
14 Nov
2013
BDO disclosed today that it has signed a definitive agreement for
the acquisition of Citibank Savings, Citi's thrift bank subsidiary in
the Philippines. Based on the published balance sheet of Citibank
Savings, the thrift bank had PHP XXXX XX in assets,
PHPXXXXXXX in net loans, PHP XXXX XX in deposits and
PHPXXXX XX in equity as of 30 Jun 2013. Citibank Savings has a
total of 10 branches, 8 in Metro Manila and 2 in other cities.
Brokers (Wealth Securities) Analysis: Citibank Savings is a XXXX XXXXX acquisition for BDO,
which has PHP XXXX XXX in assets, PHP XXXX XXX in loans, PHP XXXX XXX in deposits and more
than XXlX branches. However, the thrift bank caters to high net-worth individuals. Assuming that it
can retain the upmarket clientele of Citi Savings, the acquisition will give BDO the XXXX XXXX XXXX
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. These may include XXXX, XXXX XXXX,
and insurance products.

East West
Banking
Corporation
(EW)
14 Nov
2013
EW yesterday disclosed 9M13 net income of PHP XXXX XXX, XXX
XlX% YoY. This was driven by the XXl% growth in net interest
income (PHP XXXX XX) and the XlX% XXX in non-interest income
(PHP XXXX XX). Consumer and corporate loans XXXXXX by XX%
and XXl% YoY, respectively. Total bank assets XXX by XXl% while
deposits XXlX by XX%. XXXX of low-cost deposits (XXl%) outpaced
the XX% XXXX of high-cost deposits. Thus, net interest margin
XXXX XX to XXl%, roughly Xlx the industry average. Meanwhile,
operating expenses increased XX% as the bank incurred additional
costs related to its XXXX XXXX XXXX XXXX program. The bank
now has a total of XXX branches. It aims to increase its branch
count to XXll by 1Q14 from only XXX in end-2011.
Brokers (Wealth Securities) Analysis: EW's 9M13 earnings accounted for XXl% of our full-year
forecasts. We continue to see EW as XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
XXXX XXXX that is financed by rising contribution of low-cost deposits. This should justify the
relatively XXX costs related to its aggressive branch expansion program.
Emperador, Inc.
(EMP)
15 Nov
2013
EMPs core profit XXlX by XXl% on the back of XXXX XXXX of
22%. Outperformance was brought about by the sustained XXXX
XXXX despite price increases effected earlier this year. EBITDA
also slightly XXXX XX to XXX% in 9M13 from 29.5% a year ago.

Brokers (Wealth Securities) Analysis: We believe the strong brand equity that Emperador has been
able to build has enabled it to XXXX XXXX XXXX XXXX and more that has taken its toll on its XXXX
XXXX while expanding its XXXX. Moreover, the company has a strong XXXX XXXX which it can
leverage against its XXXX XXX and use for XXXX XXXX XXXX. It currently has a cash hoard of
PHPXXXX XXX and XXXX XXXX debt.
First Gen
Corporation
(FGEN)
15 Nov
2013
In a disclosure, First Gen Corp reported net income of
US$XXXXXXXX in 9M13, XXXl by XXl% YoY on a XXl% XXXXX
in revenues. The latter arose from XXXX XXXX from ancillary
services of First Gen Hydro and the XXl% XXXX X in revenues
from First Gas plants due to XXXX XXXX of the plants and XXXX
average gas prices. XXXX XXXX XXXX XXXX XXXX XXXX XXXX
XXXX XXXX XXXX XXXX. The XXXXXXXX also came amid the
higher stake in First Gas after FGEN acquired the 40% stake of
the BG Group. Taking out the extraordinary items, recurring
income XXlX by XXl% YoY to US$ XXXX XXX.
Brokers (Wealth Securities) Analysis: The results came at XXX% of our full-year earnings. In this
light, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX.

GT Capital
Holdings, Inc.
(GTCAP)
15 Nov
2013
GT Capital Holdings Inc reported that its net income for 9M13
XXXX by XlX% to PHP XXXX XXX as revenues XXXX by XXX% to
PHP XXXX XXX. The XXXX XXX revenues came as a result of the
consolidation of a greater stake in Toyota Motor Philippines. All
subsidiaries XXXX XXXX in net income except XXXX XXXX XXXX
whose bottomline was XXXX XXXX XXXX.
Brokers (Wealth Securities) Analysis: GTCAP's profit XXXXXXXX was anchored on key
acquisitions that were folded into its financials early this year: TMP and GBP. The company's core
profit represents XXl% of our PHP XXXX XXX full-year income estimate, XXXXXXXX with consensus
numbers. There were service disruptions in GBP's power plants situated in Visayas, but XXXX XXXX
XXXX XXXX. We reiterate our XXXX call on GTCAP.
Megaworld
Corporation
(MEG)
14 Nov
2013
MEG announced a XXX% YoY XXXlX in 9M13 net income to
PHPXXXX XXX. This came on a XXX% XXXX in revenues to
PHPXXXX XXX. Total group presales XXXX by XlX% YoY to
PHPXXX XXXX of which PHP40.3 billion pertain to MEGs own
projects. No further details were given.

Brokers (Wealth Securities) Analysis: The numbers indicate a XXXXXXXX in 3Q13 during which
we compute the earnings growth at XXX% vs. 17% in 1H13. MEG has yet to submit its detailed
financial statements but we believe that the XXXX XXXX XXX may be partly due to XXXX XXXX XXX
in connection with the U$250m in new XXXX XXXX XXXX. At any rate, MEGs 9M13 net earnings are
still XXXX 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 PHP XXXX XXX in 9M13 and
PHPXXX XXXX for 3Q13, XXX by XXX%YoY. 3Q13 net earnings
grew at a XXXX pace of XXl% YoY on revenue growth of XXl% to
PHP XXXX XX. Operating margin XXX a bit to XXl% in 3Q13 vs.
7.07% in 1H13 as opex XXXX by XX% thus XXXX revenue growth.
Brokers (Wealth Securities) Analysis: Growth momentum has XXXX XXXX since 1Q13 as the
acquisition and consolidation of SNR in 2Q12 XXXX XXXX XXXX XXXX XXX. We believe that XXXX
XXXX major acquisitions, growth of PGOLD earnings will XXXX XXXX XX.
Security Bank
Corporation
(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 and
another PHP0.50 per share special cash dividend. The record date
for SECB's PHP1.00 per share cash dividend is on XXXX XXXX
while the ex-date is on XXXX XXXX. The payment date for the
dividend is on 27 Dec 2013.

* 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: PUREGOLD PRICE CLUB, INC. (PGOLD)

INDEX /
STOCK
BROKER
OPINION
ISSUED ON
Puregold
Price Club,
Inc.
(PGOLD)
First Metro
Securities
15 Nov
2013
43.70 46.20
PGOLD has been in consolidation in the past
month as it rose sharply in September to
mid-October. A bullish falling wedge could be
in the works.

ACTION: Wait for the stock to reverse its
current downtrend line before buying.
Resistance is at PHP46.20 while support is
at PHP43.70.



TECHNICALS TALK: FIRST PHILIPPINE HOLDINGS CORP (FPH)

INDEX /
STOCK
BROKER
OPINION
ISSUED ON
First
Philippine
Holdings
Corp.
(FPH)
First Metro
Securities
14 Nov
2013
XXXX XXXX
FPH XXXX XXXX, following its XXXXX in
the past months.

ACTION: XXXX XXXX XXXX. Look for the
stock to XXXX XXXX first before XXXX.
The next support is at PHP XXXX while
resistance is at PHP XXXX.



TECHNICALS TALK: ENERGY DEVELOPMENT CORP (EDC)

INDEX /
STOCK
BROKER
OPINION
ISSUED ON
Energy
Development
Corporation
(EDC)
First Metro
Securities
13 Nov
2013
XXXX XXXX
EDC retests support at PHP XXX, as sharp
XXXX in the past days XXXX XXXX.

ACTION: XXXX XXXX. Buy at XXXX XXX
and sell on XXXX. Support levels are at
PHPXXX and PHP XXX. Resistance levels
are at PHP XXX and PHP XXX.


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

F. Yap Securities, Inc. / 2TradeAsia.com is one of PinoyInvestors partners in
delivering superior and reliable stock research reports and recommendations that
Filipino investors can depend on for smart stock investing decisions.

Company Profile
Yapster e-Trade, Inc., through its website, www.2TradeAsia.com, is the online arm of F. Yap Securities, Inc. The company
was granted pioneer status by the Board of Investments on February 2001 as the first in the Philippines to provide a complete
solution that integrates trading, financial planning and portfolio management capabilities online. 2TradeAsia provides the
following 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
Buy Stocks with sustainable and strong fundamentals. Target price is seen to be reached within the next 12 months.
Hold Stocks that are trading near or at fair value.
Sell Stocks with unfavorable valuations and fundamentals due to risks or uncertainties within the next 6-12 months.

Contact Information
F. YAP SECURITIES, INC.
17/F Lepanto Bldg., 8747 Paseo de Roxas
Makati City 1226
Tel.: (632) 856-7680 / (632) 840-8330
Fax: (632) 813-0865
Email: info@2tradeasia.com
Website: www.2tradeasia.com

ABOUT FIRST METRO SECURITIES BROKERAGE CORPORATION

First Metro Securities Brokerage Corporation is one of PinoyInvestors
partners in delivering superior and reliable stock research reports and
recommendations that Filipino investors can depend on for smart stock
investing decisions.

Company Profile
First Metro Securities Brokerage Corporation (FirstMetroSec) is a stockbrokerage house licensed to trade in the Philippine
Stock Exchange (PSE). Our company is wholly-owned by First Metro Investment Corporation (FMIC), the investment banking
arm of the Metropolitan Bank and Trust Company (Metrobank). At FirstMetroSec, we strive to provide our clients with easy
and convenient access to the listed securities in the PSE, coupled with timely and accurate market research, as well as
investor education programs. By fulfilling this mission, we hope to provide equal investment opportunities for all Filipinos.

Definition of First Metro Securities Brokerage Corporations Stock Ratings
Buy Stocks total return is estimated to be greater than the total return of the Phil. Stock Exchange index (PSEi) over
the next 12 months.
Hold Stocks total return is estimated to be in line with the total return of the PSEi over the next 12 months.
Sell Stocks total return is estimated to be lower than the total return of the PSEi in the next 12 months.

Contact Information
FIRST METRO SECURITIES BROKERAGE CORPORATION
18/F PSBank Center, 777 Paseo de Roxas cor. Sedeno St.
Makati City 1226
Tel.: (632) 859-0600
Fax: (632) 859-0699
Email: customerservice@firstmetrosec.com.ph
Website: www.firstmetrosec.com.ph/

ABOUT WEALTH SECURITIES, INC.

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

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

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

Contact Information
WEALTH SECURITIES INC.
2103-A East Tower, Philippine Stock Exchange Center
Exchange Road, Ortigas Center
Pasig City 1605
Email: office@wealthsec.com
Website: https://www.wealthsec.net

ABOUT AB CAPITAL SECURITIES, INC.

AB Capital Securities, Inc. is one of PinoyInvestors partners in
delivering superior and reliable stock research reports and
recommendations that Filipino investors can depend on for smart stock
investing decisions.

Company Profile
AB Capital Securities, Incorporated (ABCSI), formerly Anscor Hagedorn Securities, Inc. or AHSI, has long been one of the
Philippines' leading stock brokerage firms. Today it takes pride in being one of the pioneers in online stock trading. With over
thirty 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
Buy Stocks return is expected to outperform its industry counterparts
Hold Stock price has reached its Fair Value level
Sell Stocks return is expected to underperform compared to its industry counterparts

Contact Information
AB CAPITAL SECURITIES, INC.
Units 1401-1403, 14th Floor Tower One & Exchange Plaza Ayala Triangle,
Ayala Avenue Makati City, Metro Manila 1226
Tel.: (632) 898-7555
Fax: (632) 898-7596
Email: customerservice@abcapital.com.ph
Website: www.abcapitalsecurities.com.ph

ABOUT ANGPING & ASSOCIATES SECURITIES, INC.

Angping & Associates Securities, Inc. is one of PinoyInvestors partners in
delivering superior and reliable stock research reports and recommendations
that Filipino investors can depend on for smart stock investing decisions.

Company Profile
Angping & Associates Securities, Inc. (AASI) is a full-service stock brokerage firm in the Philippines offering a wide array of
client services and support products. The company is one of the leading stock brokerages in the country as it has consistently
ranked among the top brokers in terms of turnover since its inception. Guided by its mission to increase the number of
Filipinos investing in the Philippine stock market, AASI offered online brokerage services to widen its reach and increase the
accessibility of its services to Filipinos around the world. The company offers services like online trading, trading via traditional
brokers, and provision of various research reports.

Definition of Angping & Associates Securities, Inc.s Stock Ratings
Buy Stocks with discounts to their intrinsic valuation.
Hold Stocks with at least an acceptable financial performance. They are also stocks with share prices that have
exceeded their chosen valuations already.
Sell Stocks with dim future prospects and poor financial performance.

Contact Information
ANGPING & ASSOCIATES SECURITIES, INC.
20/F The Peak, 107 L.P. Leviste St.
Salcedo Village, Makati City 1225
Tel.: (632) 848-2915
Fax: (632) 848-2572
Email: angping.online@angping.com.ph, it@angping.com.ph
Website: www.angpingonline.com

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 other
financial 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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