ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
MARKET NOTES_Week 15_TD71_April 11, 2011_Monday
source: www.pse.com.ph

disclosures:

JOLLIBEE FOODS CORPORATION [pse: JFC]

Disc. No. 2011-2626 CESSATION OF MANONG PEPE CHAIN
Manong Pepe Karinderia, started in 2007 have ceased operations effective Saturday, April 9, 2011, as part of
the Company's plan to concentrate its resources in building QSR business, particularly its latest
acquisition, Mang Inasal. JFC owns 70% of Mang Inasal Philippines, Inc last year. Nevertheless, the
trademarks and operating processes of Manong Pepe will be retained for potential use in the future. Existing
stores will be converted to its other brands when and where suitable.

The stock has met strong resistance at the php95.00-

line even as support continues to hold at the php86-
89 range. RSI(14) is poised to make a second
downward penetration of the 70-overbought line,
sending a legitimate SELL signal. Volume and value
trends as drawn by OBV and AccDist Line,
respectively shows thinning numbers as the price
moved higher. STO(14,3,3) has knocked into 94,
grossly overbought. SELL

MEGAWORLD CORPORATION [pse: MEG]

Disc. No. 2011-2669 PRICING OF US$ 7-YR NOTES
Anent Friday's authorization (Disc. No. 2011-2575, dated April 9, 2011) the Company has priced its US$200
million 7-yr Fixed Rate Corporate Notes to yield 6.875% at a coupon of 6.75%. The notes, whose proceeds will
be used for general corporate purposes and to refinance certain outstanding indebtedness, have obtained an
approval-in-principle to list on the Singapore Exchange Securities Trading Limited (SGX-ST.) UBS AG is the
Lead Manager for the issuance.

Driven by the continued strength in its residential sales and BPO office rental portfolios, the Company
posted a record php5.1 billion net income for the full year 2010, 25% higher than 2009's total and putting
the two-year compound growth at 15.77 percent. Net margins improved to 25% from 23%, pulling up year-end EPS
to php0.20 compared to php0.176 the year prior. Real estate sales contributed 63% to total revenue,
improving by 4.3% to php13.11 billion in 2010. Based on Trailing Earnings, the stock traded at 7.9x and
14.1x PE in 2009 and 2010. It is currently at 11.5x 2010 EPS. On the balance sheet side, the Company has a
strong cash position with cash and cash equivalents expanding nearly 10% to php22.031 billion. This is more
than sufficient cover for its current obligations amounting to php17.409 billion. Its debt-to-equity ratio
improved to 0.66 from 0.71 in 2009, although a tad higher than its 2008 level of 0.63.

Following an almost two-month long consolidation

between php2.03 and php2.16, the stock has moved
rather indecisively in the last five sessions capped
at the php2.36 point, even as it ranges between
php2.30-2.32. The indecision is evident in the doji
and spinning top candlestick formations in two of the
last four trades. At php2.34, the stock registered a
short-term (9-day) php0.32, 15.69% run. The
temptation to book such profits, which is 1.73x the
PSEI's return over the same period, rises, on
TECHNICAL grounds. While we posit an immediate SELL
on the issue, we are likewise looking at the
attractiveness of the php2.16-2.18 as potential re-
entry points. TRADE.

itsDISCLAIMER: THE MATERIAL CONTAINED IN THIS PUBLICATION IS FOR INFORMATION PURPOSES ONLY. IT IS NOT TO BE REPRODUCED OR COPIED OR MADE
AVAILABLE TO OTHERS. UNDER NO CIRCUMSTANCES IS IT TO BE CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION TO BUY ANY SECURITY. WHILE THE
INFORMATION HEREIN IS FROM SOURCES WE BELIEVE RELIABLE, WE DO NOT REPRESENT THAT IT IS ACCURATE OR CO MPLETE AND IT SHOULD NOT BE RELIED UPON
AS SUCH. IN ADDITION, WE SHALL NOT BE RESPONSIBLE FOR AMENDING, CORRECTING OR UPDATING ANY INFORMATION OR OPINIONS CONTAINED HEREIN. SOME OF
THE VIEWS EXPRESSED IN THIS REPORT ARE NOT NECESSARILY OPINIONS OF ACCORD CAPITAL EQUITIES CORPORATION ON THE CREDIT-WORTHINESS OR
INVESTMENT PROFILE OF THE COMPANY OR THE INDUSTRIES MENTIONED.
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