As of: 10/1/2015COL Date of COL Buy Outstanding Market Cap

Ticker Company Name Price Rating Update FV Below Shares (Mil) (PhpMil) 2013 2014 2015E 2016E 2013 2014 2015E 2016E

Banks and Financials 1,311,284 321,455 335,232 349,257 386,760 20% 4% 4% 11%

BDO BANCO DE ORO 105.00 BUY 7/14/15 118.00 102.00 3,581 382,764 75,010 80,712 89,337 98,407 24% 8% 11% 10%

BPI BANK OF PHILIPPINE ISLANDS 80.65 HOLD 7/14/15 100.00 86.00 3,932 316,881 52,498 55,787 62,475 69,891 11% 6% 12% 12%

CHIB CHINA BANKING CORP 41.50 BUY 8/10/15 52.30 41.00 1,854 76,930 15,097 18,848 20,634 22,599 8% 25% 9% 10%

EW EASTWEST BANKING CORP 19.90 BUY 5/11/15 37.00 29.00 1,162 29,850 13,165 14,886 17,004 20,067 35% 13% 14% 18%

MBT METROPOLITAN BANK & TRUST 82.45 BUY 7/14/15 102.00 88.00 2,830 262,205 78,924 74,894 72,289 78,162 41% -5% -3% 8%

PNB PHILIPPINE NATIONAL BANK 49.75 BUY 7/27/15 89.00 71.00 1,249 62,145 24,565 26,412 26,133 28,470 40% 8% -1% 9%

RCB RIZAL COMMERCIAL BANKING CORP c

30.10 N/A N/A N/A N/A 1,276 42,137 28,391 26,565 23,945 26,683 -5% -6% -10% 11%

SECB SECURITY BANK CORP 140.00 HOLD 1/22/15 175.00 145.00 603 84,396 12,312 16,769 18,013 20,692 -12% 36% 7% 15%

UBP UNION BANK OF PHILIPPINES 51.00 BUY 1/22/15 91.00 72.00 1,058 53,976 21,493 20,359 19,428 21,788 19% -5% -5% 12%

Commercial and Industrial 471,197 679,152 732,989 632,704 721,951 10% 8% -14% 14%

ABS ABS-CBN BROADCASTING CORP 60.00 BUY 3/3/15 73.50 61.00 872 51,048 33,198 33,261 40,640 47,706 15% 0% 22% 17%

CEB CEBU AIR INC 87.30 BUY 1/22/15 156.00 135.00 606 52,900 41,004 52,000 56,698 62,076 8% 27% 9% 9%

EEI EEI CORPORATION 7.68 BUY 8/11/15 12.50 10.00 1,036 7,959 10,524 17,080 18,656 20,389 -23% 62% 9% 9%

GMA7 GMA NETWORK INC 6.40 HOLD 1/22/15 7.20 5.70 3,361 21,511 12,951 11,983 13,104 14,740 7% -7% 9% 12%

ICT INTL CONTAINER TERM SVCS 75.20 HOLD 3/19/15 110.60 96.00 2,036 153,008 36,188 47,111 50,921 56,707 18% 30% 8% 11%

IMI INTEGRATED MICRO-ELECTRONICS INC 5.71 BUY 6/3/15 9.20 7.30 1,857 10,603 31,630 37,491 45,799 49,968 13% 19% 22% 9%

LRI LAFARGE REPUBLIC INC c

9.00 N/A N/A N/A N/A 5,824 52,414 23,212 25,128 28,592 31,874 16% 8% 14% 11%

MWC MANILA WATER COMPANY 21.85 SELL 4/29/15 19.10 N/A 2,047 44,057 15,926 16,357 17,126 17,598 9% 3% 5% 3%

MWIDE MEGAWIDE CONSTRUCTION CORP c

5.50 N/A N/A N/A N/A 2,399 13,197 10,880 10,042 14,797 16,578 33% -8% 47% 12%

PCOR PETRON CORP c

6.88 N/A N/A N/A N/A 9,375 64,501 463,638 482,535 346,372 404,315 9% 4% -28% 17%

Conglomerates 2,996,139 1,151,362 1,322,989 1,483,165 1,632,967 20% 15% 12% 10%

AC AYALA CORPORATION 755.00 BUY 3/11/15 877.00 762.00 619 467,799 136,941 156,416 171,498 184,927 25% 14% 10% 8%

AEV ABOITIZ EQUITY VENTURES INC 56.65 HOLD 7/15/15 52.75 45.00 5,539 314,649 89,570 107,989 99,862 110,294 15% 21% -8% 10%

AGI ALLIANCE GLOBAL 16.16 HOLD 7/9/15 23.24 18.50 10,147 165,960 113,206 120,595 138,924 146,679 20% 7% 15% 6%

COSCO COSCO CAPITAL INC 6.83 BUY 1/22/15 12.40 9.90 7,405 50,479 77,180 98,787 101,876 114,139 27% 28% 3% 12%

DMC DMCI HOLDINGS INC 12.60 HOLD 9/16/15 15.00 12.00 13,277 167,296 55,971 56,561 69,801 81,818 8% 1% 23% 17%

FPH FIRST PHILIPPINE HLDGS 66.00 BUY 9/21/15 151.00 125.00 554 36,551 92,953 99,191 99,712 110,297 -7% 7% 1% 11%

GTCAP GT CAPITAL HLDGS 1,298.00 HOLD 5/28/15 1,470.00 1,278.00 174 226,241 97,947 136,962 162,474 188,662 507% 40% 19% 16%

JGS JG SUMMIT HLDGS 69.90 HOLD 8/18/15 72.70 63.00 7,017 500,683 147,633 184,812 245,437 265,785 9% 25% 33% 8%

LTG LT GROUP INC c

10.06 N/A N/A N/A N/A 10,821 108,863 55,792 52,125 57,382 62,927 -11% -7% 10% 10%

MPI METRO PACIFIC INVESTMENTS 5.01 BUY 9/1/15 6.66 5.50 26,046 139,706 30,877 33,832 35,058 39,877 11% 10% 4% 14%

SM SM INVESTMENTS CORP 871.00 HOLD 6/3/15 833.00 724.00 796 699,461 253,293 275,718 301,142 327,561 13% 9% 9% 9%

SMC SAN MIGUEL CORP c

49.80 N/A N/A N/A N/A 2,378 118,451 748,241 782,434 - - 7% 5% - -

Consumer 1,074,274 400,396 461,675 541,073 598,925 24% 15% 17% 11%

CIC CONCEPCION INDUSTRIAL CORPORATION 40.00 HOLD 9/30/15 47.80 38.00 340 13,585 7,588 9,175 10,353 11,497 9% 21% 13% 11%

CNPF CENTURY PACIFIC FOOD INC 16.70 BUY 1/22/15 21.00 16.80 2,231 37,258 19,023 20,439 23,453 26,348 - 7% 15% 12%

DNL D&L INDUSTRIES INC 10.38 HOLD 8/17/15 8.90 7.70 7,143 74,143 10,766 16,121 23,360 25,546 69% 50% 45% 9%

EMP EMPERADOR INC 7.00 HOLD 6/30/15 9.58 7.60 16,120 112,840 28,607 31,458 43,224 44,846 25% 10% 37% 4%

JFC JOLLIBEE FOODS CORPORATION 192.60 HOLD 8/10/15 192.00 160.00 1,067 206,012 80,283 90,671 100,065 110,011 13% 13% 10% 10%

PGOLD PUREGOLD PRICE CLUB INC 31.65 BUY 5/15/15 50.00 41.00 2,766 87,540 73,177 84,697 95,701 107,039 27% 16% 13% 12%

PIP PEPSI-COLA PRODUCTS PHILS. INC c

4.16 N/A N/A N/A N/A 3,694 15,366 22,462 25,325 28,801 32,679 15% 13% 14% 13%

RFM RFM CORPORATION c

3.95 N/A N/A N/A N/A 3,500 13,827 10,240 11,010 11,925 13,011 -7% 8% 8% 9%

RRHI ROBINSONS RETAIL HOLDINGS INC 74.00 HOLD 5/20/15 81.50 67.00 1,385 102,490 67,254 80,401 92,615 105,470 17% 20% 15% 14%

URC UNIVERSAL ROBINA CORPORATION 188.50 BUY 8/11/15 228.00 190.00 2,182 411,213 80,995 92,376 111,577 122,478 14% 14% 21% 10%

Gaming 167,119 50,876 63,272 77,986 90,506 48% 24% 23% 16%

BEL BELLE CORP 3.01 BUY 6/22/15 4.95 3.90 10,559 31,679 2,624 3,164 6,482 7,622 431% 21% 105% 18%

BLOOM BLOOMBERY RESORTS CORP 5.18 HOLD 6/22/15 9.60 7.60 11,033 57,061 12,290 24,037 28,062 30,850 - 96% 17% 10%

LR LIESURE & RESORTS WORLD CORP c

7.96 N/A N/A N/A N/A 1,180 9,551 5,061 6,580 0 0 14% 30% 0% 0%

MCP MELCO CROWN PHILS RESORTS CORP 3.56 HOLD 6/22/15 8.00 6.40 4,911 17,621 53 430 14,001 22,266 - 712% 3154% 59%

RWM TRAVELLERS INTERNATIONAL HOTEL GROUP INC 3.25 BUY 4/15/15 8.30 6.60 15,756 51,207 30,848 29,060 29,442 29,768 5% -6% 1% 1%

Mining 218,403 48,243 63,379 60,026 68,565 9% 31% -5% 14%

NIKL NICKEL ASIA CORP 6.50 SELL 7/16/15 7.50 N/A 7,592 49,380 11,110 24,746 19,594 19,137 -4% 123% -21% -2%

PX PHILEX MINING CORP 4.77 HOLD 3/10/15 8.25 6.60 4,940 23,566 9,802 10,048 10,091 10,091 13% 3% 0% 0%

SCC SEMIRARA MINING 136.10 HOLD 9/16/15 161.50 129.00 1,069 145,457 27,331 28,585 30,341 39,338 13% 5% 6% 30%

Power 841,789 235,646 260,879 251,940 271,510 14% 11% -3% 8%

AP ABOITIZ POWER CORP 43.40 HOLD 6/29/15 46.60 40.00 7,359 319,363 72,055 86,759 75,937 84,346 16% 20% -12% 11%

EDC PNOC ENERGY DEV CORP 5.75 BUY 9/21/15 8.80 7.00 18,750 107,813 25,656 30,867 32,313 34,752 -10% 20% 5% 8%

FGEN FIRST GEN CORPORATION 22.00 BUY 9/21/15 35.80 31.00 3,643 80,541 81,284 84,755 88,453 98,628 26% 4% 4% 12%

MER MANILA ELECTRIC COMPANY 296.40 HOLD 7/6/15 299.00 260.00 1,127 334,072 56,651 58,498 55,238 53,784 11% 3% -6% -3%

Property 1,436,583 221,872 255,409 292,247 331,241 20% 15% 14% 13%

ALI AYALA LAND INC 33.80 BUY 8/10/15 44.61 38.00 14,190 496,712 76,337 89,028 109,214 127,236 40% 17% 23% 17%

CPG CENTURIES PROPERTIES GROUP 0.60 BUY 1/22/15 1.74 1.30 11,600 6,960 9,559 11,316 12,890 13,734 9% 18% 14% 7%

FLI FILINVEST LAND INC 1.65 BUY 1/22/15 2.42 2.10 24,250 40,012 12,513 15,468 15,586 18,075 17% 24% 1% 16%

MEG MEGAWORLD CORP 4.41 BUY 9/15/15 6.11 5.00 32,363 142,176 27,740 34,072 39,359 43,886 17% 23% 16% 12%

RLC ROBINSONS LAND 28.85 BUY 8/17/15 33.30 28.00 4,094 118,107 15,904 17,051 19,489 21,107 18% 7% 14% 8%

SMPH SM PRIME HOLDINGS 20.45 BUY 8/4/15 25.30 22.00 28,879 590,580 59,794 66,240 71,474 79,518 5% 11% 8% 11%

VLL VISTA LAND & LIFESCAPES INC 5.00 BUY 4/22/15 8.84 7.00 8,539 42,035 20,025 22,235 24,235 27,685 23% 11% 9% 14%

Telecoms 775,362 254,552 264,095 265,234 271,531 5% 4% 0% 2%

GLO GLOBE TELECOM INC 2,358.00 HOLD 2/17/15 1,800.00 1,440.00 133 313,003 90,500 99,025 105,768 111,919 9% 9% 7% 6%

TEL PHILIPPINE LONG DISTANCE TEL 2,140.00 HOLD 4/16/15 3,020.00 2,416.00 216 462,359 164,052 165,070 159,466 159,612 2% 1% -3% 0%

MARKET 9,073,747 3,315,312 3,696,540 3,893,607 4,305,391 17% 11% 5% 11%

PSEi 7,896,505 2,568,164 2,843,133 2,939,817 3,243,569 17% 11% 3% 10%

PSEi ex-TEL, GLO 7,121,143 2,313,612 2,579,038 2,674,583 2,972,038 19% 11% 4% 11%

* Source: Bloombergc

Consensus Forecast

Revenue Revenue Growth

PEG P/BV ROE Div Yield

Ticker 2013 2014 2015E 2016E 2013 2014 2015E 2016E 2013 2014 2015E 2016E 2013 2014 2015E 2016E 2013 2014 2015E 2016E 2015E 2015E 2015E 2015E

95,570 93,481 100,400 114,415 21% -2% 7% 14% 14% -8% 5% 13% 12.6 13.6 13.0 11.5 1.5 1.5 13.0 1.9%

BDO 22,608 22,805 25,413 28,716 56% 1% 11% 13% 6.22 6.27 7.00 7.92 38% 1% 12% 13% 16.9 16.7 15.0 13.3 1.2 2.0 13.5 2.0%

BPI 18,811 18,039 20,625 23,853 15% -4% 14% 16% 5.19 4.62 5.25 6.07 13% -11% 14% 16% 15.5 17.5 15.4 13.3 1.0 2.0 13.7 2.2%

CHIB 5,103 5,116 5,942 6,445 2% 0% 16% 8% 3.57 3.08 3.46 3.76 1% -14% 12% 8% 11.6 13.5 12.0 11.1 1.2 1.2 9.8 2.6%

EW 2,056 2,073 2,566 3,232 13% 1% 24% 26% 1.82 1.84 2.27 2.86 3% 1% 24% 26% 10.9 10.8 8.7 6.9 0.4 0.9 11.3 0.0%

MBT 22,488 20,113 19,608 21,619 46% -11% -3% 10% 8.02 7.15 6.24 6.64 47% -11% -13% 7% 10.3 11.5 13.2 12.4 0.0 1.4 11.7 1.2%

PNB 5,146 5,359 5,755 6,536 9% 4% 7% 14% 4.82 4.60 4.61 5.23 -32% -5% 0% 14% 10.3 10.8 10.8 9.5 1.6 0.7 6.9 0.0%

RCB 5,321 4,411 5,086 6,084 -11% -17% 15% 20% 3.95 3.11 3.98 4.53 -19% -21% 28% 14% 7.6 9.7 7.6 6.6 0.4 0.7 9.5 3.1%

SECB 5,012 7,164 7,793 9,365 -33% 43% 9% 20% 8.31 11.88 12.93 15.53 -33% 43% 9% 20% 16.8 11.8 10.8 9.0 0.8 1.6 15.8 1.6%

UBP 9,025 8,401 7,613 8,565 19% -7% -9% 13% 14.07 7.94 7.19 8.09 19% -44% -9% 13% 3.6 6.4 7.1 6.3 7.6 1.1 16.1 4.7%

29,045 27,748 39,185 46,253 16% -4% 41% 18% 11% -11% 53% 15% 17.9 20.2 13.2 11.4 0.4 1.6 12.7 1.8%

ABS 2,146 2,387 2,706 3,799 36% 11% 13% 40% 2.68 2.87 3.27 4.60 26% 7% 14% 40% 22.4 20.9 18.3 13.1 0.7 1.8 9.7 1.5%

CEB 512 853 6,487 6,510 -86% 67% 660% 0% 0.84 1.41 10.70 10.74 -86% 68% 659% 0% 103.9 61.9 8.2 8.1 0.0 1.7 21.1 1.1%

EEI 916 918 970 1,001 -6% 0% 6% 3% 0.88 0.89 0.94 0.97 -6% 0% 6% 3% 8.7 8.7 8.2 7.9 1.9 1.1 13.8 2.6%

GMA7 1,667 1,005 1,943 2,584 3% -40% 93% 33% 0.34 0.21 0.40 0.53 3% -40% 93% 33% 18.7 30.9 16.0 12.0 0.3 3.3 20.7 4.2%

ICT 7,318 8,080 8,865 10,243 21% 10% 10% 16% 3.06 3.51 4.38 5.06 23% 15% 25% 16% 24.6 21.4 17.2 14.9 0.9 2.0 11.6 1.1%

IMI 445 1,293 1,275 1,473 89% 191% -1% 16% 0.25 0.75 0.67 0.78 202% 196% -11% 16% 22.4 7.6 8.5 7.4 6.1 0.9 11.0 0.0%

LRI 3,647 3,212 4,794 5,565 30% -12% 49% 16% 0.64 0.57 0.67 0.78 31% -11% 17% 17% 14.1 15.9 13.5 11.6 0.8 2.7 20.6 5.8%

MWC 5,752 5,813 6,004 5,727 5% 1% 3% -5% 2.34 2.36 2.44 2.32 4% 1% 3% -5% 9.3 9.3 9.0 9.4 0.0 1.2 14.7 3.8%

MWIDE 1,396 868 1,294 1,549 38% -38% 49% 20% 1.13 0.35 0.54 0.65 24% -69% 54% 20% 4.9 15.7 10.2 8.5 0.3 0.9 9.1 0.9%

PCOR 5,247 3,320 4,848 7,800 208% -37% 46% 61% 0.46 (0.15) 0.46 0.79 473% -133% -409% 70% 15.0 (45.9) 14.9 8.7 0.0 1.0 5.3 0.7%

138,291 138,817 158,432 172,075 5% 0% 14% 9% 0% 2% 13% 8% 21.0 20.5 18.1 16.8 1.7 2.0 11.9 1.4%

AC 12,778 18,609 19,595 21,924 22% 46% 5% 12% 20.53 29.83 32.70 36.58 21% 45% 10% 12% 36.8 25.3 23.1 20.6 2.1 2.6 11.3 0.7%

AEV 21,027 18,381 17,549 19,166 -12% -13% -5% 9% 3.81 3.32 3.16 3.45 -12% -13% -5% 9% 14.9 17.0 17.9 16.4 9.5 2.6 14.7 2.0%

AGI 17,218 13,246 14,362 15,407 24% -23% 8% 7% 1.70 1.31 1.41 1.51 24% -23% 8% 7% 9.5 12.4 11.5 10.7 1.5 1.2 10.5 2.5%

COSCO 3,332 4,027 4,470 4,873 118% 21% 11% 9% 0.45 0.54 0.60 0.66 114% 21% 11% 9% 15.2 12.6 11.3 10.4 1.1 1.0 9.1 0.0%

DMC 18,864 10,775 13,146 15,746 94% -43% 22% 20% 1.43 0.81 0.99 1.19 93% -43% 22% 20% 8.8 15.6 12.7 10.6 0.6 2.5 16.1 3.8%

FPH 2,350 5,632 5,385 6,315 -74% 140% -4% 17% 4.09 10.10 9.60 11.26 -75% 147% -5% 17% 16.1 6.5 6.9 5.9 1.2 0.5 7.7 3.0%

GTCAP 8,963 9,153 12,685 14,995 36% 2% 39% 18% 49.70 52.51 72.78 86.03 12% 6% 39% 18% 26.1 24.7 17.8 15.1 0.6 1.8 14.7 0.7%

JGS 10,434 18,245 23,759 23,815 -23% 75% 30% 0% 1.53 2.60 3.39 3.39 -23% 70% 30% 0% 45.7 26.9 20.6 20.6 1.4 2.4 11.4 0.3%

LTG 8,669 4,410 5,870 7,570 -32% -49% 33% 29% 0.85 0.41 0.55 0.70 -41% -52% 33% 29% 11.8 24.5 18.5 14.3 0.6 0.9 4.7 1.3%

MPI 7,209 7,940 10,755 9,446 22% 10% 35% -12% 0.28 0.31 0.39 0.34 16% 10% 27% -12% 18.0 16.4 13.0 14.8 2.4 1.2 9.4 2.0%

SM 27,446 28,399 30,857 32,818 11% 3% 9% 6% 34.85 35.66 38.42 40.87 10% 2% 8% 6% 25.0 24.4 22.7 21.3 3.2 2.5 11.6 1.6%

SMC 38,053 14,692 - - 42% -61% - - 13.43 3.61 - - 54% -73% - - 3.7 13.8 - - - - - -

31,627 37,803 41,209 46,275 35% 20% 9% 12% -14% 8% 2% 13% 30.3 28.2 27.7 24.4 3.8 4.6 17.5 1.4%

CIC 541 637 720 823 27% 18% 13% 14% 2.21 1.88 2.12 2.42 -32% -15% 13% 14% 18.1 21.3 18.9 16.5 1.4 4.2 22.5 1.4%

CNPF 744 1,592 1,825 2,150 - 114% 15% 18% 0.50 0.76 0.82 0.96 - 52% 8% 18% 33.4 22.0 20.4 17.3 1.6 4.0 21.3 1.1%

DNL 1,399 2,719 2,326 2,686 38% 94% -14% 15% 0.39 0.76 0.33 0.38 -5% 95% -57% 15% 26.6 13.7 31.9 27.6 0.0 5.9 19.7 0.9%

EMP 5,831 6,204 6,845 7,107 17% 6% 10% 4% 0.52 0.41 0.42 0.44 -73% -21% 4% 4% 13.5 17.1 16.5 15.9 4.5 2.3 7.6 2.6%

JFC 4,672 5,362 5,507 6,575 25% 15% 3% 19% 4.36 4.96 5.12 6.10 24% 14% 3% 19% 44.2 38.9 37.6 31.5 3.4 6.8 19.0 0.9%

PGOLD 3,959 4,520 4,894 5,427 46% 14% 8% 11% 1.43 1.63 1.77 1.96 29% 14% 9% 11% 22.1 19.4 17.9 16.1 1.8 2.3 13.5 1.0%

PIP 903 811 891 996 6% -10% 10% 12% 0.24 0.22 0.24 0.27 4% -8% 9% 13% 17.3 18.9 17.3 15.4 1.6 1.8 10.8 1.7%

RFM 788 838 951 1,140 17% 6% 13% 20% 0.25 0.25 0.27 0.33 16% 0% 8% 22% 15.9 15.8 14.6 12.0 1.0 - 10.2 1.8%

RRHI 2,745 3,561 4,307 4,505 129% 30% 21% 5% 3.79 2.60 3.15 3.30 31% -31% 21% 5% 19.5 28.5 23.5 22.5 1.9 2.4 9.2 1.2%

URC 10,045 11,559 12,944 14,866 29% 15% 12% 15% 4.60 5.30 5.93 6.81 24% 15% 12% 15% 41.0 35.6 31.8 27.7 2.4 6.7 21.2 1.8%

2,925 6,166 4,470 9,400 -57% 111% -28% 110% 85% 95% -51% 57% 25.6 13.2 27.1 17.3 -2.1 1.8 5.6 2.6%

BEL 3,640 2,202 1,094 2,270 555% -39% -50% 107% 0.36 0.22 0.11 0.22 557% -39% -50% 107% 8.5 13.9 28.1 13.6 20.3 1.3 4.5 6.0%

BLOOM (1,315) 4,072 1,731 2,881 - - -58% 67% (0.12) 0.38 0.16 0.26 - - -59% 67% - 13.6 33.0 19.8 0.0 2.1 6.4 1.0%

LR 324 750 0 0 16% 132% 0% 0% 0.22 0.52 0.00 0.00 -24% 141% 0% 0% 36.9 15.3 0.0 0.0 0.0 0.0 0.0 0.0%

MCP (2,463) (6,303) (3,873) (1,376) - - -39% -64% (0.74) (1.35) (0.79) (0.28) - - -42% -64% - - - - 0.1 1.9 (43.0) 0.0%

RWM 2,740 5,445 5,519 5,625 -59% 99% 1% 2% 0.17 0.35 0.35 0.36 -59% 101% 0% 2% 18.7 9.3 9.3 9.1 9.3 1.2 12.5 2.1%

9,915 16,418 15,519 18,404 13% 66% -5% 19% 17% -42% -1% 21% 8.5 14.8 15.0 12.4 1.6 3.7 20.1 2.2%

NIKL 2,054 8,552 6,187 6,058 -7% 316% -28% -2% 0.27 1.12 0.81 0.80 -7% 314% -28% -2% 23.9 5.8 8.0 8.1 0.0 1.6 19.8 5.3%

PX 342 1,006 1,036 896 64% 194% 3% -14% 0.07 0.20 0.21 0.18 64% 196% 3% -14% 69.1 23.4 22.7 26.3 0.0 1.0 4.4 1.6%

SCC 7,520 6,861 8,296 11,451 18% -9% 21% 38% 21.11 6.42 7.76 10.71 18% -70% 21% 38% 6.4 21.2 17.5 12.7 0.6 24.8 33.6 2.9%

45,540 55,015 50,314 55,055 -22% 21% -9% 9% -30% 41% -15% 11% 19.8 14.0 16.4 14.7 -6.3 2.3 17.3 4.0%

AP 18,577 16,705 16,716 18,062 -24% -10% 0% 8% 2.52 2.27 2.27 2.45 -24% -10% 0% 8% 17.2 19.1 19.1 17.7 4.8 3.1 16.5 3.5%

EDC 4,740 11,681 8,515 9,336 -47% 146% -27% 10% 0.25 0.62 0.45 0.50 -48% 147% -27% 10% 22.8 9.2 12.7 11.5 0.0 2.3 17.9 4.3%

FGEN 5,013 8,575 6,595 8,240 -37% 71% -23% 25% 0.98 1.85 1.30 1.75 -49% 90% -30% 34% 22.5 11.9 16.9 12.5 0.0 0.9 6.8 3.3%

MER 17,211 18,053 18,488 19,417 1% 5% 2% 5% 15.27 16.02 16.40 17.23 1% 5% 2% 5% 19.4 18.5 18.1 17.2 4.9 4.0 22.2 4.4%

52,291 71,552 67,020 75,687 13% 37% -6% 13% 10% 31% -6% 13% 27.3 20.8 22.1 19.5 6.6 2.3 11.2 1.2%

ALI 11,742 14,803 16,701 19,261 30% 26% 13% 15% 0.84 1.05 1.14 1.31 24% 25% 8% 15% 40.2 32.2 29.7 25.8 2.5 3.7 13.9 1.3%

CPG 1,845 2,159 2,321 2,473 0% 17% 7% 7% 0.19 0.19 0.20 0.21 -9% -4% 7% 7% 3.1 3.2 3.0 2.8 0.4 0.5 0.2 2.9%

FLI 3,918 4,534 5,092 5,970 14% 16% 12% 17% 0.16 0.19 0.21 0.25 14% 19% 11% 17% 10.3 8.7 7.9 6.7 0.6 0.7 9.5 3.2%

MEG 8,971 21,220 10,160 11,192 23% 137% -52% 10% 0.31 0.67 0.31 0.35 10% 118% -53% 10% 14.3 6.6 14.1 12.8 0.0 1.2 8.8 0.9%

RLC 4,478 4,737 5,616 6,185 6% 6% 19% 10% 1.09 1.16 1.37 1.51 5% 6% 18% 10% 26.5 24.9 21.0 19.1 1.5 2.1 10.3 1.4%

SMPH 16,275 18,390 20,911 23,579 0% 13% 14% 13% 0.59 0.66 0.72 0.82 0% 13% 10% 13% 34.9 31.0 28.2 25.0 2.5 2.6 10.1 0.7%

VLL 5,063 5,710 6,220 7,027 15% 13% 9% 13% 0.59 0.67 0.73 0.82 14% 13% 9% 13% 8.4 7.5 6.9 6.1 0.6 0.7 0.1 2.7%

40,380 47,467 47,757 45,659 -6% 18% 1% -4% -4% 6% 1% -4% 15.8 15.0 14.9 15.4 -9.4 3.4 23.4 6.4%

GLO 4,960 13,376 13,519 12,433 -28% 170% 1% -8% 37.25 100.60 101.58 93.42 -28% 170% 1% -8% 63.3 23.4 23.2 25.2 0.0 5.6 24.5 3.2%

TEL 35,420 34,091 34,238 33,227 -2% -4% 0% -3% 163.67 157.51 158.28 153.60 -2% -4% 0% -3% 13.1 13.6 13.5 13.9 0.0 3.1 23.1 7.3%

435,669 478,049 508,787 564,820 5% 10% 6% 11% 2% 5% 5% 10% 19.1 18.2 17.4 15.8 4.0 2.1 14.2 2.1%

357,730 392,006 408,907 450,720 8% 10% 4% 10% 339 351 363 397 5% 4% 3% 10% 20.3 19.8 18.9 17.3 4.4 2.4 14.5 2.1%

317,350 344,539 361,150 405,061 10% 9% 5% 12% 10% 4% 5% 12% 21.4 20.5 19.5 17.5 4.4 2.3 13.5 1.6%

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