FIRST NEWS October 17, 2019 1 of 6

Stocks slipped on Wednesday after U.S. retail sales fell for the first time in PSEi 7,915.30 +74.99 +0.95%
seven months in September, offsetting a good start to the third-quarter
corporate earnings reporting season
- An angry response from China to legislation passed by the U.S. House of Day Range 7,814.47 - 7,915.30
Representatives in support of Hong Kong pro-democracy protesters also cast
doubt on prospects for the future of the trade deal between the two countries 52wk Range 6,790.58 - 8,419.59
announced last Friday.
Advances - Declines - Unchanged 87 - 93 - 62
PSEi 7,915.30 +74.99 +0.95% (Forward P/E 16.5x), NFB 841 Million

Market Outlook as of 4 October 2019 Block Sale Value (Php) 161 Million

Next Supports at 7300 (15.2x, -13% from high) to 6790 (14.1x) present good Volume (shares) 715 Million
opportunities for attractive valuation and technicals
- Market pierces August 15 low of 7622 (-9.4%). Now at 7545 (-10.4% from 8419
high) Value (Php) 5.55 Billion
- Next support at May 2019 low of 7482 (15.5x, would be -11% from high)
- Next Supports 7300 (15.2x, -13%), 7170 (14.9x, -15%), Oct 2019 low of 6790 Foreign Buying (Php) 3.60 Billion
(-19%)
Foreign Selling (Php) 2.75 Billion
Recall November 2018 Report on Major Declines & Rallies (just after the the
October 2018 bottom); Deepest declines ranged 20% - 25% and 13-18x P/E
- Meanwhile subsequent rallies were 33% - 46% and 16 - 24x P/E. In 2018, Net Foreign B(S) (Php) 841 Million
catalysts aside from attractive valuation and catalysts through positive sentiment
from rice tarification, foreseen spending in seasonal 4Q and mid-term elections,

etc.
Most Value Most Value Index Change
Strategy
- Good to buy here : Note that Average 5-10YR P/E lows are 13.5 - 14.2x Active (mn) Active (mn) Advancers
- Good point to confirm exit strategy: Average 10YR P/E at 16.5x (All) (Index) / Decliners
- What market is hoping for consensus not considering bigger positive catalysts
apart from earnings growth : Base Case Targets are 8400 (17.5x) and 8800 SM 649 SM 649 JFC 4.08%
(18.3x).
BPI 340 BPI 340 ALI 2.29%
Maintain : Stock Picks
1. Infrastructure spending (i.e. SMC, MWIDE);
2. Homegrown regional and international expansion (i.e. AC, JFC, ICT); MPI 339 MPI 339 AGI 1.92%
3. Transforming domestic spaces - Logistics (ALLHC), Renewable Energy
(FGEN, PHEN), 1st and 2nd-class municipalities (DD, WLCON, DNL), ALI 330 ALI 330 SMPH 1.44%
FinTech (GLO), Telco (C, ISM), Tourism (ALI, SMPH, BLOOM), Agriculture
(ANI);
SMPH 224 SMPH 224 SMPH 1.36%
Fundamentals
(+) Local Macro Environment turning around as Inflation slows and new norm of URC 219 URC 219 BLOOM -2.20%
Wider Trade Deficit and Weaker Peso.
(-) Slowing GDP growth; Monetary easing policy to slow MEG 217 MEG 217 PGOLD -1.60%
(-) External Risks Remain: US-China Trade Concerns; HK-China Geopolitics
Concerns
SECB 209 SECB 209 SCC -0.87%
As of week-end October 11, 2019, YTD Figures
- PSEi Trailing 16.81x (vs. 16.50x last week); vs. 19.45x (week ending Feb 1) AC 197 AC 197 MBT -0.73%
- PSEi +5.14% (vs. 3.20% last week); vs. +10.77% (week ending July 19)
- YTD NFB: P4.13-Billion (vs. 622-Million last week); vs. week ending May 3 is
MBT 188 MBT 188 JFC -0.17%
YTD high of P43.20-Billion

2017 - 2018 Notes

- End-2018, PSEi 7,466.02 (15.5x 2019 P/E), -12.76% y/y; NFS P60.87-billion;
NFS High P96.37-billion [before the FB P34-billion offer in November] WORLD INDICES OCT 16 OCT 17 CHG
- End-2017, PSEi 8,558.42 +25.11% y/y; NFB P56.21-billion

Dow Jones 27,024.80 27,001.98 -0.08%

S&P 500 2,995.68 2,989.69 -0.20%

PSEi 2019F P/E(x) NKY 225 22,207.21 22,472.92 1.20%

9476 19.7 Ave. 5YR P/E SSE (Shanghai) 2,991.05 2,978.71 -0.41%
9078 18.9 Jan 29, 2018
All-time High CURRENCIES (USD:) OCT 16 OCT 17 CHG
8800 18.3 Base Case +29% from 2018 low
1YR Target PHP 51.66 51.58 -0.15%

8400 17.5 Base Case +23% from 2018 low JPY 108.80 108.68 -0.11%
1YR Target

8419 17.5 2019 High so far +24% from 2018 low EUR 0.91 0.90 -1.10%
July 16
CNY 7.08 7.10 0.28%
7996 16.5 Ave. 10YR P/E

7915 16.5 CURRENT COMMODITIES OCT 16 OCT 17 CHG

7514 15.6 2019 Low so far
WTI Crude (USD/bbl.) 53.02 52.82 -0.38%
Note: Tested below
Aug 2019 low 7622
(15.8x) Brent Crude (USD/bbl.) 58.96 59.42 0.78%

7482 15.6 Support -11% from 8419 high Gold (USD/oz.) 1,485.40 1,494.40 0.61%
7466 15.5 End-2018
Copper (USD/lb.) 261.05 258.50 -0.98%
7300 15.2 Support -13% from 8419 high

7170 14.9 Support Nickel (USD/lb) 7.8041 7.6237 -2.31%

6830 14.2 Support Laterite Nickel Ni 1.5%, 43.50 42.50 -2.30%

Ave. 5YR Low P/E Fe15-25% (USD/wmt) Ave.

6790 14.1 Support -19% from 8419 high

Oct 11, 2018 Year Low Laterite Nickel Ni 1.8%, 79.00 78.50 -0.63%
Fe15-20% (USD/wmt) Ave.
6494 13.5 Support
Ave. 10YR Low P/E Coal (USD, MT) 67.40 68.67 1.88%

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FIRST NEWS October 17, 2019
INT’L
- European equities are back to YTD highs, but further upside is
possible into year-end if trade and Brexit outcomes turn out to
be successful says Barclays
ASIA
- India’s central bank may add to five interest-rate cuts of this
year to support a slowing economic growth.
RSI 70 OVERBOUGHT - CNPF
RSI 30 OVERSOLD- AXLM HOUSE EMP
52-WEEK HIGH - none
52-WEEK LOW - JAS HI
COMPANIES
Share Buy-Back Transactions : EMP, AGI
BPI 94.00 : 3Q19 Net Income +38.6% to P8.29-Billion; 9M Net
Income +29.5% P22.03-Billion
- 9M Revenues up 24.8% to P71.0B on Net Interest Income
(+19.85), Loans up 8.2%, Loans: consumer+12.5%, corporate
+7.4%
- CASA Deposit Ratio stood at 69.1% while the Loan-to-Deposit
Ratio was at 84.7%.
- Total Assets stood at P2.13 trillion, +8.4% y/y
- Return on Assets at 1.4%
- Total Equity P267.85B, a strong capital position to support
future growth, with an indicative Common Equity Tier 1 Ratio of
15.87% & Capital Adequacy Ratio of 16.76%
PHEN 2.77 : AC ENERGY PHILIPPINES, INC. plans to raise
capital through a rights offering.
- Phinma Energy Corp. to AC Every Philippines, Inc.
- Additional capital will be used for investments in greenfield
projects and acquisition of power assets, including part of AC
Energy’s on-shore power generation and development assets.
SMC 166.00 : Toll hike suspended to make up for SLEX
TRAFFIC, says RSA
ALI 49.10 : The global financial community also voted ALI for
having the Best Chief Executive Officer, IR Professional and
IR Company.
ALI 49.10 : Ranked Best in Environmental, Social and
Governance (ESG) and Socially Responsible Investment
(SRI) Reporting, as well as Best in Corporate Governance.
- ALI SVP, CFO, CCO & Treasurer, Mr. Augusto D. Bengzon,
receives the Best CFO in the Philippines award from
Institutional Investor Magazine during the 2019 All-Asia
Executive Team-ASEAN Most Honored Companies Awards
held in Singapore last October 11, 2019
AUB 57.40 : Asia United Bank to Offer Maiden 3-Year Peso
Bonds at 4.625%
AUB 57.40 : AUB joins ‘bond-wagon’ with P3-Billion offer
- The offering was a three-year tenor was priced to yield 4.625%
per annum
- This is the first tranche of the P30-billion bond program recently
approved by the bank’s board.
- The offering started on Wednesday (Oct. 16) and will run until
Oct. 30 this year.
- The bonds are targeted to be listed on the Philippine Dealing
Exchange on Nov. 7, 2019.
MER 367.00 : MGen pitches 110MW floating solar facility on
Laguna de Bay; awaits go-ahead from the Laguna Lake
Development Authority
- The Meralco group has earlier announced a plan, through
MGen Renewable Energy Inc. (MGreen), to invest in 1,000 MW
of renewable energy projects over the next 5-7 years
- “This [floating solar project] can be done in about 10 months,
[but] the requirement is to have a pilot project first,” Singson
said. “You have to start at a smaller scale.”
- Earlier this October, Meralco said its board agreed to inject
P424 million in funds that would contribute to the P10-billion
cost of MGreen’s pipeline of solar projects - Earlier this
October, Meralco said its board agreed to inject P424 million in
funds that would contribute to the P10-billion cost of MGreen’s
pipeline of solar projects
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2 of 6
- MGreen is intended to be the Meralco group’s platform for
other renewable energy projects including wind and run-on-
river hydro power.
- MGen, along with Thai partner Electricity Generating PCL, or
EGCO Group, last September started the commercial
operations of their 455-MW San Buenaventura power plant in
Quezon province.
MPI 4.95 : MPIC still has voting rights in hospital arm
- MPI will retain 45% voting rights in Metro Pacific Hospital
Holdings Inc. (MPHHI) but its economic interest in the country’s
leading hospital operator will be diluted to 20 percent following
a deal with a consortium led by American private equity firm
KKR.
- After selling a 42% stake in the hospital business to the KKR-
led consortium for P35.3 billion, MPIC’s economic interest in
MPHHI will go down to 20% from 60%
- The consortium includes MPHHI’s existing investor GIC, the
sovereign wealth fund of Singapore, which will invest more in
the business while restructuring its existing interest, currently at
40%
- Part of KKR-GIC’s investment will be in a local holding firm
called Apollo, which will be 65.1% owned by MPIC and 34.9%
by the foreign consortium.
- In effect, Apollo will have 56.25% voting rights in MPHHI,
suggesting that MPIC will have 36.6% of the company’s total
voting rights via this indirect stake, while 19.6% voting rights
will be attributable to KKR-GIC.
- Outside of Apollo, however, Metro Pacific will have 8.77%
additional voting rights from its remaining direct equity while
KKR-GIC will have 34.98% also through direct equity.
- In terms of total economic interest, however, the deal will give
KKR-GIC control of 80% of MPHHI, combined with the existing
shares already held by GIC.
- This transaction valued lock, stock and barrel of MPHHI at
around P83 billion ($1.6 billion).  Based on management
estimates, this would be equivalent to 22x MPHHI’s prospective
cashflow and 58x the likely earnings this 2019. (Note: Below
market expectation of $2-3-Billion valuation from prospective
IPO)
FEU 925.00 : FEU swings to profit in first quarter, driven by
the higher volume of enrollees and revenues from a property
sale of one of its subsidiaries
- Posted attributable net profit of P32.98 million in the quarter
ending August, swinging from an attributable net loss of P8.37
million in the same period last year.
- Revenues reached P614.06 million as of Aug. 31, 40% higher
from the same period last year, largely due to the P37.99-
million revenues generated by its subsidiary from selling
condominium units.
- Educational revenues, which added P565.95 million to the
revenue pie, increased 31.6% from last year due to the bigger
system-wide enrollment which hit a student population of
43,334 in the first semester of the AY from about 39,900 last
year.
- FEU said the increase in students is due to the bigger volume
of freshmen graduating from senior high school.
- “This current AY marks the entry of the 2nd batch of senior high
school graduates to college; last AY, the 2nd  year level in
tertiary has very few students due to the K-12,” it said.
- Operating expenses during the period also jumped 23% to
P575.53 million, coming mostly from a certain non-recurring
local tax expense, higher depreciation on continuous fixed
asset additions and an increase in related operational costs
due to the bigger student population.
FIRST NEWS October 17, 2019 3 of 6

HOUSE 15.00 : 8990 Holdings President & CEO Willibaldo J. - In a report last month, the World Bank said the 12-year-old
Uy passes away conditional cash transfer scheme called Pantawid Pamilyang
- Mr. Uy’s post will be filled by Alexander Ace Sotto, chief Pilipino Program (4Ps) slashed the nationwide poverty rate by
operating officer of 8990 Holdings, until the appointment of a 1.2-1.5 percentage points (ppt) between 2012 and 2015.
new president. - 4Ps also reduced income inequality by 0.5-0.6 ppt in the same
- Mr. Uy held concurrent positions within the Phinma Group of period,
Companies. - Citing the latest Philippine government data, the World Bank
- Mr. Uy was also a member of the board of directors of Microtel noted that poverty incidence slid to 21 percent in the first half of
Development Corp., Phinma BPO, Union Galvasteel Corp., 2018 from 27.6 percent during the same period of 2015 “as real
Trans-Asia Renewable Energy Corp., Phinma Foundation, Inc. wages continue to rise, and employment continues to expand
and Mariposa Foundation, Inc. towards nonagriculture wage employment.”
- He likewise sat as president and chairman of the board of - The latest poverty incidence figure is equivalent to 23.1 million
Rockwell Center Association, Inc. He was also the managing poor Filipinos, down from the 28.8 million below the poverty
director of CMTC International Marketing Corp. and treasurer threshold three years ago.
and director of American Home Appliance Marketing Corp. - “However, the high inflation experienced in the second half of
2018, especially among lower-income households, may have
Philippine Rail Project to Clark Airport is part of the P777.6- dampened the gains from higher wage and salary incomes,”
Billion North-South Commuter Railway project, a network - “What we hope is that the increase in income will offset the
spanning 148 kilometers with 37 stations that will be partly increase in prices in the second semester of 2018,” Neda
financed by the ADB and JICA Assistant Secretary Carlos Bernardo Abad Santos said in April.
- 340,000 passengers daily - The Philippine Statistics Authority will release the full-year 2018
- 53-km PNR Clark Phase 2 poverty data in December.
- Phase 2 targeted for partial operations by 2022 - Moving forward, the World Bank said that fostering high-quality
job creation and boosting human capital investment would
6 big firms submit bids for PNR Clark phase 2 contracts enhance the impact of economic growth on poverty reduction
- Five international companies and a local firm submitted bids for and shared prosperity.
the contract packages four and five of the PNR Clark Phase 2,
which would pave the way for the country’s first airport express
railway service.
- PNR Clark Phase 2 is a 53-kilometer segment from Malolos,
Bulacan, to Clark, Pampanga, which forms part of the massive
North South Commuter Railway (NSCR). The project is slated
for “partial operations” by 2022.
- The companies that submitted bids were Acciona (Spain), EEI
Corp. (Philippines), GS Engineering & Construction (Korea),
Posco Engineering & Construction (Korea), PT Waskita
(Indonesia) and PT Wika (Indonesia).
- Contract Package 4 runs 8-km and includes Clark International
Airport Station. The Package 5  contract covers the NSCR’s
Clark depot.
- PNR Clark Phase 2 will extend the project’s phase 1, which will
run from Tutuban in Manila to Malolos.
- The new line will reduce travel time between Malolos, Bulacan,
and Clark International Airport to half an hour and from Buendia
in Makati to Clark airport from two hours via car to just 55
minutes through the airport express. It aims to serve 340,000
passengers daily on its opening year.
- PNR Clark Phase 2 is part of the P777.55-billion North-South
Commuter Railway, one of the DOTr’s biggest infrastructure
projects. The 147-km network will be financed by the Asian
Development Bank and the Japan International Cooperation
Agency.
- The DOTr is eyeing to bid out more contract packages before
the end of the year.
- The bid submission for PNR Calamba Package 1 (1-km
including Blumentritt Station) has been set on Nov. 5.
- Moreover, the department plans to launch a tender for the
NSCR’s 304 Commuter Train Cars, 56 Airport Express Train
Cars, and Electromechanical Systems within the last quarter of
2019.

DOF: Shift to new tax perks regime will take just 5 years
- House Bill No. 4157— Corporate Income Tax and Incentives
Rationalization Act (Citira)’s version earlier passed by the
House of Representatives—provided for the five-year transition
period.
- Citira would not only rationalize fiscal incentives but also
gradually cut the corporate income tax rate to 20 percent from
30 percent at present—the highest in the Association of
Southeast Asian Nations.
- Among other possible refinements that will be discussed by the
DOF, the DTI and Peza is the definition of exports. The current
system does not include sales to other Peza-registered export-
oriented enterprises.

PH poverty rate seen falling below 20% starting 2020

- Based on Macro Poverty Outlook for East Asia and the Pacific
report
- World Bank projected poverty incidence in the Philippines at
20.8% by the end of 2019, down from 26% in 2015, the latest
comparable full-year date from the Philippine government.
- The World Bank had estimated poverty incidence in the
Philippines at 24.5% for 2016, 23.1% for 2017 and 21.9% for
2018.
- Its medium-term poverty projections were based on the lower
middle-income poverty line of $3.20 per day.
- At that threshold, the World Bank sees the Philippines’ poverty
rate further declining to 19.8% next year and 18.7% in 2021.

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FIRST NEWS October 17, 2019 4 of 6

ALERT : Updated Market Outlook as of 4 October 2019

Next Supports at 7300 (15.2x, -13% from high) to 6790 (14.1x) present good opportunities for attractive valuation and technicals
- Market pierces August 15 low of 7622 (-9.4%). Now at 7545 (-10.4% from 8419 high)
- Next support at May 2019 low of 7482 (15.5x, would be -11% from high)
- Next Supports 7300 (15.2x, -13%), 7170 (14.9x, -15%), Oct 2019 low of 6790 (-19%)
Recall November 2018 Report on Major Declines & Rallies (just after the the October 2018 bottom); Deepest declines ranged 20% - 25% and 13-18x P/E
- Meanwhile subsequent rallies were 33% - 46% and 16 - 24x P/E. In 2018, catalysts aside from attractive valuation and catalysts through positive sentiment from rice tarification,
foreseen spending in seasonal 4Q and mid-term elections, etc.

Strategy
- Good to buy here : Note that Average 5-10YR P/E lows are 13.5 - 14.2x
- Good point to confirm exit strategy: Average 10YR P/E at 16.5x
- What market is hoping for consensus not considering bigger positive catalysts apart from earnings growth : Base Case Targets are 8400 (17.5x) and 8800 (18.3x).
Stock Picks
1. Infrastructure spending (i.e. SMC, MWIDE);
2. Homegrown regional and international expansion (i.e. AC, JFC, ICT);
3. Transforming domestic spaces - Logistics (ALLHC), Renewable Energy (FGEN, PHEN), 1st and 2nd-class municipalities (DD, WLCON, DNL), FinTech (GLO), Telco (C, ISM),
Tourism (ALI, SMPH, BLOOM), Agriculture (ANI)

Reference : Nov 18 Report on Major Declines & Rallies

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FIRST NEWS October 17, 2019 5 of 6

Stock Price 52- % 52WK % 2018F 2019F TP Upsi 2016 2017 2018 2019 2020 Buy
10-1 week from High from P/E P/E or de EPS EPS / EPS / EPS / EPS / Belo
6 Low 52WK 52WK PBV / BV BV BV BV BV w
Low High

1 AC 878.00 838.00 5% 1007.00 -13% 17 15 1101 25% 39.30 46.00 51.00 59.40 71.30 917.50

FLC 10-18 17.05% 10.87% 16.47% 20.03%

2 ALI 49.10 38.00 23% 53.85 -9% 25 21 50.50 3% 1.43 1.71 1.98 2.30 2.67 42.08

FLC 10-18 19.58% 15.79% 16.16% 16.09%

3 AP 39.30 31.20 21% 39.50 -1% 12 11 42.60 8% 2.72 2.77 3.21 3.68 4.13 35.50

FLC 1.84% 15.88% 14.64% 12.23%

02-14-19

4 BDO 149.00 106.60 28% 154.00 -3% 2.04 1.85 141.00 -5% 59.50 68.80 73.20 80.40 88.40 117.50

15.63% 6.40% 9.84% 9.95%

5 BLOOM 10.66 7.30 32% 13.14 -19% 15 15 14.00 31% 0.21 0.55 0.70 0.71 0.90 11.67

FLC 11-18 161.90% 27.27% 1.43% 26.76%

6 BPI 94.00 77.25 18% 95.70 -2% 1.70 1.57 110.00 17% 40.80 44.60 55.30 59.70 65.10 91.67

9.31% 23.99% 7.96% 9.05%

7 CEB 96.45 58.00 40% 98.90 -2% 14.84 8.17 101 16.10 13.10 6.50 11.80 15.40 84.17

-18.63% -50.38% 81.54% 30.51%

8 CNPF 15.16 12.90 15% 16.54 -8% 21 18 17.20 13% 0.58 0.75 0.72 0.83 0.95 1.00

FLC 10-18 29.31% -4.00% 15.28% 14.46%

9 DD 20.70 17.14 27.30

FLC
01-18-19

10 DNL 8.43 8.75 -4% 12.00 -30% 18 17 11.90 41% 0.37 0.41 0.46 0.51 0.59 9.92

FLC 10-18 10.81% 12.20% 10.87% 15.69%

11 EAGLE 15.42 13.98 9% 16.70 -8% 17 13 18 17% 0.85 0.92 1.23 15.00

FLC 10-18 8.24% 33.70%

12 GTCAP 860.00 611.57 29% 1,047.22 -18% 11 10 1083 26% 81.10 70.30 75.00 85.90 90.20 902.50

FLC 10-18 -13.32% 6.69% 14.53% 5.01%

13 ICT 121.30 87.30 28% 148.90 -19% 28 17 109 -10% 3.52 3.68 4.32 5.40 7.02 90.83

FLC 11-18 4.55% 17.39% 25.00% 30.00%

14 JFC 233.00 217.20 7% 328.40 -29% 33 29 320.00 5.61 6.48 7.15 8.10 9.44

15.51% 10.34% 13.29% 16.54%

15 MAC 18.30 11.80 36% 23.00 -20% 27 23 23.60 0.68 0.79 0.97 19.67

FLC 16.18% 22.78%

03-21-19

16 MBT 68.00 64.00 6% 84.80 -20% 0.96 0.88 96.70 42% 58.90 61.20 71.00 77.10 84.50 80.58

3.90% 16.01% 8.59% 9.60%

17 MPI 4.95 4.11 17% 5.56 -11% 11 10 7.50 52% 0.38 0.42 0.47 0.49 0.53 6.25

10.53% 11.90% 4.26% 8.16%

18 MWIDE 18.00 14.02 22% 23.00 -22% 28 20 24.70 37% 0.57 0.70 0.65 0.88 1.19 20.58

FLC 10-18 22.81% -7.14% 35.38% 35.23%

19 PGOLD 39.90 39.60 1% 50.30 -21% 17 16 53.00 2.00 2.10 2.36 2.54 2.89

FLC 5.00% 12.38% 7.63% 13.78%

03-12-19

20 SCC 22.80 19.80 13% 31.00 -26% 6 6 41.10 80% 2.82 3.33 3.81 3.77 4.17 34.25

18.09% 14.41% -1.05% 10.61%

21 SECB 198.40 132.10 33% 204.00 -3% 1.34 1.25 208.00 5% 136.00 139.00 148.00 159.00 173.00 173.33

FLC 2.21% 6.47% 7.43% 8.81%

01-22-19

22 SM 1004.00 831.00 1037.00 -3% 32 28 960.00 25.90 27.33 31.07 35.54 39.87 800.00

FLC 5.52% 13.68% 14.39% 12.18%

01-30-19

23 SMPH 38.65 31.45 19% 42.50 -9% 35 31 42 9% 0.83 0.96 1.11 1.23 1.35 35.00

FLC 15.66% 15.63% 10.81% 9.76%

01-30-19

24 UBP 59.10 57.00 4% 78.95 -25% 0.78 0.75 75 61.80 67.60 75.50 78.60 84.40 62.50

FLC 9.39% 11.69% 4.11% 7.38%

02-14-19

Youtube
25 How iTRADE
WLCON 16.82Twitter
9.94 @itradeph
41% Web www.itrade.ph
9.00 87% 44 E-mail
38 research@itrade.ph
14.5 -14% Bloomberg
0.37 DMMA
0.38 <GO> ERH DMM
0.44 0.51 <GO>12.08

15.79% 15.91%

Ave 16.75% 15.21%

FIRST NEWS October 17, 2019 6 of 6

OCT 2019 (Div indicates Ex-Dates)

MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY

DIV - ACPB2 6.96875

7 8 9 10 11

DIV - PRF2A 15.75, DIV - LBC 0.25, MWC DIV - STR 0.0571 DIV - VLL 0.2646
PRF2B 17.14575, 0.4551
SMC 0.35

14 15 16 17 18

DIV - ACPB1 6.5625 DIV - FJP 0.10

21 22 23 24 25

DIV - PRC 0.05

28 29 30 31

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