THU 21 MAY 2020

Top Story:

Economy: Tourist arrivals, revenues plunge more than half

(AS OFMAY 20, 2020)

Other News: INDICES
Close Points % YTD%
PSEi 5,555.85 76.50 1.40 -28.91

Economy: Government open to more solicited PPPs All Shares 3,359.82 34.32 1.03 -27.74
Financials 1,121.57 13.59 1.23 -39.82
Holding Firms 5,459.13 120.81 2.26 -28.09
Industrial 7,393.42 2.22 0.03 -23.27
COVID-19 Update Mining & Oil 4,489.91 -8.56 -0.19 -44.51
Property 2,835.23 11.84 0.42 -31.76
Services 1,328.35 21.53 1.65 -13.24
Total Cases Total Deaths Total Recoveries
Dow Jones 24,597.37 912 3.85 -13.81
Philippines 13,221 (+279) 842 (+5) 2,932 (+89) S&P 500 2,953.91 90.21 3.15 -8.57
Nasdaq 9,234.83 220.27 2.44 2.92
USA 1,591,172 (+20,589) 94,917 (+1,384) 369,696 (+8,516)

Worldwide 5,079,815 (+96,940) 329,179 (+4,647) 2,019,584 (+63,223) INDEX GAINERS

Ticker Company Price %

AEV Aboitiz Equity Ventures 41.50 8.50
JGS JG Summit Hldgs Inc 47.80 5.75

Market Summary RRHI Robinsons Retail Hldgs Inc 72.40 5.23

MEG Megaworld Corporation 2.57 4.47
BDO BDO Uniibank Inc 93.00 3.33
The local equities market on Wednesday rose amidst thin volumes on last-minute bargain
hunting. INDEX LOSERS
Ticker Company Price %
The PSEi increased 26.11 points or 0.47% to close at 5,581.96. The top movers were SM SECB Security Bank Corp 86.15 -4.81
GTCAP GT Capital Hldgs Inc 382.00 -1.65
(+1.23%), AC (+2.31%), BPI (+3.15%), JGS (+1.67%), and MBT (+2.80%). On the other hand,
URC Universal Robina Corp 124.20 -1.43
these were partially offset by decliners such as URC (-2.25%), JFC (-2.00%), TEL (-0.98%), LTG LT Group Inc 7.25 -1.23
RRHI (-2.62%), and PGOLD (-1.75%). MER Manila Electric Co 272.20 -1.02

Value turnover declined to Php3.3Bil from Php4.1Bil in the previous session. Meanwhile, TOP 5 MOST ACTIVE STOCKS
foreigners continued to sell stocks, liquidating Php110.0Mil worth of shares. Ticker Company Turnover
ALI Ayala Land Inc 342,409,000

In the US, major stocks indices (DJIA +1.52%; S&P 500 +1.67%; NASDAQ +2.08%) rebounded AC Ayala Corporation 211,583,900
PGOLD Puregold Price Club 201,126,700
from Tuesday’s sell-off. MBT Metrobank 168,592,400
BDO BDO Unibank Inc 164,612,300

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside of the
COL Financial website as these may be subject to tampering or unauthorized alterations.
 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

THU 21 MAY 2020

Top Story:

Frances Rolfa Nicolas Economy: Tourist arrivals, revenues plunge more

Research Analyst
than half
Tourism Secretary Bernadette Romulo-Puyat said that foreign arrivals from January to
April are estimated to have dropped 54% y/y to 1.3Mil due to travel restrictions amid
the COVID-19 pandemic. Likewise, revenues for the first four months of the year are
estimated to have decreased by 54% y/y to Php79.8Bil. Note that the United Nations
World Tourism Organization (UNWTO) earlier said that the number of international visitor
arrivals worldwide is projected to decline by up to 78% this year. As such, the Department
of Tourism (DOT) has crafted the tourism response and recovery program (TRRP), which
includes programs on sustaining businesses and training or capacitating the workforce
to revitalize the country’s tourism industry. Moreover, the DOT is creating new standards
and protocols for safe and responsible tourism under the new normal. (source: Philstar)

Other News:

Research Analysts Economy: Government open to more solicited PPPs

John Martin Luciano, CFA According to NEDA, the government welcomes more solicited public-private partnerships
Frances Rolfa Nicolas (PPPs) in its revised list of flagship infrastructure projects. PPPs have been promoted
Justin Richmond Cheng
as the answer to the government’s lack of capacity and funds in developing massive
Adrian Alexander Yu
infrastructure projects. This is more important today in advancing critical projects as the
Kerwin Malcolm Chan
country faces a more dire budget situation amid COVID-19. According to the PPP center,
it will have to carefully assess whether the private sector can effectively deliver such
projects better than the state, while balancing the risks that these companies can absorb,
especially with businesses reeling from the pandemic fallout. The PPP center stressed
that a clear definition of risks and mitigation is to ensure sustainability. (Source: BusinessWorld)

Change in Shareholdings:

Date of Acquired or Price per

Stock Volume Person (Designation)
Disclosure Disposed share
10,000 A 1.56 Jose Bayani D. Baylon
21-May NIKL
10,000 1.57 (Vice President - Corporate Communications)
Alfredo S. Panlilio
21-May TEL 2,000 A 1,213.35
(Chief Revenue Officer)
Source: PSE

COL Financial Group, Inc. 2

 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

THU 21 MAY 2020

I M P O R TA N T R AT ING DEFINITIONS
BUY
Stocks that have a BUY rating have attractive fundamentals and valuations based on our analysis. We expect the share price to outperform the market in the
next six to 12 months.

HOLD
Stocks that have a HOLD rating have either 1) attractive fundamentals but expensive valuations 2) attractive valuations but near-term earnings outlook might
be poor or vulnerable to numerous risks. Given the said factors, the share price of the stock may perform merely in line or underperform in the market in the
next six to twelve months.

SELL
We dislike both the valuations and fundamentals of stocks with a SELL rating. We expect the share price to underperform in the next six to12 months.

I M P O R TA N T DISC L AIM ER
Securities recommended, offered or sold by COL Financial Group, Inc. are subject to investment risks, including the possible loss of the principal amount invested.
Although information has been obtained from and is based upon sources we believe to be reliable, we do not guarantee its accuracy and said information may
be incomplete or condensed. All opinions and estimates constitute the judgment of COL’s Equity Research Department as of the date of the report and are
subject to change without prior notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of
a security. COL Financial and/or its employees not involved in the preparation of this report may have investments in securities of derivatives of the companies
mentioned in this report and may trade them in ways different from those discussed in this report.

CO L R E S EAR C H T EAM

APRIL LYNN TAN, CFA

VP & HEAD OF RESEARCH
april.tan@colfinancial.com

CHARLES WILLIAM ANG, CFA GEORGE CHING RICHARD LAÑEDA, CFA

DEPUTY HEAD OF RESEARCH SENIOR RESEARCH MANAGER SENIOR RESEARCH MANAGER
charles.ang@colfinancial.com george.ching@colfinancial.com richard.laneda@colfinancial.com

JOHN MARTIN LUCIANO, CFA FRANCES ROLFA NICOLAS JUSTIN RICHMOND CHENG
SENIOR RESEARCH ANALYST RESEARCH ANALYST RESEARCH ANALYST
john.luciano@colfinancial.com rolfa.nicolas@colfinancial.com justin.cheng@colfinancial.com

ADRIAN ALEXANDER YU KERWIN MALCOLM CHAN

RESEARCH ANALYST RESEARCH ANALYST
adrian.yu@colfinancial.com kerwin.chan@colfinancial.com

C OL F INANC IAL G R O UP, IN C.

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EXCHANGE ROAD, ORTIGAS CENTER, PASIG CITY
PHILIPPINES 1605
TEL NO. +632 636-5411
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WEBSITE: www.colfinancial.com

COL Financial Group, Inc. 4