Stocks in Focus: TUE 10 NOV 2020

DNL: Earnings performance improves in

3Q20, ahead of estimates

Earnings performance improves in 3Q20, slightly ahead of COL estimates. DNL’s net (AS OF NOV 09, 2020)
income in 3Q20 stood at Php573Mil, up 99% compared to the second quarter. On a year- INDICES
on-year basis, 3Q20 profits declined by a narrower 7% versus the 57% drop in 2Q20. This Close Points % YTD%
brought 9M20 profits to Php1.4Bil, accounting for 71.7% and 74.8% of COL and consensus PSEi 6,685.85 0.16 0.00 -14.45
estimates. Given the improving performance of DNL, which is expected to be sustained All Shares 3,961.12 16.40 0.42 -14.81
in 4Q20, its year to date results are slightly ahead of COL estimates and above consensus Financials 1,283.11 2.94 0.23 -31.15
Holding Firms 6,953.35 -89.38 -1.27 -8.41
forecasts. The outperformance was mainly due to better-than-expected margins with both
Industrial 9,028.59 168.26 1.90 -6.29
HMSP and commodity margins improving during the third quarter. DNL also saw better Mining & Oil 8,153.71 249.70 3.16 0.76
demand across all its business segments, helping revenues grow by 4.1% y/y in 3Q20 from Property 3,232.41 37.13 1.16 -22.20
-12.8% y/y in 2Q20. In fact, higher revenues and margins allowed 3Q earnings of DNL’s Services 1,517.84 5.70 0.38 -0.87
non-food segments to end close to if not above pre-COVID levels. Meanwhile, profits from
Dow Jones -67 -0.24 -0.75
the food ingredients business reached Php155Mil. Although the amount is still down 38% 28,323.40
S&P 500 3,509.44 -1.01 -0.03 8.63
y/y, it is much better relative to 2Q20 profits of only Php30Mil. Nasdaq 11,895.23 4.30 0.04 32.57

INDEX GAINERS
Top Stories Ticker Company Price %
MER Manila Electric Company 313.00 4.26
SMPH SM Prime Hldgs Inc 35.85 3.17
JFC: 3Q20 net loss amounts to Php1.6Bil; in line with COL estimates
AP Aboitiz Power Corp 28.40 2.34
DMC: DMC’s 9M20 net income below forecasts
DMC DMCI Hldgs Inc 4.97 2.26
Economy: Pfizer and BioNTech say COVID-19 vaccine 90% effective in phase 3 trial URC Universal Robina Corp 143.90 2.06

INDEX LOSERS
Other News
Ticker Company Price %
RLC Robinsons Land Corp 16.28 -3.10
Telecom Sector: Telcos’ capex to rise by up to 25% in 2021 AGI Alliance Global Inc 8.09 -2.65
Economy: Lockdowns should be ‘last resort,’ says Chua PGOLD Puregold Price Club 40.85 -2.27
Economy: Moody’s downgrades growth outlook for 2021 JGS JG Summit Hldgs Inc 70.40 -2.02
AC Ayala Corporation 789.00 -1.99

COVID-19 Update: TOP 5 MOST ACTIVE STOCKS

Ticker Company Turnover
Total Cases Total Deaths Total Recoveries
SMPH SM Prime Hldgs Inc 373,670,900
BDO BDO Unibank Inc 371,431,600
Philippines 398,449 (+2,058) 7,647 (+108) 361,784 (+182) PGOLD Puregold Price Club Inc 365,103,700
ALI Ayala Land Inc 348,440,700
USA 10,415,982 (+119,715) 244,419 (+612) 6,538,554 (+58,918) AC Ayala Corporation 281,390,700

Worldwide 51,227,327 (+475,853) 1,268,876 (+6,736) 36,031,707 (+248,079)

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

TUE 10 NOV 2020

Market Summary:

The local equities market ended flat as investors stayed on the sidelines ahead of the
release of third quarter GDP data and amid post-election developments in the US.

The PSEi inched up 0.16 point or less than 1% to close at 6,685.85. The top movers were
MER (+4.26%), SMPH (+3.17%), AP (+2.34%), DMC (+2.26%), and URC (+2.06%). On the
other hand, the main drags were RLC (-3.10%), AGI (-2.65%), PGOLD (-2.27%), JGS (-2.02%),
and AC (-1.99%).

Value turnover declined to Php8.0Bil from Php10.1Bil in the previous session. Meanwhile,
foreigners turned net sellers, disposing Php394.7Mil worth of shares.

In the US, major stock indices (DJIA +2.95% and S&P +1.17%) rallied following the news
that the trial data from drug makers Pfizer and BioNTech indicated that their Covid-19
vaccine is more than 90% effective.

COL Financial Group, Inc. 2

 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 10 NOV 2020

Stocks in Focus:

Justin Richmond Cheng, CFA DNL: Earnings performance improves in 3Q20,

Research Analyst
ahead of estimates
D&L Industries, Inc.
HOLD Earnings performance improves in 3Q20, slightly ahead of COL estimates. DNL’s
Php6.60 net income in 3Q20 stood at Php573Mil, up 99% compared to the second quarter. On
a year-on-year basis, 3Q20 profits declined by a narrower 7% versus the 57% drop in
2Q20. This brought 9M20 profits to Php1.4Bil, accounting for 71.7% and 74.8% of COL
and consensus estimates. Given the improving performance of DNL, which is expected
to be sustained in 4Q20, its year to date results are slightly ahead of COL estimates and
above consensus forecasts. The outperformance was mainly due to better-than-expected
margins with both HMSP and commodity margins improving during the third quarter.
DNL also saw better demand across all its business segments, helping revenues grow by
4.1% y/y in 3Q20 from -12.8% y/y in 2Q20. In fact, higher revenues and margins allowed
3Q earnings of DNL’s non-food segments to end close to if not above pre-COVID levels.
Meanwhile, profits from the food ingredients business reached Php155Mil. Although the
amount is still down 38% y/y, it is much better relative to 2Q20 profits of only Php30Mil.

Exhibit 1: Results Summary

Source: DNL, COL Estimates, Bloomberg

Revenues grow 4.1% y/y to Php5.7Bil. DNL’s revenues in 3Q20 grew by 4.1% y/y to
Php5.7Bil, in line with COL estimates (70.1% of FY20E) but ahead of consensus (75.7%
of FY20E). Third quarter sales improved on the back of better volumes. While volumes
are still down y/y, they are up significantly compared to the second quarter, driven by
the steady reopening of the economy. In fact, although 3Q20 sales volume of high-
margin specialty products (HMSP) fell 16% y/y, it was up 28% q/q. The improvement
in volumes can be seen across all business segments with oleochemicals and specialty
plastics showing significant growth as the transport and manufacturing sectors restarted.
The growing popularity of health and wellness trends also benefitted oleochemicals and
consumer products ODM (e.g. home care items). For food ingredients, sales volumes of
specialty ingredients and food safety saw a ~50% improvement relative to 2Q.

COL Financial Group, Inc. 3

 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 10 NOV 2020

Exhibit 2: Sales volume breakdown

Source: DNL

Gross margin stabilizes in 3Q20. DNL’s gross profit margin (GPM) in 3Q20 ended flat
y/y at 20.0%. This was a significant improvement relative to 2Q, which saw GPM declining
by 390 bps y/y. Recall that commodity margins were very weak in 2Q at only 1.5%, largely
due to the weak demand amid the pandemic and quarantine restrictions. Nevertheless,
margins of commodities have recovered back to more normal levels in 3Q at 7.2%. GPM
of HMSP also improved to 25.4% in 9M20 from 24.4% in 1H20 despite higher raw material
prices. The overall improvement in margins despite cost pressures shows DNL’s ability to
pass on higher costs notwithstanding the challenging economic environment, thanks to
its focus on offering high quality specialized products.

Robust export sales amid accelerating health and wellness trends. DNL’s export
revenues grew 58% y/y in 3Q20, bringing 9M20 export sales up 37% y/y. The strong
performance of exports was mainly due to robust food and oleochemical sales as
these segments benefitted from accelerating health and wellness trends. Food exports
were robust due to the increasing demand for coconut products given their anti-viral
properties. Specialty products related to personal care and organic cleaning products
(e.g. soap, detergents) also enjoyed higher demand amid the pandemic. Management
expects these trends to remain even after the pandemic ends. Hence, the strong growth
of exports will likely be sustained going forward. Note that the strong performance
of exports also helped boost overall margins, given the better product mix of exports
relative to the domestic business.

COL Financial Group, Inc. 4

 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 10 NOV 2020

Fine-tuning estimates. We are fine-tuning our estimates to factor in the improvement

in DNL’s 3Q20 performance. In particular, we reduced our revenue estimate by 2% in
2020, but raised our GPM forecast by 70 bps to 17.6%. For 2021, we also increased
our GPM forecast by 60 bps to 20.2%. Finally, we increased our 2020 interest expense
forecast to ~Php190Mil as 9M20 interest expense already accounted for 90% of our
previous estimate.

After factoring in the said changes, our net income forecast increased by 1.6% in 2020
and 3.3% in 2021, while our FV estimate increased by 3.1% to Php6.6/sh.

Exhibit 3: Summary of changes in estimates

Source: COL Estimates

Downgrading to HOLD. Despite DNL’s strong 3Q20 performance and the slight increase
in our FV estimate, we are downgrading our rating on DNL from BUY to HOLD. We
continue like DNL given its positive long-term growth prospects. The company is also
clearly on a path to recovery alongside the economy. However, DNL’s share price has
increased significantly, rising by 50% from its March low. Based on its current price of
Php6.63/sh, the stock is already fairly valued. In fact, it is trading at par with its historical
average P/E of around 24X.

COL Financial Group, Inc. 5

 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 10 NOV 2020

Top Stories:

John Martin Luciano, CFA JFC: 3Q20 net loss amounts to Php1.6Bil; in line with
Senior Research Analyst
COL estimates
Jollibee Foods Corporation
HOLD 3Q20 net loss amounts to Php1.6Bil; in line with COL estimates. JFC reported a net
Php129.00 loss of Php1.6Bil in the third quarter, a reversal from the Php1.7Bil income booked in the
same quarter last year. This brought net losses for the first nine months to Php13.5Bil vs
the Php4.2Bil income last year. Despite the significant net loss, we believe that JFC’s is
on track to meet our full-year forecast of Php13.0Bil net loss. However, the company’s
performance lags behind consensus expectations as consensus is forecasting only a
Php9.3Bil net loss for the full year. Earnings met our expectations as the higher than
expected revenues were offset by higher than expected tax expenses. Note that the drop
in revenues during the quarter narrowed to 30.6% y/y (vs -46.6% y/y in 2Q20) as global
same store sales growth (SSSG) declined at a slower pace of 35.3% y/y (vs -41.0% y/y in
2Q20). On the other hand, operating losses amounted to Php3.3Bil in 3Q20 and Php9.9Bil
in 9M20. However, this includes one-off costs related to the business transformation
program. Note that the Php7Bil in provisions booked under other income and expenses
during the second quarter will gradually be transferred to operating expenses as they
are incurred.

Exhibit 1: Results Summary

source: JFC, COL estimates

Sales improve sequentially. System-wide sales during the third quarter fell at a slower
pace of 29.2% y/y to Php40.6Bil (vs -48.4% in 2Q20). This was amidst an improvement
in global same store sales as mobility restrictions in various countries were gradually
reduced and stores were gradually re-opened. In particular, the decline in global same
store sales in the third quarter narrowed to 35.3% (PH -45.6%, China -7.7%, North
America ex-CBTL-6.6%, EMEAA -11.8%, SuperFoods Group -14.0%, and CBTL -21.6%)
from the 41.0% drop in the previous quarter (PH -50.4%, China -29.9%, North America
ex-CBTL -15.0%, EMEAA -25.5%, SuperFoods Group -29.3%, and CBTL -25.4%). Note that
the improvement in SSSG was mostly from the international segment as domestic SSSG

COL Financial Group, Inc. 6

 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 10 NOV 2020

remained weak. In fact, the company observed that same store sales have recovered
faster in developed countries than in emerging markets. Meanwhile, the company has
been able to re-open 93% of its store network as of end-September from 88% since
the start of the quarter. Revenues during the third quarter and the first nine months
declined by 30.6% y/y and 27.1% y/y to Php30.0Bil and Php92.7Bil, respectively. This
outperformed our estimate but trailed consensus forecast at 76.8% and 65.8% of full year
forecasts, respectively. We believe the improvement in sales will continue going forward
as the effects of the pandemic and lockdowns ease.

Meanwhile, a total of 339 stores (118 domestic and 221 international) were permanently
closed in the first nine months of the year due to challenging business conditions. The
company guided that a total of 507 stores will be permanently closed this year. This
is higher than its previous guidance of 416 stores. Recall that this forms part of the
company’s business transformation strategy, which entails the rationalization of store
network, store staffing and operations, supply chain and support groups on a worldwide
basis.

Margins weighed down by business transformation cost. Gross profit margin

during the third quarter fell by 4,269 bps y/y to 11.03%. Nevertheless, this is already
improvement from the 1.93% GPM in the second quarter as sales improve sequentially.
Meanwhile, operating margin (ex-business transformation cost) remained in the negative
territory at -3.91% in 3Q20. As a result, operating loss during the quarter amounted to
Php1.2Bil, bringing the 9M20 loss to Php7.0Bil. Despite the weak 3Q20 performance,
JFC outperformed our expectations as we were forecasting Php9.5Bil in operating losses
for the full-year. Meanwhile, the company shared that in September, the Philippines,
China, North America (Philippine brands), EMEAA, CBTL International, and Highlands
Coffee were already registering positive operating income. The ones that were not
yet generating positive operating income were Smashburger, CBTL (US), and parts of
SuperFoods Group. In addition, the total operating income of all business units were
already breakeven during the month while losses were mainly due to financing and
global headquarter costs. Note that the company reiterated its goal for Smashburger
and CBTL to generate positive profit by 2021.

Maintain HOLD. We currently have a HOLD rating on JFC with a FV estimate of Php129/
sh. We believe that its domestic business will likely remain weak as delivery and take-out
sales will not be able to offset the weaker dine-in sales. However, we are encouraged by
the sequential improvement in sales, driven by its international segment. We believe that
this will likely lead the growth going forward. Note that the company is also confident
that Smash Burger and CBTL will already be profitable next year. At its current price, JFC
is trading at 52.3X 2021E P/E, significantly above its historical average.

COL Financial Group, Inc. 7

 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 10 NOV 2020

George Ching DMC: DMC’s 9M20 net income below forecasts

Senior Research Manager
DMC’s 9M20 net income below forecasts. Excluding one-offs, DMC’s 3Q20 core
DMCI Holdings Inc.
BUY earnings declined 27.1% to Php1.88Bil. This brought 9M20 core net income to Php4.5Bil,
Php8.63 down 52% y/y, lower than COL forecast (65.2%) and consensus forecast (37%). With the
exception of Maynilad, all of DMC’s subsidiaries delivered disappointing results in 9M20.

Exhibit 1: DMC Results Summary

% of FY Forecast
in PhpMil 3Q19 3Q20 %Change 9M20
COL
Net Income 2,830 1,876 (33.7) 3,910 -
Core net income 2,582 1,882 (27.1) 4,502 65.2

source: DMC, COL estimates

Exhibit 2: DMC Earnings Breakdown

PhpMil 3Q19 3Q20 %Change 9M19 9M20 %Change

SCC 1,208 432 (64.2) 4,662 1,692 (63.7)
Construction 224 -189 (184.4) 664 -97 (114.6)
Real estate 612 1,042 70.3 1,801 1,080 (40.0)
Water 457 379 (17.1) 1,569 1,226 (21.9)
Nickel mining -86 68 (179.1) 87 252 189.7
source: DMC, COL estimates

SCC net income disappoint on poor performance of power generation business.

SCC’s 3Q20 earnings declined 72% to Php723Mil. This brought 9M20 net income to
Php3Bil, down 64% y/y, below COL forecasts (62.7%), and consensus forecast (32%).
Total revenues during 9M20 before eliminations declined 36.4% y/y to Php23.3Bil, lower
than forecasts (62.8% of COL full year forecast). Revenues from the coal mining segment
declined 44% to Php14.4Bil, representing 65.2% of our full year forecast. Meanwhile,
power generation revenue declined by 18.4% to Php8.86Bil, representing 59.3% of our
full year forecast. Earnings missed estimates primarily due to the poor performance of
the power generation business, only partially offset by the better than expected earnings
of the coal business.

Maynilad’s earnings beat forecast on lower than expected operating expense.

Water distribution subsidiary Maynilad reported a 20% decline in 9M20 core earnings
to Php5.2Bil, above COL forecast, representing 87% of our full year forecast. Revenues
declined 4% to Php17.4Bil, below forecast, representing 69% of our forecast. Sales
volume rose 1% to 406MCM(brought about by an increase residential volume, more
than offsetting a decline in industrial and commercial consumption), representing 72%

COL Financial Group, Inc. 8

 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 10 NOV 2020

of our full year forecast, while, effective tariff declined 4.6% to Php42.82/cu.m, 4.7% lower
than forecast. The decline in tariff was the result of sales volume being skewed towards
residential customers (which has lower tariff compared to industrial and commercial
customers), Earnings beat forecast mainly due to the lower than expected operating
expense. Operating expense rose 8% to Php8.1Bil, representing only 56% of our full year
forecast.

Real estate business disappoints on slower revenue recognition, lower margins.

Excluding a one-off loss from sales cancellation of Php609Mil, DMCI Homes reported a
net income of Php1.08Bil during 9M20, down 40% from the same period last year. 9M20
net income represents only 65% of our full year forecast. The disappointing results were
mainly due to a slowdown in revenue recognition due to timing of collections and lower
construction completion as a result of the ECQ. Revenues declined 36% to Php9.5Bil
(73% of full year forecast), while gross profit declined 52% to Php1.6Bil (61% of full year
forecast).

Construction business suffer Php92Mil net loss. DMC’s construction business

generated a net loss of Php92Mil in 9M20, a reversal from Php664Mil net income posted
during the same period of last year. The 9M20 is lower than COL’s full year forecast
of a net income of Php380Mil. Revenues declined 22% to Php9.6Bil during 9M20,
representing 73% of our full year forecast. Management cited disruptions brought about
by COVID-19 in the supply chain, labor availability and construction activities as the main
reasons for the disappointing results, as well as the rise in cost pertaining to financial
assistance, health and safety expenses.

Reiterate BUY rating on DMC. We are maintaining our BUY rating on DMC with a FV
estimate of Php8.63/sh. Despite the very poor earnings outlook of the company, we
believe that much of the negative news is already priced-in. The stock is trading at only
6X 21E P/E based on our earnings forecast. Capital appreciation is also significant at 73%
based on our fair value estimate.

COL Financial Group, Inc. 9

 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 10 NOV 2020

Frances Rolfa Nicolas Economy: Pfizer and BioNTech say COVID-19

Research Analyst
vaccine 90% effective in phase 3 trial
Pfizer and BioNTech announced that their COVID-19 vaccine was more than 90%
effective in preventing the virus among those without evidence of prior infection. Pfizer’s
results were based on the first interim efficacy analysis conducted by an external and
independent committee from the phase three clinical study. This means that protection
from COVID-19 is achieved 28 days after the initial vaccination, which consists of a two-
dose schedule. The final vaccine efficacy percentage may vary, however, as safety and
additional data continue to be collected. Pfizer noted that the vaccine could be available
in limited use as early as late December and widely available by the third quarter of 2021.
(source: CNBC)

Other News:

Research Analysts Telecom Sector: Telcos’ capex to rise by up to 25% in 2021

John Martin Luciano, CFA According to Fitch Ratings, the capex of the telco companies is expected to increase by
Frances Rolfa Nicolas 20-25% next year, driven by the government’s push for significant network improvements
Justin Richmond Cheng
and the planned commercial launch of DITO Telecommunity in March 2021. During their
Adrian Alexander Yu
analyst briefing, GLO mentioned that they are planning to build their fiber-to-the-homes
Kerwin Malcolm Chan
(FTTH) network more aggressively in 2021 while continuing their cell tower builds. Also,
TEL is aiming to add around 2,000 cell sites next year while further expanding its fiber
network. The credit rating agency expects the telco sector’s revenues to grow by mid-to-
high single digits in 2021 as the incumbent companies accelerate their network rollout
in home broadband and mobile going forward. (Source: Bworldonline)

Economy: Lockdowns should be ‘last resort,’ says Chua

Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said the government’s
decision to ease lockdown restrictions and further reopen the economy will likely boost
growth this fourth quarter. Strict lockdowns should be the “last resort” in the fight against
COVID-19. The economic team had recommended to the IATF for the Management
of Emerging Infectious Diseases to shift its policy from total risk avoidance to risk
management. the economic team’s recommendations included increasing the capacity
of mass transportation, allowing businesses to run at 100% capacity, boosting health
systems, shortening curfew hours, and adopting localized quarantines if COVID-19 cases
spike. (Source: Businessworld)

COL Financial Group, Inc. 10

 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 10 NOV 2020

Economy: Moody’s downgrades growth outlook for 2021

Moody’s Analytics downgraded its growth outlook for the Philippines for 2021 to 6.2%
from its 7.8% estimate issued last month. The revision was mainly due to the smaller fiscal
policy response than what was previously assumed. Meanwhile, Moody’s upgraded its
2020 GDP outlook to minus 8.2% against the earlier forecast of minus 9.2% citing some
improvements seen in manufacturing and trade. For the third quarter Moody’s said that
the country’s GDP likely contracted 6% with the easing of restrictions during the period.
Note that the government expects the economy to contract between 4.5% and 6.6%
before bouncing back with growth of 6.5% to 7.5% next year. (source: Businessworld)

COL Financial Group, Inc. 11

 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

TUE 10 NOV 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, CFA
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

CO L F IN ANC IAL G R O UP, IN C.

2402-D EAST TOWER, PHILIPPINE STOCK EXCHANGE CENTRE,
EXCHANGE ROAD, ORTIGAS CENTER, PASIG CITY
PHILIPPINES 1605
TEL NO. +632 636-5411
FAX NO. +632 635-4632
WEBSITE: www.colfinancial.com

COL Financial Group, Inc. 13