ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
UPDATE_Week 07_TD35_February 18, 2011_Friday
source: www.pse.com.ph

UPDATED MARKET OUTLOOK for February 18_Friday

THE PSEi tipped the 3,870 resistance briefly at

yesterday's trades before easing up a bit to close
marginally below, but still 54.34 points more than
the previous session's close at 3,866.38.

The market's surge commenced a day or two after the

Egyptian political crisis was resolved and economic
data, mostly from the US, but including those of
neighboring countries, show the recovery has gained
momentum.

The index is poised to register its most decent

weekly gains yet this year following marginal rises
in weeks 1 and 4.

The return of confidence in the equity market is

evident with the index rising for a second day.
However, the drop in US stocks in early trades
Thursday, dragged by an increase in the weekly
jobless claims figures, may present a dampener in the week's closing trades. Nevertheless, it is still too
early to determine if the drop is sustained or a late-session recovery will take place. How the US markets
end will provide the motive force and direction for Friday. Europe were all in the red adding to the
negative sentiment is US stocks.

IP E-GAMES VENTURES, INC. [pse: EG]

Disc. No. 2011-1360
RELEASE OF LOCK-UP SHARES

The lock-up period involving a total of 157,204,950 common shares held in escrow, both pursuant to its
listing by way of introduction[LBI] (February 17, 2010) and a subsequent 4:1 Stock Rights Offering (January
3, 2011), expired yesterday and will be available for trading beginning today. The LBI shares total
31,440,990 while the SRO shares equal 125,763,960.

In its most recent quarterly filing, EG reported revenue of php132.3 million over a nine-month period, nearly
30% less than revenue for the same period in 2009. The contribution of Service revenue expanded to 95% from
83% even as it narrowed by 20% to php125.7 million. Costs declined -12% to php71.758 million, but such
reduction was not enough to keep gross profits from declining -18.9% to php60.541 million and margins
narrowing to 45.8% from 47.8 percent. Operating expenses remain elevated relative to gross profits resulting
to operating losses of php11.270 million. Nevertheless, gains in forex translation and other incomes pulled
the bottomline line figure to a net income for te period of php950,601 compared to php32 million in 2009.

The fundamental side does not offer much

encouragement with the Company reporting a net
income basically out of non-operating items.
Furthermore, revenue is declining at a faster pace
than costs. We must wait for improvement in the
firm's numbers before we can consider the issue for
our portfolio. The technical front however shows an
accumulative bias even as the price continued to
trend downwards. The divergence is particularly
evident in the last seven (7) sessions with price
rising marginally by php0.20 to php14.20. Over the
same time frame Acc/Dist Value rose from -274 to
-30.6. MACD lines are both rising with the (12,26)
line maintaining its positive spread over the signal
(12,26,9) line. STO is flat, almost parallel and
over the trigger line, even as it hovers below the
50-line. Volume however, has remained thin although
spiking from an average of less than 20k shares in
the last five days to 70k yesterday. Support at
php13.02, resistance at php16.50. HOLD

DISCLAIMER: 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.
DAILY Report Page 1 of 3
ACCORD CAPITAL EQUITIES CORPORATION
GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
UPDATE_Week 07_TD35_February 18, 2011_Friday
source: www.pse.com.ph

RIZAL COMMERCIAL AND BANKING CORPORATION [pse: RCB]

Disc. No. 2011-1349 ADDITIONAL INVESTMENT IN GREPALIFE
In line with the bancassurance agreement to be entered into with Grepalife Financial, Inc., the Bank's board
has approved the additional investment in GPL Holdings, Inc. This follows the the Share Purchase Agreement
signed between Sun Life Financial Philippine Holding Company, Inc and GPLH, whereby the former propses to
acquire 49% of Grepalife's issued and outstanding capital stock. The Bank's acquisition of additional shares
is intended to maintain its minimum indirect ownership requirement in Grepalife as mandated under BSP
Circular No. 357-02, compliance with which allows the sale of Grepalife's insurance products in its brances.

As at the end of December 31, 2010, the Bank posted

an NPL to TLP (non-performing loans to total loan
portfolio) ratio of 2.24 with consolidated CAR of
17.77 and Tier 1 CAR of 12.63, both above the BSP
requirements. It has a Return-on-Equity of 13.13%.
Total Bank resources amount to php320 billion.
Volume movement is pretty stable with the Acc/Dist
Line showing a ranging movement indicating a balance
between buying and selling pressure. While this
should theoretically result in a sideways price
movement, the general trend remains negatively
biased. It is trading at php26.65, above its
initial support of php25.00 and below the resistance
line of php27.60. MACD(12,26,9) shows a dissipation
of negative pressure with narrowing spreads and
posing a possible bullish crossover of the singal
line. STO(10,6,6) bounces off a low after
yesterday's trades even as it remains under the
trigger line. HOLD/Accumulate

CONCRETE AGGREGATES CORPORATION [pse: CA]

Disc. No. 2011-1341 CLARIFICATION ON REPORTED DEVELOPMENT OF LEISURE FARM
The Company is conducting preliminary studies and plans for the possible development of its idle assets,
including a 27-hectare tract of land in Cardona, Rizal, which is reportedly being considered as a leisure
farm similar to the on-going development in Santo Tomas, Batangas. Fair estimates at current prices and
conditions peg potential revenue of as much as php300 million with development costs at php250 million to
php300 million.

The Company's stock was last traded on January 21, 2011 at php60.00.

ROBINSONS LAND CORPORATION [pse: RLC]

Disc. No. 2011-1339 TERMS & CONDITIONS FOR 1:2 STOCK RIGHTS OFFERING
The Gokongwei unit will offer 1,364,610,228 common shares to its existing shareholders via a 1-for-2 Rights
Offering at an Offer Price of php10.00 per rights share. The Offer Shares shall be taken out of the increase
in the authorized capital stock of the Corporation.
Indicative dates, (e.g. record- and ex-dates) are to
be announced later with the other conditions to be
determined by the Board of Directors. The Offering
is subject to the approval by the SEC of its
application for increase in its authorized capital
stock.

RLC is among the listed property firms that have

submitted bids for the 103-hectare Food Terminal
Inc in Taguig City. The stock is still technically
under distributive pressures although STO(10,6,6)
is poised to make a bullish crossover of the
trigger line as it emerges from the 20-oversold
line. This indicates a possible pick-up in
momentum which posits a near-term upside. MACD
supplants this observation. Immediate support is
at php12.50-12.68 with an initial upside price
target of php13.80. Strong resistance range is at
php14.80 to php15.20. MOMENTUM BUY

DISCLAIMER: 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.
DAILY Report Page 2 of 3
ACCORD CAPITAL EQUITIES CORPORATION
GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
UPDATE_Week 07_TD35_February 18, 2011_Friday
source: www.pse.com.ph

SECTOR STOCK LAST CLOSE SUPPORT (D) RESISTANCE (D) SUPPORT (W) RESISTANCE (W) RSI (14) STO (10,6,6)
INDEX PSEI 3,866.38 3,790.00 3,890.00 3,750.00 3,950.00 45.27 36.00
FINANCIAL BDO 48.65 47.85 50.50 44.00 53.90 32.66 21.16
BPI 54.60 53.00 55.80 48.70 57.00 52.30 39.38
CHIB 424.00 419.60 430.00 405.00 450.00 45.01 61.57
MBT 60.15 56.80 60.50 54.50 66.60 42.85 31.92
HOLDING FIRMS AC 338.00 324.40 345.00 317.00 390.00 41.05 30.27
AEV 39.00 37.00 40.00 34.35 40.50 64.56 73.76
AGI 11.84 11.18 12.18 11.04 12.96 52.77 40.38
JGS 19.46 18.50 20.00 16.50 23.20 48.33 76.07
MPI 3.65 3.48 3.77 3.26 4.12 48.81 27.01
SM 477.60 442.00 489.00 415.00 520.00 49.50 45.61
INDUSTRIALS AP 28.90 27.45 30.15 21.50 35.40 54.06 70.16
DMC 34.40 31.95 34.55 27.90 36.15 55.74 54.01
FGEN 11.08 10.94 11.40 9.26 12.88 36.99 17.76
FPH 56.70 55.60 59.50 52.50 62.80 32.64 16.96
JFC 80.00 74.60 85.05 72.00 95.00 56.09 82.70
MER 231.00 216.80 247.00 192.10 267.40 49.15 40.38
MWC 17.80 17.60 18.16 16.50 18.80 28.69 15.25
URC 34.20 33.00 35.25 28.50 39.25 43.59 36.71
MINING & OIL LC 0.43 0.41 0.445 0.37 0.47 46.98 55.85
LCB 0.445 0.43 0.47 0.405 0.495 47.23 55.80
PX 14.70 14.52 15.12 14.00 16.10 42.89 40.95
PROPERTY ALI 15.28 15.10 15.70 13.00 16.14 54.17 47.82
FLI 1.11 1.05 1.14 0.99 1.28 44.65 33.43
MEG 2.12 2.02 2.18 1.66 2.33 46.69 22.15
RLC 13.10 12.50 13.52 11.25 14.50 38.43 18.31
SMPH 10.80 10.60 11.30 10.25 12.80 50.38 55.56
SERVICE ABS 44.00 39.50 44.00 37.50 46.00 47.16 75.48
GLO 745.00 720.00 750.00 720.00 828.00 38.91 26.98
ICT 41.90 40.15 42.95 33.00 45.90 47.22 29.87
TEL 2,300.00 2,245.00 2,360.00 2,210.00 2,446.00 12.86 3.49
NOTE: Support (D) and Resistance (D) uses the daily charts; Support (w) Resistance (w) uses weekly charts; RSI (14) and STO
(10,6,6) are based on Daily readings.

DISCLAIMER: 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.
DAILY Report Page 3 of 3