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TABLE OF CONTENTS

I. COMPANY INFORMATION
▪ History
▪ Subsidiaries
II. STOCK MARKET DATA TREND
▪ First Week
▪ Second Week

III. OTHER RELEVANT INFORMATION

▪ Alliance Global Group Inc.
▪ Collaborations
▪ Regular Dividend Payout
▪ Annual Report

IV. ANALYSIS AND INTERPRETATION

▪ First Week (April 29, 2024 - May 03, 2024)
▪ Second Week (May 06, 2024 – May 10, 2024)

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I. COMPANY INFORMATION
Emperador Inc. (EMI), is a well-known
brand in the category of premium drinks providing
widely recognition and unique position for its
unparallel constructions and dedication to
excellence. A high-growth international spirits
company, boasts a diverse portfolio of globally
recognized whisky and brandy brands that are
distributed in over 100 countries worldwide. As
the largest liquor company in the Philippines and
the world’s leading brandy manufacturer, Emperador Inc.'s portfolio includes both local and
globally acquired brands of distilled spirits and other alcoholic beverages. These products have a
broad reach, available in 55 countries spanning Asia, North and South America, Europe, and
Africa, and can be found in 300 airport retail stores globally. Listed on the Philippine Stock
Exchange, Emperador Inc. has subsidiaries that operate an integrated business model
encompassing the manufacturing, bottling, and distribution of distilled spirits and other alcoholic
beverages from various locations, including the Philippines, Scotland, Spain, and Mexico.

HISTORY
Emperador Inc. (EMP) was originally
incorporated on November 26, 2001 as Touch Solutions,
Inc. (TSI) with the primary purpose of establishing and
operating information technology services and products.
On July 31, 2013, the Securities and Exchange
Commission approved the change in the Company's
primary purpose to that of a holding company. On
September 5, 2013, the SEC approved the change in
name from TSI to the present one. The Company is
currently a holding company which operates an
integrated business of manufacturing, bottling and
distributing distilled spirits and other alcoholic beverages.

From its founding in 1979 until 2013, Emperador became

not only the biggest spirits company in the Philippines but more importantly the undisputed brandy
leader in the world. From 2014 to present, Emperador was firm in its resolve to start building a
global portfolio with a clear brand focused strategy. This is the transformative years where
Emperador made international acquisitions such as the 5th biggest scotch whisky maker in
Scotland, Whyte & Mackay, and the biggest and oldest brandy maker in Spain, Bodegas
Fundador. It is also during this period where its vast portfolio was emerging as a fast-growing
global disruptor in spirits in more than 100 countries.

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SUBSIDIARIES
Emperador has established its identity as the largest liquor company in the Philippines and the
largest brandy producer globally through its subsidiaries.

Whyte and Mackay Group, Ltd.

Whyte and Mackay has over 175 years
of heritage and five distilleries in the UK, it is
home to an iconic range of luxury and premium
single malt brands including The Dalmore, Jura,
Fettercairn, and Tamnavulin. Driven by a
strategic focus on reaching international
markets, they have achieved market-leading
positions and are among the fastest-growing
single malt brands in the world.

Bodegas Fundador
Bodegas Fundador is under Grupo
Emperador Spain, a biggest and oldest brandy
maker. It has in its portfolio brands which are
considered the platinum standard in brandy de
Jerez such Fundador, Spain’s biggest brandy,
Terry Centenario, and the worlds largest selling
sherry wine, Harveys Bristol Cream. The
Fundador Supremo line was recently voted as
the Best Brandy in The World and continues to
reap awards in international spirits competition.

Emperador Distillers, Inc.

A proudly Filipino company, Emperador
Distillers, Inc. (EDI), continues to make strides
as the Philippines’ largest liquor company and
the world’s largest brandy producer. Boasting
an impressive product portfolio of both
international and local products, the business
has cemented its place as a top global
competitor, led by its flagship brand – the
Emperador Brandy

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II. STOCK MARKET DATA TREND
FIRST WEEK
In our analysis of Emperador Inc.'s stock market data spanning from April 29, 2024 to May 3,
2024, we monitored crucial indicators such as the most recent traded price, trading volume, market
capitalization, and share details. By performing a comparative analysis, we identified trends and
fluctuations, gaining an understanding of short-term price shifts and the level of investor activity. This
procedure provided us with significant insights into Emperador Inc.'s performance, empowering
investors with the knowledge to make well-informed decisions and effectively navigate the stock
market.

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SECOND WEEK
Throughout our analysis in the second week from May 06, 2024 to May10, 2024, a
continued emphasis was placed on the average trading price and the total value of shares traded
for Emperador Inc. These metrics played a pivotal role in providing insights into the stock's market
valuation and the level of trading activity it attracted.

Additionally, we meticulously considered the highest, lowest, opening, and closing prices
of Emperador Inc.'s stock during this period. By examining these key price points, we aimed to
gain a comprehensive understanding of the stock's performance dynamics and price fluctuations
throughout the week.

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 While acknowledging the importance of a holistic stock analysis that incorporates various
factors beyond price metrics, our strategic focus remained dedicated to analyzing the average
trading price, value of shares traded, and the range of price movements. This approach allowed
us to synthesize critical data points and trends, facilitating a thorough evaluation of Emperador
Inc.'s stock performance and market behavior during the first and second week of our analysis.

III. OTHER RELEVANT INFORMATION

ALLIANCE GLOBAL GROUP INC.

Emperador Inc. (EMI) is a holding company that is primarily listed at the Philippine Stock
Exchange, Inc. (PSE) and secondarily listed at the Singapore Exchange Securities Trading
Limited (the SGX-ST). The company is a subsidiary of Alliance Global Group, Inc. (AGI), a
conglomerate with investments across various industries including quick service restaurant,
spirits, real estate, integrated tourism, and infrastructure development.
Emperador Inc. has established itself as the largest liquor company in the Philippines and the
largest brandy producer globally. Its relationship with AGI allows it to be part of a larger
conglomerate that has diverse investments, providing it with a robust business network and
resources. This relationship underscores the interconnectedness of Emperador Inc. and AGI, with
the former being a significant part of the latter's investment portfolio.

COLLABORATIONS

Emperador Inc. has teamed up with different companies to strengthen its position and
come up with new ideas in the drinks industry. One big partnership is with Diageo, a big drinks
company. This helped Emperador Inc. get famous brands like Fundador and Terry Centenario,
making it bigger in places like Europe and Latin America. By working with Diageo, Emperador Inc.
got better at selling its products in more places around the world.
Besides, Emperador Inc. has worked with local and international sellers to get its drinks into more
shops and bars. This made it easier for people to buy its drinks in countries like the US, China,
and Southeast Asia. These partnerships also helped Emperador Inc. make more money by selling
more drinks.

Emperador Inc. didn't stop there. It also joined hands with tech companies to use new
tools and ideas for selling its drinks online. By using things like data and fancy websites,
Emperador Inc. made it easier for people to buy its drinks from their computers or phones.

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 And it's not just about selling drinks. Emperador Inc. cares about being a good company
too. It works with local communities and governments to talk about responsible drinking and do
good things for the environment. These partnerships help Emperador Inc. show that it's not just
about making money but also about doing good for the world.

In short, Emperador Inc.'s partnerships with other companies have helped it grow bigger
and come up with new ideas in the drinks business. By working together with big companies,
sellers, tech firms, and communities, Emperador Inc. is making sure it stays strong and keeps
doing good things in the world.

DIVIDENDS - REGULAR DIVIDEND PAYOUT

Emperador Inc.'s dividend payout history reveals its financial stability and commitment to
rewarding shareholders, making it an attractive prospect for investors. However, the dynamic
nature of its dividend policy, as evidenced by the fluctuations in the dividend payout ratio and
dividend per share, indicates that it's influenced by its net profit and potentially other factors.
Notably, the company generally declared more dividends in years with higher net profits, but
exceptions in 2019 and 2022 highlight the complexity of stock data analysis.

These exceptions could be indicative of strategic decisions to reinvest profits, pay down
debt, or conserve cash in response to market conditions, impacting the company's stock price.
Furthermore, fluctuations in the dividend yield, possibly due to changes in the stock price or
dividend per share, underscore the multifaceted nature of stock data analysis. These changes
can influence investor sentiment and demand for the company's stocks.

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ANNUAL REPORT
The financial analysis of Emperador Inc. for the years ending December 31, 2023, and
December 31, 2022, provides valuable insights into the company’s financial health and
operational efficiency. The increase in gross revenue from 2022 to 2023 indicates a growth in
sales. However, the rise in gross expenses during the same period could suggest increased
operational costs or investments in the business.
The decrease in non-operating income and increase in non-operating expenses in 2023
could have impacted the company’s net income, as reflected in the decline in income before tax
and net income after tax. Furthermore, the decrease in Earnings Per Share (EPS) from 0.65 in
2022 to 0.57 in 2023 could be a potential concern for shareholders as EPS is a key indicator of a
company’s profitability.

On the balance sheet, the increase in current assets and total assets from 2022 to 2023
suggests that the company has been growing its resources. However, the increase in current
liabilities and total liabilities during the same period could indicate higher debts or financial
obligations.

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 The financial ratios further provide insights into the company’s financial stability and
efficiency. While the liquidity analysis ratios such as the current ratio and quick ratio have slightly
decreased, they are still above 1, indicating that the company has enough assets to cover its
short-term liabilities. The solvency ratio has increased, suggesting an improvement in the
company’s ability to meet its long-term obligations.

The decrease in profitability ratios such as the net profit margin and return on assets and
equity from 2022 to 2023 could indicate a decline in the company’s profitability. The increase in
the Price/Earnings ratio could suggest that the company’s stock is overvalued.

These financial indicators are crucial as they can influence the company’s stock
performance. Investors often consider these factors when making investment decisions.
Therefore, while Emperador Inc. has shown growth in terms of revenue and assets, the decrease
in profitability and the potential overvaluation of the stock could be areas of concern for investors.

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ANALYSIS AND INTERPRETATION

FIRST WEEK ANALYSIS

As of April 29, 2024, Emperador Inc.'s stock exhibited a marginal decline, with the last
traded price at 19.06 PHP, down by 0.020 PHP or 0.10%. Despite this, the stock remained within
its 52-week high and low range, indicating stability. Trading volume of 159,200 shares, valued at
3,035,824.00 PHP, contributed to the stock's liquidity. With a market capitalization of
300,251,871,221.04 PHP, Emperador Inc. maintains a significant presence in the market.
Furthermore, its shares information, including outstanding shares and foreign ownership limit,
underscores its adherence to regulatory frameworks. This data provides investors with valuable
insights for strategic decision-making in the stock market landscape.

Emperador Inc.'s stock, as of April 30th, 2024, displayed a relatively stable performance
with minor fluctuations in price. The last traded price of 19.06 PHP was slightly below its 52-week
high of 21.85 PHP but higher than its low of 16.18 PHP, indicating a moderate level of price
stability. However, trading activity on April 30th saw a notable decline, with only 36,500 shares
traded, a significant drop from the previous day's volume of 322,600 shares. This decrease in
trading volume was mirrored in the value of shares traded, which plummeted from 6,150,228.00
PHP on April 29th to 695,222.00 PHP on April 30th. Emperador Inc.'s market capitalization stood
at PHP 299,937,141,796.28, reflecting the total value of its outstanding shares.

On May 1, 2024, the stock market for Emperador Inc. was closed as stock exchanges
observe public holidays. As a result, there was no trading activity for Emperador Inc.'s stock during
that day. Investors and traders would not be able to buy or sell shares, and the stock price would
remain unchanged until the next trading day.

Emperador Inc.'s stock decreased on May 2, 2024, at 11:59 am. The price dropped to
18.98 PHP, a small decrease of 0.060 PHP or 0.32% from before that is 19.06, but it stayed within
its usual price range. The number of shares traded was 187,100, worth 3,560,216.00 PHP,
showing that people are still buying and selling the stock. Even though fewer shares were traded,
they were worth more, which could mean bigger deals. Emperador Inc. is still worth a lot in the
market, with its total value at 299,622,412,371.52 PHP. The company's ownership structure is
also balanced, with some of its shares available for trading and rules in place to keep everything
stable.

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 As of May 3, 2024, at 11:59 am, Emperador Inc.'s stock demonstrated mixed performance,
offering valuable insights for investors. The last traded price stood at 18.86 PHP, marking a slight
decline of 0.120 PHP or 0.63% from May 2, 2024. Despite this, the stock remained within its 52-
week high and low range, indicating stability in its pricing trend. Notably, trading volume increased
to 302,600 shares, valued at 5,717,218.00 PHP, suggesting heightened investor interest.
Emperador Inc.'s market capitalization reached 298,678,224,097.24 PHP, highlighting its
substantial value within the market. With 15,736,471,238 outstanding shares and a free float level
of 20.10%, the company, like the previous analysis, maintains a balanced ownership structure.

SECOND WEEK ANALYSIS

The analysis of Emperador Inc.'s stock performance on May 6, 2024, revealed that despite
opening and closing at PHP 18.88, the stock experienced fluctuations throughout the day, with a
high of PHP 18.98 and a low of PHP 18.80. While the stock price reached a high of PHP 18.98, it
remained below the 52-week high of PHP 21.85. Additionally, the stock's performance exceeded
the 52-week low of PHP 16.18, suggesting relative stability. The average stock price of PHP 18.83
reflects the overall pricing trend for the day. The total value of shares traded, amounting to PHP
4,320,786.00, signifies the level of investor activity and market interest in Emperador Inc. During
the day, 229,500 shares were exchanged, indicating moderate trading volume. Comparing the
market values with the previous trading day on May 3, 2024, where 1,728,800 shares were traded
worth PHP 32,648,620, a significant decrease in trading volume and total value is observed, given
that the price was higher during the previous day. This shift may indicate varying investor
sentiment or external market factors influencing trading behavior.

On May 7, 2024, Emperador Inc. commenced trading at PHP 18.84, setting the tone for
the day's market activity. The average share price for the company, standing at PHP 18.66,
contributed to a substantial total value of PHP 34,023,004 derived from the trading of 1,823,200
shares throughout the trading session. This significant increase in trading volume and total value
contrasts starkly with the previous day's performance, where a much lower volume of shares,
approximately 230,000, changed hands.

Despite the impressive trading figures, the closing price of EMI stock remained steady at PHP
18.66, aligning with the day's highest stock price. The stock's price range for the day extended
from a low of PHP 18.62 to a high of PHP 18.84, reflecting market fluctuations and investor
sentiment throughout the trading day. The consistent closing price amidst the price range
indicates stability in the stock's value despite the dynamic market conditions.

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 On May 08, 2024, the market opened with Emperador Inc. starting at an opening price of
PHP 18.72, which also served as the peak value for the company's stocks on that day. However,
this price point was notably lower when compared to the preceding two days of the week.
Throughout the trading session, the price experienced a decline, reaching a low of PHP 18.38,
resulting in an average price of PHP 18.44. Despite this downward movement, the volume of
shares traded remained significant at 1,773,100, with a total value of PHP 32,702,954.00.

In comparison to the previous two days, where the stock exhibited higher opening prices and
potentially stronger market performance, the observed decrease in price on May 08 indicates a
shift in investor sentiment or market conditions. The closing price of EMI stock at PHP 18.42
suggests a slight recovery from the day's low, reflecting market dynamics and investor reactions
to price movements.

On May 09, 2024, there was a notable surge in the volume of shares traded, reaching a
substantial 1,860,700 shares and totaling a value of PHP 34,172,464.00. The day commenced
with an opening and peak stock price of PHP 18.48, while the lowest recorded price stood at PHP
18.32, resulting in an average price of PHP 18.37. The heightened volume of traded shares could
be attributed to the reduced price per stock, which likely attracted more investors seeking
favorable opportunities in the market.

The increase in trading activity signifies heightened market participation and investor interest in
Emperador Inc.'s stock on that day. The closing price of EMI stocks decreased at PHP 18.38, but
still indicates a relatively stable end to the trading session, reflecting the overall market sentiment
and price movements throughout the day.

On May 10, 2024, Emperador Inc. opened in the stock market at PHP 18.38. Although it
briefly rose to PHP 18.40, the price later declined to PHP 18.34, resulting in a market price of
PHP 18.38 for the stocks. The volume of shares traded on that day surged to 1,895,500, with a
total value of PHP 34,845,390, marking the highest value of stocks traded for the entire week.
The closing price of EMI's stock stood at PHP 18.40.

As the week concluded, Emperador Inc.'s stock maintained a price of not higher nor lower
than PHP 18.00, indicating a consistent performance. While this price remains below the 52-week
high of PHP 21.85, it still surpasses the 52-week low of PHP 16.18. The stability in the stock price
reflects market dynamics and investor sentiment towards Emperador Inc. These price movements
indicate volatility and varying investor sentiment during the trading session.

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