Key Philippine Indices

Close Change % Ch
PSEi 6,867.59 +17.12 +0.25
All Shares 4,110.43 +1.55 +0.04
Financials 1,633.98 +5.65 +0.35
Industrial 10,469.66 -32.39 -0.31
Holding 6,178.24 +12.72 +0.21
Services 2,111.01 +18.71 +0.89
Mining & Oil 16,609.87 -24.81 -0.15
Property 2,566.81 -8.36 -0.32
World Indices
Close Change % Ch
Dow Jones 16,880.36 -31.75 -0.19
S&P500 1,970.07 +0.12 +0.01
Nasdaq 4,462.90 +20.20 +0.45
FTSE100 6,773.44 -34.31 -0.50
Hang Seng 24,732.21 +91.68 +0.37
Nikkei225 15,646.23 +28.16 +0.18
Shanghai 2,181.24 -1.95 -0.09
Straits 3,353.65 -2.43 -0.07
Market Statistics
Value
Average Daily Turnover (Php m) 8,005
Net Foreign Transactions (Php m) 133
Gainers 75
Losers 106
Unchanged 46
USI Research

Head of Research
Lexter L. Azurin
(63) 844 4415
Email: [email protected]

31 July 2014
3/F Majalco Building, Benavidez cor. Trasierra Sts. Legaspi Village, Makati City, Philippines 1229
Tel: +632 892-0991 Fax: +632 818-2127 Website: http://www.unicapital-inc.com
July 2014
Commodities
Close Change % Ch
Gold (t oz.) 1,298.00 -3.10 -0.24
Copper (lbs) 324.20 +2.25 +0.70
Nickel (lbs) 8.53 +0.11 +1.32
Crude Oil (WTI) 99.38 -1.53 -1.52
US$/Php 43.41 +0.05 +0.10
PLDT US ($) 70.93 +0.21 +0.30
Action Idea
Industrial
Phoenix Petroleum Philippines, Inc.(PNX) (Fair Value: Php8.00)
2Q earnings growth accelerated
PNX profits grew 8% in the 1H2014 to Php402m (2Q: +27% to Php321m). This was
driven by higher retail sales recorded during the period. The improvement in the
profitability was brought about by a higher contribution of retail sales volume to
overall sales volume. This was driven primarily by its continued expansion of its retail
station network. PNX ended increased their stations to 405 as of June 2014, from 368
at the end of 2013. Of the total stations, 220 are based in Mindanao, 55 in Visayas,
and 130 in Luzon. PNX supplies to more than 50% of Cebu Pacifics jet fuel require-
ments and handles all their logistics needs in Mindanao and part of Visayas. PNX like-
wise improved its market share to 5.9% in 2013, from 4.4% the previous year. PNX is
expected to continue expanding its logistics and infrastructure to support both its
network expansion and its commercial and industrial clients. At current price of
Php5.86, PNX is only trading at 10.46x PER 2014E, increasing our fair value by 10% to
Php8.00 (from Php7.20). MaintainBuy

US/Global Headlines
US stocks little changed after Fed decision, GDP data. Dow slid 31 pts or 0.2%
to close at 16,880, while the S&P500 fell less than 0.1% to 1,970. US stocks were
little changed as data showing better-than-expected economic growth was offset
by weaker earnings and the Feds decision to keep trimming asset purchase. Pol-
icy makers tapered monthly bond buying to $25b in their sixth consecutive $10b
cut, staying on pace to end the purchase program in October. Fed officials led by
Chair Yellen are stepping up a debate over when to raise interest rates for the
first time since 2006 as unemployment falls faster than expected and inflation
picks up toward their 2% goal. US GDP rose at a 4% annualized rate after shrink-
ing 2.1% in 1Q2014. The median forecast of 80 economists surveyed by Bloomberg
called for a 3% advance. Equity markets will see a decline at some point after
surging for the past several years, according to former Federal Reserve Chair-
man Alan Greenspan. Bloomberg

Philippine Market Summary
PSEi remained quiet ahead of BSP meeting. PSEi inched up 17 pts or 0.25% to
close at 6,867. Volume turnover amounted to Php8b. Investors remained cautious
ahead of the BSP meeting tomorrow. Asian markets rise before the US Federal
Reserve updates on markets on monetary policy and as the US and EU strength-
ened sanction against Russia. BSPs latest statement said that a foreseen eco-
nomic slowdown in global growth would give them more space to adjust policy
settings as such would temper the rise in inflation. The IMF cut its full-year
global growth forecast this year to 3.4% from 3.6%. This was on the back of
weaker-than-expected 1Q GDP growth figure in the US, and less bullish prospects
for a number of emerging markets for the rest of the year. USI

Philippine Economic/Industry News
BSP sees annual inflation in July at 4.1-4.9%
Another SDA rate hike seen
Government borrowings down 34%
Philippine Corporate News
CIC net income up 45% to Php346m in 1H 2014
RCBC plans Php4.5b stock rights offer
Cirtek seals acquisition of wireless products manufacturer
Ang expects completion of PAL buyout in 3Q
ATN reports turnaround in year to March
Robinsons Land brings Go Hotel to Ortigas
A Brown unit asks ERC to approve Cebu cooperative power purchase deal
Cebu Pacific June passenger volume up 9.5%
Sources: Bloomberg, PSE disclosure, and various media sources
CIC net income up 45% to Php346m in 1H 2014PSE disclo-
sure
CIC net income rose 45% to Php346m in 1H 2014. This was on
the back of net sales of Php4.8b for the period, 28% higher
from a year ago. The key earnings drivers for the period are the
strong sales performances for both the Consumer and the Build-
ing and Industrial Solutions segments and increased profitability
in the refrigeration business as investments in higher margin
products and cost reductions begin to pay off. The earnings
were also buoyed by the contributions of our latest acquisition
Concepcion Otis Philippines, Inc., a deal that was completed
last March 2014. Q2 2014 results show a 21% expansion in sales
and a 54% up-tick in profitability.

RCBC plans Php4.5b stock rights offerInquirer
RCBC plans to raise P4.5b in fresh equity from the sale of new
shares to existing investors as part of the strategy to boost its
capital adequacy ratio amid a more stringent regulatory frame-
work.. RCBCs board of directors approved the rights offer by
way of common shares from the unissued portion of its author-
ized capital stock, to all eligible shareholders of the Bank. The
board also authorized any of the following: John Deveras, RCBC
executive vice president for strategic initiatives; Gerald Floren-
tino, first senior vice president and head of corporate planning,
or the banks management, to act for and on behalf of the bank
and to determine the terms and conditions of the offer. The
exercise is still subject to receipt of regulatory approvals, ex-
emptions, confirmations, and consents, as applicable, the dis-
closure said. The proposed rights offer will allow the bank to
strengthen its capital ratios under the Basel 3 standards and to
support its asset growth, the disclosure said. Basel 3 frame-
work, which was implemented in the country at the beginning
of this year, introduced a complex package of reforms designed
to improve the ability of banks to absorb losses. This also ex-
tended the coverage of financial risks and required stronger
firewalls against periods of stress.

Cirtek seals acquisition of wireless products manufacturer
Interaksyon
Cirtek Holdings Philippines Corp expects a growth spurt next
year following the acquisition of a local manufacturer of wire-
less products. Cirtek said its consolidated net sales will hit
$100m next year, more than double the $44m recorded in 2013.
In the first quarter of 2014, Cirtek's consolidated net revenues
increased 7% to $11.18m from $10.45m last year. Cirtek,
through wholly owned unit Cirtek Electronics International
Corp, closed today the acquisition of REMEC Broadband Wire-
less International Inc (RBWI) for up to $12m. RBWI is the manu-
facturing division of REMEC Broadband Wireless Holdings
(REMEC). Cirtek expects to fund the acquisition through a com-
bination of cash and a corporate notes issuance. RWBI is a sup-
plier of integrated radio frequency, microwave and millimeter
wave subsystem solutions used in the wireless industry. As part
of the sale, REMEC will enter into a manufacturing agreement
with Cirtek to manufacture its products under a long-term con-
tract manufacturing relationship. REMEC and its remaining sub-
sidiaries will continue to design and market its telecommunica-
tions products globally under the REMEC brand.
Unicapital Investment Research
Daily Report
31 July 2014
3/F Majalco Building, Benavidez cor. Trasierra Sts. Legaspi Village, Makati City, Philippines 1229
Tel: +632 892-0991 Fax: +632 818-2127 Website: http://www.unicapital-inc.com
July 2014
BSP sees annual inflation in July at 4.1-4.9% - ABS-CBNNews
The Philippine central bank is ready to "implement policies" to
tame price pressures as it forecast annual inflation in July to be
between 4.1 and 4.9%. BSP Governor Amando Tetangco said the
forecast for July inflation takes into account higher prices of
rice and electricity and a decline in the cost of petrol and some
agricultural products. "The BSP stands ready to implement poli-
cies to keep inflation expectations well-anchored and protect
the government's inflation targets," Tetangco said in a mobile
text message ahead of a policy meeting on Thursday. The top
end of the forecast is the highest since October 2011 when the
rate hit 5.2%. Twelve economists polled by Reuters were split
down the middle on the main rate: six expected no change but
the remaining six forecasts it would be raised by 25 basis points
to 3.75%. Even the six who forecast no change thought the cen-
tral bank would tighten monetary conditions slightly by raising
the rate on its SDAs. One economist thought BSP would raise
both rates.

Another SDA rate hike seen Philstar
Singapore based-DBS Bank expects the BSP to further increase
the interest rate on the special deposit accounts (SDAs). BSP is
set to further tighten its monetary policy this week, the bank
said in a research note. Expect the central bank to leave the
key policy rate unchanged while another adjustment on the
special deposit account is likely to be seen, it said. The
Monetary Board will be revisiting policy settings
today. Overnight borrowing and overnight lending rates,
currently at 3.5% and 5.5%, respectively, were last adjusted in
October 2012. The bank said it expects Philippine economic
growth to settle within six% and seven% this year despite the
disappointing 5.7% first quarter growth. GDP growth momen-
tum remains strong in the near-term, despite little boost from
export growth. Domestic demand is healthy, even if the pros-
pect of fiscal spending comes under pressure from the recent
controversy surrounding the governments special fund, it
added. DBS said it expects Philippine inflation rate to continue
climbing for the rest of the year following recent typhoons that
devastated the country. We still see a good change that CPI
inflation may cross the five% year-on-year mark in the coming
months, even if the average for the whole year is likely to be
within the central banks comfort zone, the bank said. Infla-
tion eased to 4.4% in June after hitting a 30-month high in May,
bringing the first-half average to 4.2%. The central bank ex-
pects the rate to settle within three to five% this year. The BSP
earlier hiked the banks reserve requirement ratio by a total of
200 basis points and the SDA rate by 25 basis points to 2.25% to
curb the high liquidity growth.

Government borrowings down 34% - Philstar
State borrowings continued to trend downward, declining by
more than a third in the first semester as the government did
not see any immediate need for more cash. Department of
Finance showed that the government borrowed P163.68b from
January to June, down 33.75% from P181.06 in the same period
a year ago. The downward trend underlines the strength of the
governments finances even as the country recovers from a
string of natural calamities particularly the devastation caused
by Super Typhoon Yolanda. Domestic borrowings accounted for
the bulk of total obligations at P106.6b. This marked a year-on
-year drop of 55.25%.
A Brown unit asks ERC to approve Cebu cooperative power
purchase deal BusinessWorld
A unit of A. Brown Company, Inc. plans to sell a portion of its
generating capacity to a distributor in Cebu, according to an
application to regulators for the approval of the two parties 15
-year power supply deal. Palm Concepcion Power Corp. (PCPC)
and Cebu II Electric Cooperative, Inc. (CEBECO II), in a June 16
application released recently, asked for the Energy Regulatory
Commissions authorization to implement their electric power
and purchase agreement (EPPA). Under the EPPA, PCPC agreed
to supply and deliver 10 megawatts (MW) of electricity to CE-
BECO II starting June 26, 2016. The electricity will come from
PCPCs 135-MW coal-fired power plant that is being built in the
municipality of Concepcion in Iloilo. The EPPA shall have a
term of 15 years commencing on the initial delivery date, the
petition read. The petition showed that CEBECO IIs franchise
area had a total peak demand of 52.987 MW in 2013 -- the sup-
ply for which came from National Power Corp. (10 MW); Cebu
Energy Development Corp. (13 MW); and KEPCO-SPC Power
Corp. (15 MW); Desco, Inc. (1 MW). The remainder is from the
Wholesale Electricity Spot Market. The demand within the
CEBECO II franchise area is expected to grow by 2.2% a year
from 2013. Thus by 2016, CEBECO II will need an additional 10
MW of power supply, according to the application.

Cebu Pacific June passenger volume up 9.5% - BusinessWorld
Cebu Air, Inc., said that passenger volumes increased 9.5% year
on year in June, due to the airlines increased presence in key
markets. According to operating statistics released online by
the low-cost carrier, passengers totaled 1.315m in June, up
from 1.201m a year earlier. Cebu Air attributes its passenger
growth to increased presence in key markets, strategic seat
sales and continuous network expansion, Cebu Pacific Spokes-
person Juan Lorenzo T. Taada said. Seat capacity rose 7.7%
year on year to 1.55m in June, following an increase in the
number of aircraft to 50 from 43 during the period. Neverthe-
less, load factor rose to 84.8% from 83.4% a year earlier even
though the total number of flights fell slightly to 9,407 from
9,423. In the first half of the year, Cebu Pacific Air flew 8.05m
passengers, up 7.6% year on year, Mr. Taada said. Asked
whether the June results indicate progress towards meeting the
companys operating targets, Mr. Taada said: It is hard to say
as we just acquired Tigerair Philippines this year. Canceled
flights due to typhoon Glenda are expected to be reflected in
the companys July operating results. Mr. Taada said that the
total projection for 2014 is 17m passengers. At present Cebu Air
operates a fleet of 43 Airbus aircraft, of which 10 A319 and 30
A320 models are single-aisled, with the wide-body fleet consist-
ing of three A330s.
Unicapital Investment Research
Daily Report
31 July 2014
3/F Majalco Building, Benavidez cor. Trasierra Sts. Legaspi Village, Makati City, Philippines 1229
Tel: +632 892-0991 Fax: +632 818-2127 Website: http://www.unicapital-inc.com
July 2014
Ang expects completion of PAL buyout in 3QPhilstar
SMC is hopeful that their bid to buy out the Tan group in Philip-
pine Airlines Inc. (PAL) would be completed within the third
quarter so as not to derail ongoing improvements in the air-
lines financial performance. SMC and PAL president Ramon S.
Ang said that shareholders of the national flag carrier are look-
ing forward to concluding talks within this quarter. Early this
week, diversified conglomerate SMC said it is in discussions
with the Tan Group with respect to their equity stakes in PAL
Holdings Inc., Philippine Airlines Inc. and Air Philippines Corp.
Since the entry of SMC, PAL has embarked on a massive fleet
renewal program involving the acquisition of 100 brand new
aircraft. It placed an order for 64 brand new Airbus aircraft
worth $9.5b of which 19 have been delivered and deployed.
The source said PAL is set to report a profit of P1.5b for the
second quarter of the year and this will be the first time in
years that the airline would report a net profit. With this, PAL
is looking forward to booking a profit of more than P1b this
year.

ATN reports turnaround in year to March BusinessWorld
ATN Holdings said it swung to a P463.65-million net profit over
its fiscal year ending in March, turning around from an P8.72m
net loss in the year to March 2013. Gross revenue rose sharply
to P696.12m from P28.59m, even as operating revenue declined
to P17.58m from P22.54m. Costs and expenses fell to P29.24m
from P37.3m. ATN did not provide a detailed explanation for its
performance in its filing with the stock exchange on
Wednesday, other than to say that the company plans to
continue in the manner it did last year. The report also noted
that operations for the next 12 months will be adequately sus-
tained by proceeds from the sale or rental of its office and resi-
dential condominium units and service income from health care
clinics. ATN also said it intends to pursue opportunities in re-
newable power generation, focusing on advanced solar photo-
voltaic technology.

Robinsons Land brings Go Hotel to OrtigasInteraksyon
Robinsons Land Corp has expanded its value hotel chain with
the roll out of Go Hotels Ortigas Center. Go Hotels general
manager said Go Hotels Ortigas Center will be located at the
ground to the fourth floor of RLCs Cyberscape Alpha office
building along Garnet Road. With 198 guest rooms, the new
hotel will be the chains second biggest branch nationwide. The
opening of the Ortigas Center branch, its third in Metro Manila,
brings the total number of Go Hotels in the country to eight
comprising of over 1,000 rooms. Go Hotels Ortigas Center will
serve business travelers as well as tourists visiting the central
business district and the nearby malls. With the opening of Go
Hotels Ortigas Center in the heart of the Central Business Dis-
trict, we can now expand the chains market portfolio by in-
creasing market share of businessmen and tourists on the go
who are looking for essential travel amenities at more afford-
able rates, Gregorio said. Compared to the average price of
P3,000 and up of the other hotels in Ortigas, Go Hotels offer a
lower average price of P2,000 per night while offering the same
sleeping experience, Gregorio said.Those who book early may
even get the rooms for as low as P88.00 plus VAT," she said.
The hotel will have a restaurant, spa and laundry tenants while
the ground floor of Cyberscape Alpha features retail spaces
occupied by food and beverage outlets, a Ministop convenience
store and a branch of BDO Unibank.
Unicapital Investment Research
Earnings Scorecard
31 July 2014
3/F Majalco Building, Benavidez cor. Trasierra Sts. Legaspi Village, Makati City, Philippines 1229
Tel: +632 892-0991 Fax: +632 818-2127 Website: http://www.unicapital-inc.com
July 2014
Banks 1Q2014 % Ch 2Q2014 % Ch 1H2014 % Ch
AUB 272 -52%
BDO 5,471 -46% 5,579 +33% 11,050 -22%
BPI 3,603 -57%
CHIB 1,162 -35%
EW 455 -38%
MBT 5,686 -50%
PBB 112 -81%
PNB 1,342 -53%
RCB 1,329 -25%
SECB 1,427 17%
UBP 1,540 -62% 1,660 -24% 3,200 -48%
Wtd Avg -46%
Property 1Q2014 % Ch 2Q2014 % Ch 1H2014 % Ch
ALI 4,194 32%
BEL 310 -60%
CPG 513 3%
DD 21 115%
FLI 1,066 14%
HOUSE 934 30% 874 +10% 1,808 +20%
MEG 2,648 49%
RLC 1,205 -3%
ROCK 254 18%
SMPH 4,578 11%
VLL 1,490 11%
Wtd Avg 19%
Infrastructure 1Q2014 % Ch 2Q2014 % Ch 1H2014 % Ch
EEI 167 -53%
HLCM 1,670 17% 1,650 +2% 3,320 +9%
LRI 1,075 4%
MWIDE 328 2%
Wtd Avg 7%
Transport 1Q2014 % Ch 2Q2014 % Ch 1H2014 % Ch
ICT 2,277 29%
CEB 164 -86%
Wtd Avg 14%
Gaming 1Q2014 % Ch 2Q2014 % Ch 1H2014 % Ch
BLOOM 1,461 -238%
LR 133 80%
RWM 1,717 73%
MCP (970) 187%
Wtd Avg -22%
Telcos 1Q2014 % Ch 2Q2014 % Ch 1H2014 % Ch
GLO 3,400 10%
TEL 9,800 2%
Wtd Avg 4%
Mining 1Q2014 % Ch 2Q2014 % Ch 1H2014 % Ch
AT 393 -42%
MARC 50 -292%
NIKL 593 493%
PX 278 110%
Wtd Avg 231%
Consumer 1Q2014 % Ch 2Q2014 % Ch 1H2014 % Ch
DNL 377 20%
CIC 215 38% 131 +59% 346 +45%
CNPF 320 7%
EMP 1,716 19%
DMPL
JFC 1,078 21%
PGOLD 943 -2%
RRHI 561 6%
PF 870 24%
PIP 136 -50%
RFM 166 8% 261 11% 427 10%
URC 3,305 6%
Wtd Avg 10%
Media 1Q2014 % Ch 2Q2014 % Ch 1H2014 % Ch
ABS 626 23%
GMA7 326 -46%
Wtd Avg -7%
Conglomerates 1Q2014 % Ch 2Q2014 % Ch 1H2014 % Ch
AC 5,471 21%
AEV 6,098 -24%
AGI 3,566 -10%
COSCO 1,278 -59%
DMC 2,590 39%
FDC 701 -27%
GTCAP 8,600 30%
JGS 4,879 0%
LPZ 877 -12%
LTG 1,611 -61%
SMC 2,154 -49%
MPI 2,334 32%
SM 6,239 -16%
Wtd Avg -7%
Utilities 1Q2014 % Ch 2Q2014 % Ch 1H2014 % Ch
AP 4,178 -9%
EDC 2,378 -12%
FGEN 1,866 -23%
FPH 1,029 -42%
MER 4,008 0% 5,632 +4% 9,640 +2%
MWC 1,431 7%
PCOR 2,261 8%
PNX 80 -32% 321 +27% 401 +8%
SCC 2,021 100%
TA 109 -34%
Wtd Avg 7%
Calendar of Key Events
3/F Majalco Building, Benavidez cor. Trasierra Sts. Legaspi Village, Makati City, Philippines 1229
Tel: +632 892-0991 Fax: +632 818-2127 Website: http://www.unicapital-inc.com
July 2014
Unicapital Investment Research
Calendar of Key Events
31 July 2014
Monday Tuesday Wednesday Thursday Friday
28-July-2014 29-July-2014 30-July-2014 31-July-2014 1-August-2014
US: Pending Home Sales
I: ASM
HOUSE: ASM
MER: 1H Briefing 3PM
HOUSE: 1H Briefing 5PM
US: S&P Case Shiller
US: Consumer Confidence
IRC: ASM
MHC: ASM
US: GDP 2Q2014
(Advanced)
US: FOMC Meeting

PH: Monetary Policy
Meeting
US: Jobless Claims
ORE: ASM
FJP: ASM
MFIN: ASM
AEV/AP: 1H Briefing 4PM
US: Employment
Situation
US: ISM Manufacturing
US: Consumer Sentiment
4-August-2014 5-August-2014 6-August-2014 7-August-2014 8-August-2014

US: Factory Orders
US: ISM Services Index
PH: Inflation Rate
MB: Ex-stock (3%)
DMC: ASM
TEL: 1H Briefing 3PM
GLO: 1H Briefing 930AM US: Jobless Claims
11-August-2014 12-August-2014 13-August-2014 14-August-2014 15-August-2014
HI: Ex-cash (Php0.065)
CEU: Ex-cash (Php0.50)
PH: Industrial Production
PH: Industrial Production
US: Retail Sales
ABS: 1H Briefing
US: Jobless Claims
AC: 1H Briefing 3:30PM
US: NY Manufacturing
US: Industrial Production
US: Consumer Sentiment
I: Ex-cash (Php0.05)
18-August-2014 19-August-2014 20-August-2014 21-August-2014 22-August-2014
CEB: ASM
CIC: Ex-stock (30%)
US: CPI
US: Housing Starts
MER: Ex-cash (Php5.91)
US: FOMC Minutes
US: Jobless Claims
US: PMI
US: Philadelphia Fed
US: Existing Home Sales
FEU: ASM
25-August-2014 26-August-2014 27-August-2014 28-August-2014 29-August-2014
US: New Home Sales
US: Durable Goods Orders
US: S&P Case Shiller
US: Consumer Confidence
PH: Balance of Trade
UPM: ASM
WEB: Ex-cash (Php0.10)
EEI: Ex-cash (Php0.05)
US: GDP
US: Jobless Claims
US: Pending Home Sales
WEB: ASM
ALPHA: ASM
AB: ASM
CA: ASM
MRC: ASM
US: Consumer Sentiment
EVER: ASM
Ratings and Recommendations:
USI Research's fundamental views and ratings (Buy, Hold, Sell) are medium-term calls within a 12-month investment horizon. Buy =
More than 10% upside from the current price; Hold = Upside within +/-10% from the current price; Sell = More than 10% downside from
the current price. Meanwhile, USI Research's technical comments and recommendations are short-term and trading oriented.

Disclaimer:
Note: In the interest of timeliness, this report has not been edited.
The information provided in this report has been prepared without taking account of your objectives, financial situation or needs. You
should, before acting on the advice, consider the appropriateness of the advice having regards to these matters and, if appropriate,
seek professional financial, investment and taxation advice.
All observations, conclusions and opinions expressed in this report reflect the personal views of USI analysts and are subject to change
without notice. The information this report has been obtained from sources USI believes to be reliable. However, USI does not warrant
the accuracy, completeness or currency of, and will not be liable for any inaccuracies, omissions or errors in, or for any loss or damage
(including any consequential loss) arising from reliance on, the information in this report.
USI does not guarantee the performance of any investment discussed or recommended in this report. Any information in this report
relating to the distribution history or performance history of any investment should not be taken as indication of the future perform-
ance of the relevant investment.
In this report, USI may express an expectation or belief as to future events, results or returns generally or in respect of particular in-
vestments. USI makes such statements in good faith and believes them to have a reasonable basis, however, such forward-looking
statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from such forward
-looking statements. No guarantee of future returns is given or implied by USI.
Sales

Rommel M. Macapagal
[email protected]

Marlyne Y. Fernandez
[email protected]

Juan Paolo Martirez
[email protected]

U-Trade / Online

Michelle M. Ungco
[email protected]

Neil Patrick A. Gabaldon
[email protected]

Joyce R. Tumbokon
[email protected]

Research

Lexter L. Azurin
[email protected]

Unicapital Securities Inc
3/F Majalco Bldg, Benavidez cor. Trasierra Sts.
Legaspi Village, Makati City, Philippines 1229
Tel: +632-892-0991
Unicapital Investment Research
Daily Report
31 July 2014
3/F Majalco Building, Benavidez cor. Trasierra Sts. Legaspi Village, Makati City, Philippines 1229
Tel: +632 892-0991 Fax: +632 818-2127 Website: http://www.unicapital-inc.com
July 2014