As of: 7/14/2016

% From Rec
Ticker
Mining
Mining
Commercial
Commercial
Consumer
Mining
Property
Commercial
Commercial
Banks
Commercial
Consumer
Consumer
Consumer
Consumer
Commercial
Commercial
Mining
Commercial
Mining
Mining
Commercial
Consumer
Consumer
Commercial
Index
Consumer
Banks
Consumer
Insurance
Banks
Commercial
Commercial
Commercial
Commercial
Mining
Index
Property
Banks
Conglomerates
Conglomerates
Consumer

Company
AR
LC
SCC
ROX
FOOD
AT
FLI
AP
MER
PSB
PCOR
DNL
SMC
URC
RFM
DMC
PSPC
DIZ
2GO
MAB
MA
UNI
SFI
MAXS
GMA7
PMINI
PIP
CHIB
EMP
MFC
SECB
CEB
HLCM
MWC
ABS
FNI
PCOMM
HOUSE
RCB
LPZ
JGS
ANI

Price
0
0.24
120.8
3.96
0.82
4.3
1.95
45.05
309.4
102.5
11.1
9.62
77.9
199.7
4.19
12.7
1.68
8.7
7.28
0.01
0.01
0.31
0.15
28.45
6.37
11352
3.45
38
7.25
609
199.1
98.8
15.18
27.5
49.4
0.9
11924
7.79
32.3
7.84
85.9
3.85

Term
52 Week
Medium High
Low
0
0
0.01
0
0.25
0.25
0.34
0.14
125.67
126.45
143
110.8
4.11
4.31
6.39
2.81
0.84
0.84
1.04
0.57
4.39
4.35
6.3
3.9
1.99
1.94
2.08
1.31
45.93
45.49
49
37.98
314.14
323.55
353.17
258.36
103.95
103.56
108.1
85
11.22
11.11
11.96
5.22
9.72
9.52
11.89
6.74
78.68
75.26
82.8
43.5
201.53
203.63
219.8
168.68
4.22
4.22
4.72
3.3
12.78
12.63
13.83
10.2
1.69
1.65
2.5
1.29
8.75
8.66
9.7
5.28
7.29
7.4
11.6
5.9
0.01
0.01
0.02
0.01
0.01
0.01
0.02
0.01
0.31
0.31
0.44
0.23
0.15
0.15
0.21
0.13
28.41
25.47
30.5
12.96
6.36
6.59
7.6
5.96
11325
11142
13411
8567
3.44
3.52
5
2.89
37.86
37.36
40.55
31.02
7.22
7.49
9.9
6.8
605.86
603.27
815
560
197.89
189.77
204
118.7
98.16
94.53
102.1
73.23
15.05
14.73
15.5
12
27.25
27.44
28.4
20
48.91
52.03
68.1
45.5
0.89
0.9
1.54
0.46
11779
11780
12138
10023
7.69
7.71
8.28
6
31.77
31.54
40.35
28.75
7.71
7.61
8.1
5.03
84.39
84.71
95.25
56.9
3.78
3.97
5.97
1.2

Short

Banks
Commercial
Conglomerates
Index
Banks
Commercial
Property
Consumer
Banks
Commercial
Index
Conglomerates
Index
Property
Conglomerates
Index
Conglomerates
Insurance
Banks
Property
Property
Index
Banks
Conglomerates
Commercial
Consumer
Property
Property
Consumer
Mining
Consumer
Banks
Consumer
Consumer
Conglomerates
Banks
Property
Mining
Index
Conglomerates
Consumer
Banks
Property
Commercial
Property

BPI
EDC
SM
PSERV
AUB
CROWN
ELI
AGI
UBP
ICT
PHLDG
AEV
PFINC
BEL
AC
PCOMP
FPH
SLF
BDO
GERI
ALI
PASHR
PSE
GTCAP
FGEN
JFC
RLC
DD
CIC
NI
DMPL
MBT
RRHI
PGOLD
FDC
EW
VLL
PX
PPROP
MPI
CNPF
PNB
MEG
EEI
SMPH

98.8
5.65
1000
1653
47.5
2.12
0.81
16
66.95
63
7802
78.85
1792
3.4
875
7956
69.75
1420
113
1.02
40
4811
276
1530
24.85
250
31.3
63.05
49.8
2.85
12.46
94
88
46
6.9
19.32
5.75
8.9
3624
7.15
16.08
59.9
5.07
8.62
29.9

97
5.53
977.89
1615
46.39
2.07
0.79
15.56
65.09
61.22
7580
76.5
1736
3.29
846.58
7684
67.35
1366.78
108.64
0.98
38.33
4605
263.61
1455.69
23.64
237.71
29.74
59.8
47.17
2.69
11.76
88.27
82.4
42.88
6.43
17.98
5.35
8.27
3358
6.59
14.77
54.97
4.56
7.63
26.25

94.28
5.67
967.87
1549
46.15
2.18
0.81
15.35
62.42
62.65
7411
72.39
1686
3.19
817.83
7481
67.66
1374.49
105.44
1
36.7
4468
266.13
1424.4
22.39
234.11
29.1
51.15
46.95
2.64
11.31
85.8
80.3
41.9
6.13
17.12
5.11
7.28
3193
6.25
14.03
53.34
4.3
7.48
24.82

101
7.6
1016
2165
50
3.28
1.02
23.8
68
112.1
7853
80.9
1805
3.81
883.5
8006
84.05
1899
116.6
1.42
40.6
4828
313
1540
28.15
253
33.25
80
58
4.03
13.7
94.15
89
46.85
7.11
21.85
7.38
9.35
3641
7.2
17
66
5.15
10.08
30.15

80
5.05
728
1356
42.8
1.81
0.67
12.6
49.8
55
5682
50.05
1430
2.08
600
6084
50.8
1000
90.5
0.82
27.2
3520
229.8
1117.6
17.6
175.5
22.8
10
37
2
9.48
67.3
56
29.71
3.6
14.34
3.54
3.57
2369
4.5
9.81
43
3
4.54
18.1

Commercial
Mining

MWIDE
NIKL

7.65
5.79

6.71
4.98

6.63
5.06

7.9
11.72

5.1
3.3

High
Trend Mode
-43.66% DOWN
-28.53% DOWN
-15.52% DOWN
-38.07% DOWN
-20.99% SIDEWAYS
-31.75% DOWN
-6.25% SIDEWAYS
-8.06% SIDEWAYS
-12.39% DOWN
-5.18% SIDEWAYS
-7.19% SIDEWAYS
-19.09% SIDEWAYS
-5.92% SIDEWAYS
-9.14% DOWN
-11.23% SIDEWAYS
-8.19% SIDEWAYS
-32.80% SIDEWAYS
-10.31% SIDEWAYS
-37.24% SIDEWAYS
-35.00% DOWN
-33.33% DOWN
-29.55% SIDEWAYS
-24.88% SIDEWAYS
-6.72% UP
-16.18% DOWN
-15.35% UP
-31.00% SIDEWAYS
-6.29% UP
-26.77% DOWN
-25.28% UP
-2.40% UP
-3.23% UP
-2.06% UP
-3.17% UP
-27.46% DOWN
-41.56% SIDEWAYS
-1.76% UP
-5.92% SIDEWAYS
-19.95% UP
-3.21% UP
-9.82% UP
-35.51% DOWN

Recommendation
SELL
SELL
SELL
SELL
RANGE TRADE
SELL
LIGHTEN
LIGHTEN
SELL
LIGHTEN
RANGE TRADE
RANGE TRADE
LIGHTEN
SELL
LIGHTEN
LIGHTEN
RANGE TRADE
LIGHTEN
RANGE TRADE
SELL
SELL
RANGE TRADE
RANGE TRADE
HOLD
SELL INTO STRENGTH
HOLD
RANGE TRADE
HOLD
SELL INTO STRENGTH
HOLD
BUY
HOLD
HOLD
BUY
SELL INTO STRENGTH
RANGE TRADE
BUY
RANGE TRADE
HOLD
BUY
BUY
SELL INTO STRENGTH

Initiated
6/16/2016
7/14/2016
7/8/2016
7/13/2016
7/7/2016
7/14/2016
7/14/2016
7/1/2016
7/5/2016
7/14/2016
7/14/2016
7/14/2016
7/8/2016
7/12/2016
6/21/2016
7/14/2016
7/14/2016
7/11/2016
6/23/2016
7/11/2016
7/13/2016
7/14/2016
7/14/2016
6/20/2016
6/17/2016
7/13/2016
7/13/2016
7/11/2016
7/1/2016
7/14/2016
7/14/2016
6/29/2016
7/14/2016
7/13/2016
7/1/2016
7/7/2016
7/12/2016
7/14/2016
7/12/2016
7/13/2016
7/12/2016
7/8/2016

#DIV/0!
4.17%
4.03%
3.79%
2.44%
2.09%
2.05%
1.95%
1.53%
1.41%
1.08%
1.04%
1.00%
0.92%
0.72%
0.63%
0.60%
0.57%
0.14%
0.00%
0.00%
0.00%
0.00%
-0.14%
-0.16%
-0.24%
-0.29%
-0.37%
-0.41%
-0.52%
-0.61%
-0.65%
-0.86%
-0.91%
-0.99%
-1.11%
-1.22%
-1.28%
-1.64%
-1.66%
-1.76%
-1.82%

#DIV/0!
4.17%
4.68%
8.84%
2.44%
1.16%
-0.51%
0.98%
4.57%
1.03%
0.09%
-1.04%
-3.39%
1.97%
0.72%
-0.55%
-1.79%
-0.46%
1.65%
0.00%
0.00%
0.00%
0.00%
-10.47%
3.45%
-1.85%
2.03%
-1.68%
3.31%
-0.94%
-4.69%
-4.32%
-2.96%
-0.22%
5.32%
0.00%
-1.21%
-1.03%
-2.35%
-2.93%
-1.39%
3.12%

-2.18% UP
-25.67% DOWN
-1.57% UP
-23.64% UP
-5.00% UP
-35.42% DOWN
-20.59% DOWN
-32.77% UP
-1.54% UP
-43.80% UP
-0.65% UP
-2.53% UP
-0.69% UP
-10.76% UP
-0.96% UP
-0.62% UP
-17.01% UP
-25.22% UP
-3.09% UP
-28.17% UP
-1.48% UP
-0.35% UP
-11.82% SIDEWAYS
-0.65% UP
-11.72% UP
-1.19% UP
-5.86% UP
-21.19% UP
-14.14% UP
-29.28% UP
-9.05% UP
-0.16% UP
-1.12% UP
-1.81% UP
-2.95% UP
-11.58% UP
-22.09% UP
-4.81% UP
-0.48% UP
-0.69% UP
-5.41% UP
-9.24% UP
-1.55% UP
-14.48% UP
-0.83% UP

HOLD
SELL INTO STRENGTH
BUY
HOLD
HOLD
SELL INTO STRENGTH
SELL INTO STRENGTH
BUY
BUY
HOLD
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
HOLD
BUY
BUY
BUY
RANGETRADE
BUY
HOLD
BUY
BUY
HOLD
BUY
BUY
HOLD
BUY
BUY
BUY
BUY
BUY
BUY
HOLD
BUY
BUY
BUY
BUY
BUY
BUY
BUY

7/11/2016
7/14/2016
7/1/2016
7/7/2016
7/8/2016
6/20/2016
6/7/2016
7/14/2016
7/14/2016
7/14/2016
7/11/2016
7/7/2016
7/11/2016
7/13/2016
7/13/2016
7/12/2016
7/4/2016
7/14/2016
7/13/2016
7/13/2016
7/14/2016
6/29/2016
7/12/2016
7/12/2016
7/7/2016
6/29/2016
7/11/2016
6/23/2016
7/11/2016
7/13/2016
7/13/2016
6/29/2016
7/12/2016
7/7/2016
7/13/2016
7/4/2016
7/5/2016
6/27/2016
7/11/2016
7/11/2016
7/12/2016
7/13/2016
7/1/2016
7/12/2016
7/8/2016

-1.82%
-2.12%
-2.21%
-2.30%
-2.34%
-2.36%
-2.47%
-2.75%
-2.78%
-2.83%
-2.85%
-2.98%
-3.13%
-3.24%
-3.25%
-3.42%
-3.44%
-3.75%
-3.86%
-3.92%
-4.18%
-4.28%
-4.49%
-4.86%
-4.87%
-4.92%
-4.98%
-5.15%
-5.28%
-5.61%
-5.62%
-6.10%
-6.36%
-6.78%
-6.81%
-6.94%
-6.96%
-7.08%
-7.34%
-7.83%
-8.15%
-8.23%
-10.06%
-11.48%
-12.21%

-4.57%
0.35%
-3.21%
-6.29%
-2.84%
2.83%
0.00%
-4.06%
-6.77%
-0.56%
-5.01%
-8.19%
-5.92%
-6.18%
-6.53%
-5.97%
-3.00%
-3.20%
-6.69%
-1.96%
-8.25%
-7.13%
-3.58%
-6.90%
-9.90%
-6.36%
-7.03%
-18.87%
-5.72%
-7.37%
-9.23%
-8.72%
-8.75%
-8.91%
-11.16%
-11.39%
-11.13%
-18.20%
-11.89%
-12.59%
-12.75%
-10.95%
-15.19%
-13.23%
-16.99%

-3.16% UP
-50.60% UP

BUY
BUY

7/4/2016
7/4/2016

-12.29%
-13.99%

-13.33%
-12.61%

No
No

As
COL
COL
Ticker
Price
Rating
Ticker
Price
Rating
8 RCB
32.3 N/A
19 MWIDE
7.65 N/A
20 PCOR
11.1 N/A
30 LTG
16 N/A
33 SMC
77.9 N/A
41 PIP
3.45 N/A
42 RFM
4.19 N/A
48 LR
6.51 N/A
1 Banks
11 Commercial
21 Conglomerates
34 Consumer
45 Gaming
51 Mining
55 Power
60 Property
67 Telecoms
27 FPH
69.75 BUY
17 IMI
5.64 BUY
13 CEB
98.8 BUY
12 ABS
49.4 BUY
57 EDC
5.65 BUY
25 COSCO
7.91 BUY
5 EW
19.32 BUY
36 CNPF
16.08 BUY
14 EEI
8.62 BUY
58 FGEN
24.85 BUY
54 SCC
120.8 BUY
16 ICT
63 HOLD
24 AGI
16 HOLD
66 VLL
5.75 BUY
10 UBP
66.95 BUY
62 FLI
1.95 BUY
26 DMC
12.7 HOLD
38 EMP
7.25 HOLD
47 BLOOM
6.6 HOLD
63 MEG
5.07 BUY
15 GMA7
6.37 HOLD
46 BEL
3.4 HOLD
7 PNB
59.9 BUY
61 ALI
40 BUY

Update
Update
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

1/5/2016
1/5/2016
1/5/2016
3/14/2016
1/5/2016
1/5/2016
4/27/2016
1/14/2016
7/14/2016
1/5/2016
5/16/2016
2/9/2016
1/5/2016
4/28/2016
1/5/2016
1/5/2016
5/16/2016
1/5/2016
1/5/2016
1/5/2016
7/8/2016
1/5/2016
1/5/2016
1/5/2016

Buy
Below
Below
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

FV
FV
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

140
9.6
147
72.5
8.26
11.04
26
21.5
11.3
32.57
157.6
80.8
19.95
6.62
77
2.24
14.5
8.23
7.4
5.58
7
3.67
63
41.67

116
7.6
127
60
6.6
8.8
20.8
17.2
9
28
126
64
15.9
5.2
61
1.9
11.6
6.5
5.9
4.6
5.6
2.9
50
36

50 RWM
40 PGOLD
56 AP
6 MBT
44 URC
59 MER
4 CHIB
64 RLC
2 BDO
31 MPI
37 DNL
22 AC
35 CIC
3 BPI
52 NIKL
69 TEL
28 GTCAP
9 SECB
18 MWC
43 RRHI
49 MCP
68 GLO
29 JGS
32 SM
65 SMPH
39 JFC
23 AEV
53 PX

3.49 HOLD
46 BUY
45.05 HOLD
94 BUY
199.7 HOLD
309.4 HOLD
38 HOLD
31.3 HOLD
113 HOLD
7.15 BUY
9.62 HOLD
875 HOLD
49.8 HOLD
98.8 HOLD
5.79 HOLD
2,088.00 HOLD
1,530.00 HOLD
199.1 HOLD
27.5 HOLD
88 HOLD
4.12 HOLD
2,304.00 HOLD
85.9 HOLD
1,000.00 HOLD
29.9 HOLD
250 HOLD
78.85 HOLD
8.9 HOLD

5/17/2016
5/18/2016
7/8/2016
1/5/2016
2/18/2016
4/27/2016
5/10/2016
2/15/2016
1/5/2016
4/27/2016
3/2/2016
1/5/2016
3/31/2016
1/5/2016
1/5/2016
3/2/2016
1/5/2016
1/22/2016
1/5/2016
1/5/2016
1/5/2016
2/5/2016
1/5/2016
1/5/2016
1/5/2016
1/5/2016
1/5/2016
3/8/2016

3.6
47
44.4
92
192
294.5
36
29.6
106
6.56
8.8
800
45
89
4.9
1,750.00
1,280.00
165
22.1
70.4
3.27
1,810.00
66.4
750
21.7
175.5
52.1
5.5

2.8
39
38
80
160
256
28
25.7
92
5.4
7.6
695
36
77
3.9
1,400.00
1,113.00
137
17.6
58
2.6
1,448.00
57
652
18.8
146
45
4.4

Outstanding Market
Cap
Shares (Mil)
(PhpMil)
2014
2015 2016E
2017E
Shares (Mil)
(PhpMil)
2014
2015 2016E
2017E
1,400
45,217
26,565
27,801
23,986
25,991
2,399
18,356
10,042
15,442
0
0
9,375
104,064
482,535
360,178
306,241
367,509
10,821
173,142
51,696
54,374
62,238
67,179
10,821
185,287
773,723
673,925 3,694
12,744
25,325
27,333
31,254
35,004
3,500
14,637
11,010
11,982
12,632
13,767
1,200
7,811
6,580
9,270 1,545,279
335,232
344,951
375,193
420,254
449,715
707,861
604,978
561,012
637,593
3,654,476 1,320,675 1,458,060 1,636,087 1,761,930
1,239,570
461,675
533,968
588,285
638,777
194,431
63,272
77,835
83,679
88,289
217,061
63,379
48,637
53,600
60,040
877,068
260,594
260,787
266,621
269,112
1,865,081
246,077
274,122
303,603
335,134
756,963
264,095
276,609
283,649
287,815
554
38,635
99,191
96,510
106,922
112,621
1,867
10,473
37,491
37,074
47,326
51,634
606
59,868
52,000
56,502
61,357
63,551
872
42,030
33,261
38,278
40,825
39,883
18,745
105,864
30,867
34,360
34,785
35,589
7,405
58,373
98,787
116,752
112,240
123,080
1,500
28,980
14,886
16,316
18,900
21,917
3,348
56,940
20,439
23,325
27,899
30,783
1,036
8,933
17,080
18,979
18,894
23,346
3,661
90,974
84,470
83,597
92,965
98,672
1,069
129,105
28,585
24,680
31,962
36,046
2,035
128,099
47,111
47,862
53,798
58,951
10,147
164,317
120,595
135,673
147,474
156,097
12,507
74,207
23,848
26,748
31,159
34,020
1,058
70,856
20,359
20,077
21,568
23,929
24,250
47,287
15,839
17,003
18,372
19,996
13,277
168,624
56,561
57,204
74,434
80,166
16,120
116,870
31,458
43,268
44,846
46,508
11,016
72,611
24,037
25,040
29,363
30,484
32,239
163,454
34,072
38,466
42,846
47,856
3,361
21,410
11,983
13,727
15,150
14,355
10,519
35,696
3,164
5,195
7,104
7,876
1,249
74,823
26,412
26,847
28,416
31,083
14,696
588,507
89,028
100,661
112,230
126,261

15,756
2,765
7,359
3,180
2,182
1,127
2,002
4,094
3,645
27,895
7,143
620
340
3,932
7,597
216
174
603
2,054
1,385
5,643
133
7,163
803
28,879
1,070
5,554
4,940

54,988
127,208
331,505
298,936
435,646
348,724
76,077
128,137
412,166
199,609
68,714
542,630
16,844
388,194
43,986
451,124
266,679
150,030
56,484
121,880
23,325
305,838
615,288
803,055
863,489
268,088
438,837
43,970

29,060
84,697
86,759
74,894
92,376
58,498
18,848
17,051
80,712
33,832
16,121
156,416
9,175
55,787
24,746
165,070
135,077
16,769
16,357
80,401
430
99,025
184,812
275,718
66,240
90,671
107,989
10,048

24,602
97,172
85,174
67,402
109,051
57,656
19,572
19,733
88,900
37,239
19,578
174,035
10,594
59,359
15,432
162,930
149,864
18,677
16,936
90,883
13,727
113,679
229,272
295,878
71,511
100,783
111,260
8,525

24,315
109,914
83,273
76,270
117,472
55,598
21,047
21,767
94,900
43,531
20,613
205,346
12,036
68,254
12,716
163,175
189,343
21,852
17,420
100,444
22,898
120,474
257,988
327,351
77,229
111,175
109,221
8,922

24,203
120,494
89,771
85,311
126,471
45,081
23,049
23,611
106,586
49,101
22,677
219,823
13,479
75,838
15,072
164,820
215,061
26,550
18,365
108,225
25,727
122,995
269,274
352,148
83,390
121,371
117,380
8,922

2014
2014
-6%
-8%
4%
-7%
3%
13%
8%
30%
4%
8%
15%
15%
24%
31%
11%
16%
4%
7%
19%
27%
0%
20%
28%
13%
7%
62%
4%
5%
30%
7%
19%
-5%
27%
1%
10%
96%
23%
-7%
21%
8%
17%

2015 2016E
2017E
FV Margin
Buy Below Margin
2015 2016E
2017E
FV Margin
Buy Below Margin
5%
-14%
8%
#VALUE!
#VALUE!
54%
0%
0%
#VALUE!
#VALUE!
-25%
-15%
20%
#VALUE!
#VALUE!
5%
14%
8%
#VALUE!
#VALUE!
-13% #VALUE!
#VALUE!
8%
14%
12%
#VALUE!
#VALUE!
9%
5%
9%
#VALUE!
#VALUE!
0#VALUE!
#VALUE!
3%
9%
12%
#DIV/0!
#DIV/0!
-15%
-7%
14%
#DIV/0!
#DIV/0!
10%
12%
8%
#DIV/0!
#DIV/0!
16%
10%
9%
#DIV/0!
#DIV/0!
23%
8%
6%
#DIV/0!
#DIV/0!
-23%
10%
12%
#DIV/0!
#DIV/0!
0%
2%
1%
#DIV/0!
#DIV/0!
11%
11%
10%
#DIV/0!
#DIV/0!
5%
3%
1%
#DIV/0!
#DIV/0!
-3%
11%
5%
101%
66%
-1%
28%
9%
70%
35%
9%
9%
4%
49%
29%
15%
7%
-2%
47%
21%
11%
1%
2%
46%
17%
18%
-4%
10%
40%
11%
10%
16%
16%
35%
8%
14%
20%
10%
34%
7%
11%
0%
24%
31%
4%
-1%
11%
6%
31%
13%
-14%
30%
13%
30%
4%
2%
12%
10%
28%
2%
13%
9%
6%
25%
-1%
12%
16%
9%
15%
-10%
-1%
7%
11%
15%
-9%
7%
8%
9%
15%
-3%
1%
30%
8%
14%
-9%
38%
4%
4%
14%
-10%
4%
17%
4%
12%
-11%
13%
11%
12%
10%
-9%
15%
10%
-5%
10%
-12%
64%
37%
11%
8%
-15%
2%
6%
9%
5%
-17%
13%
11%
13%
4%
-10%

-6%
-15%
16%
15%
20%
-2%
-5%
-10%
14%
18%
3%
-1%
25%
4%
7%
16%
8%
10%
10%
10%
50%
21%
14%
11%
21%
15%
6%
6%
123%
-38%
1%
-1%
38%
11%
36%
11%
3%
4%
20%
13%
712% 3091%
9%
15%
25%
24%
9%
7%
11%
8%
13%
11%
21%
3%
3%
-15%

-1%
13%
-2%
13%
8%
-4%
8%
10%
7%
17%
5%
18%
14%
15%
-18%
0%
26%
17%
3%
11%
67%
6%
13%
11%
8%
10%
-2%
5%

0%
10%
8%
12%
8%
-19%
10%
8%
12%
13%
10%
7%
12%
11%
19%
1%
14%
22%
5%
8%
12%
2%
4%
8%
8%
9%
7%
0%

3%
2%
-1%
-2%
-4%
-5%
-5%
-5%
-6%
-8%
-9%
-9%
-10%
-10%
-15%
-16%
-16%
-17%
-20%
-20%
-21%
-21%
-23%
-25%
-27%
-30%
-34%
-38%

-20%
-15%
-16%
-15%
-20%
-17%
-26%
-18%
-19%
-24%
-21%
-21%
-28%
-22%
-33%
-33%
-27%
-31%
-36%
-34%
-37%
-37%
-34%
-35%
-37%
-42%
-43%
-51%