As of: 03/17/2023

COL COL Buy Mkt Cap Revenue in PhpMil (% Growth) Net Income in PhpMil (% Growth) EPS (% Growth) P/E (x) P/BV ROE Div Yield
Ticker Price Rating FV Below (PhpBil) 2020 2021 2022E 2023E 2020 2021 2022E 2023E 2020 2021 2022E 2023E 2022E 2023E 2022E 2022E 2022E
626,926 624,622 677,115 723,376 103,657 159,733 186,514 203,998
Banks and Financials 1,793 9.5 8.7 1.1 12.8 2.7%
13% 0% 8% 7% -31% 54% 17% 9% -32% 41% 19% 9%

BDO 127.60 BUY 133.00 115.00 671.7 188,910 192,700 220,767 238,659 28,246 42,791 57,054 60,623 6.37 9.68 10.78 11.45 11.8 11.1 1.5 12.9 1.7%
5% 2% 15% 8% -36% 51% 33% 6% -36% 52% 11% 6%

BPI 101.20 HOLD 110.00 95.00 456.7 101,754 97,405 118,525 122,952 21,409 24,110 39,605 41,502 4.74 5.34 8.78 9.20 11.5 11.0 1.4 13.0 2.1%
8% -4% 22% 4% -26% 13% 64% 5% -26% 13% 64% 5%

CHIB 32.00 BUY 40.20 33.50 86.1 43,854 48,675 55,652 58,805 12,063 15,088 19,108 22,747 4.49 5.61 7.10 8.45 4.5 3.8 0.6 15.1 4.7%
27% 11% 14% 6% 20% 25% 27% 19% 20% 25% 27% 19%

EW 7.06 BUY 10.50 8.40 15.9 33,083 26,774 25,933 29,325 6,508 4,515 3,355 4,617 2.89 2.01 1.49 2.05 4.7 3.4 0.3 5.5 0.0%
17% -19% -3% 13% 4% -31% -26% 38% 4% -30% -26% 38%

MBT 57.40 BUY 85.80 74.60 258.2 121,236 100,880 112,322 120,784 13,831 22,156 32,776 36,677 3.08 4.93 7.29 8.16 7.9 7.0 0.8 10.3 5.2%
14% -17% 11% 8% -51% 60% 48% 12% -51% 60% 48% 12%

PNB 18.72 BUY 33.10 26.40 28.6 45,620 76,261 52,079 47,676 2,615 31,631 11,532 8,625 1.71 20.73 7.56 5.65 2.5 3.3 0.2 7.7 0.0%
11% 67% -32% -8% -73% 1110% -64% -25% -75% 1112% -64% -25%

SECB 93.00 BUY 141.00 117.00 70.1 50,373 36,811 39,635 44,767 7,432 6,917 10,556 11,527 9.86 9.17 14.01 15.30 6.6 6.1 0.6 8.5 3.2%
48% -27% 8% 13% -26% -7% 53% 9% -26% -7% 53% 9%

UBP 84.90 HOLD 71.40 62.00 205.7 42,097 45,116 52,200 60,407 11,553 12,525 12,529 17,679 7.59 8.22 5.85 7.51 14.5 11.3 2.1 18.7 3.3%
15% 7% 16% 16% -18% 8% 0% 41% -34% 8% -29% 28%
544,772 732,730 1,235,297 1,294,040 -22,246 18,464 44,079 59,634
Commercial and Industrial 759 17.1 14.1 1.9 16.8 2.6%
-37% 35% 69% 5% -158% -183% 139% 35% -173% -152% 262% 21%

BLOOM 9.00 BUY 10.50 9.10 97.5 17,658 21,971 38,808 40,404 -8,313 -4,220 5,172 5,233 -0.76 -0.39 0.43 0.47 20.9 19.1 3.0 15.7 0.0%
-62% 24% 77% 4% -181% -49% -223% 1% -184% -49% -211% 9%

CEB 38.70 BUY 53.00 46.00 23.9 22,618 15,741 58,022 76,595 -22,236 -23,605 -12,977 -4,523 -37.14 -42.13 -10.40 -3.62 (3.7) (10.7) (27.3) (293.5) 0.0%
-73% -30% 269% 32% -344% 6% -45% -65% -344% 13% -75% -65%

CHP 1.15 HOLD 1.00 0.80 15.5 19,707 20,887 20,571 22,073 845 1,161 940 605 0.08 0.05 0.07 0.04 16.5 28.8 0.3 1.3 0.0%
-16% 6% -2% 7% -34% 37% -19% -36% -68% -38% 39% -43%

GMA7 12.68 BUY 14.70 12.70 42.7 19,336 21,337 22,375 22,671 5,985 7,530 6,482 6,212 1.23 1.55 1.33 1.28 9.5 9.9 4.4 45.7 11.4%
17% 10% 5% 1% 129% 26% -14% -4% 128% 26% -14% -4%

ICT 198.00 HOLD 211.90 184.00 402.4 82,298 101,951 114,227 118,200 5,563 23,428 31,186 32,786 0.90 10.38 14.21 15.00 13.9 13.2 3.9 30.2 3.0%
7% 24% 12% 3% 1% 321% 33% 5% -25% 1059% 37% 6%

IMI 5.00 BUY 7.80 6.50 11.1 62,091 71,097 77,802 88,419 -189 -578 -846 467 -0.08 -0.24 -0.39 0.21 (13.0) 23.5 0.5 (3.9) 0.0%
-4% 15% 9% 14% -56% 206% 46% -155% -56% 199% 61% -155%

MWC 17.30 BUY 25.50 21.20 49.9 21,125 20,292 22,799 29,761 4,500 3,673 4,519 6,583 1.81 1.23 1.36 1.98 12.7 8.7 0.7 6.6 2.5%
-4% -4% 12% 31% -18% -18% 23% 46% -18% -32% 11% 46%

PCOR 3.35 BUY 3.50 2.90 31.4 286,033 438,057 853,661 864,518 -11,380 5,369 4,091 5,766 -2.00 0.05 -0.01 0.09 (252.6) 36.7 0.4 3.7 0.0%
-44% 53% 95% 1% 623% -147% -24% 41% 1076% -103% -127% -788%
1,646,778 1,877,579 2,218,327 2,347,218 98,667 173,518 228,818 260,520
Conglomerates 2,691
-22% 14% 18% 6% -57% 76% 32% 14% -58% 75% 32% 16%
12.8 11.0 1.2 9.8 1.6%

AC 610.00 BUY 907.00 788.00 377.7 193,622 225,592 253,015 288,733 17,142 27,774 28,489 32,795 24.00 41.17 42.32 49.27 14.4 12.4 1.0 7.6 1.2%
-27% 17% 12% 14% -51% 62% 3% 15% -56% 72% 3% 16%

AEV 51.05 HOLD 56.50 49.10 287.4 186,726 223,929 197,872 205,853 15,434 27,310 23,730 28,127 2.74 4.85 4.21 4.99 12.1 10.2 1.1 9.2 3.2%
-7% 20% -12% 4% -30% 77% -13% 19% -30% 77% -13% 19%

AGI 12.44 BUY 20.22 16.10 113.2 124,555 142,946 175,465 191,621 8,829 16,944 16,930 19,520 0.88 1.68 1.68 1.94 7.4 6.4 0.6 7.8 1.0%
-29% 15% 23% 9% -50% 92% 0% 15% -50% 92% 0% 15%

COSCO 4.10 BUY 12.60 10.00 29.4 177,316 174,454 194,655 214,688 5,900 6,452 7,884 8,794 0.82 0.90 1.10 1.22 3.7 3.4 0.3 9.2 4.6%
7% -2% 12% 10% -49% 9% 22% 12% -49% 9% 22% 12%

DMC 11.62 BUY 14.55 12.60 154.3 65,830 108,343 141,754 123,703 7,286 18,394 33,688 26,564 0.55 1.39 2.54 2.00 4.6 5.8 1.4 22.5 10.3%
-25% 65% 31% -13% -31% 152% 83% -21% -31% 153% 83% -21%

FPH 61.20 BUY 154.00 123.00 28.9 107,627 125,501 139,106 141,201 9,860 10,021 9,746 9,837 18.94 19.25 18.72 18.90 3.3 3.2 0.3 7.8 3.3%
-20% 17% 11% 2% -22% 2% -3% 1% -16% 2% -3% 1%

GTCAP 495.00 BUY 940.00 783.00 106.6 134,420 174,643 206,911 237,422 6,546 10,983 15,637 18,594 27.67 48.28 69.90 83.63 7.1 5.9 0.5 7.3 0.6%
-40% 30% 18% 15% -68% 68% 42% 19% -68% 74% 45% 20%

JGS 52.00 HOLD 56.38 49.00 391.1 221,640 230,552 292,930 323,754 -468 5,108 16,248 34,994 -0.07 0.73 2.32 4.99 22.5 10.4 1.1 4.8 0.8%
-27% 4% 27% 11% -101% -1191% 218% 115% -102% -1140% 218% 115%

MPI 3.70 BUY 8.79 7.00 106.2 40,855 43,561 62,819 69,679 4,748 10,119 14,767 18,029 0.15 0.32 0.47 0.57 7.9 6.5 0.6 7.2 3.0%
-17% 7% 44% 11% -80% 113% 46% 22% -80% 112% 46% 22%

SM 897.00 BUY 1,059.00 920.00 1,096.2 394,186 428,058 553,800 550,563 23,390 40,412 61,700 63,266 19.42 31.40 50.32 51.60 17.8 17.4 2.3 12.1 0.7%
-21% 9% 29% -1% -48% 73% 53% 3% -48% 62% 60% 3%
 COL COL Buy Mkt Cap Revenue (% Growth) Net Income (% Growth) EPS (% Growth) P/BV ROE Div Yield
Ticker Price Rating FV Below (PhpBil) 2020 2021 2022E 2023E 2020 2021 2022E 2023E 2020 2021 2022E 2023E 2022E 2023E 2022E 2022E 2022E
831,305 872,352 1,041,452 1,153,366 32,993 69,688 68,932 77,689
Consumer 1,535 22.4 20.1 2.4 11.9 1.7%
-7% 5% 19% 11% -35% 111% -1% 13% -41% 51% 20% 12%

CNPF 24.15 BUY 28.00 23.30 85.5 48,302 54,710 62,317 68,306 3,879 4,665 4,909 5,439 1.10 1.32 1.39 1.54 17.4 15.7 3.0 13.1 1.6%
19% 13% 14% 10% 23% 20% 5% 11% 23% 20% 5% 11%

DNL 7.61 BUY 11.40 9.50 54.4 21,739 30,855 39,209 42,815 2,012 2,643 3,236 3,951 0.28 0.37 0.45 0.55 16.8 13.8 2.7 16.4 3.4%
-3% 42% 27% 9% -23% 31% 22% 22% -24% 32% 23% 22%

EMI 20.50 HOLD 15.20 13.20 322.6 51,395 59,133 62,090 67,220 8,037 12,443 10,520 12,671 0.51 0.79 0.67 0.81 30.7 25.5 4.0 13.4 1.5%
2% 15% 5% 8% 19% 55% -15% 20% 21% 55% -15% 20%

HOME 2.44 BUY 6.00 5.00 9.2 12,414 14,325 12,587 15,039 988 1,444 961 1,365 0.26 0.39 0.26 0.36 9.5 6.7 0.6 6.2 0.0%
3% 15% -12% 19% -6% 46% -33% 42% -33% 50% -34% 42%

JFC 223.00 BUY 305.00 265.00 249.5 129,313 153,508 211,902 244,742 -11,495 5,943 7,559 9,669 -11.48 4.19 5.60 7.42 39.8 30.0 4.0 10.2 1.0%
-28% 19% 38% 15% -279% -152% 27% 28% -295% -136% 34% 33%

MAXS 4.84 BUY 9.53 7.60 5.0 7,144 7,640 9,432 11,355 -1,675 450 285 578 -2.15 0.58 0.74 0.85 6.5 5.7 0.8 6.3 2.1%
-50% 7% 23% 20% -332% -127% -37% 103% -334% -127% 28% 15%

MONDE 11.30 HOLD 13.20 11.40 203.0 67,946 69,284 74,237 79,402 8,066 3,115 7,560 8,029 1.12 0.17 0.42 0.45 26.9 25.3 2.0 10.6 0.9%
4% 2% 7% 7% 38% -61% 143% 6% 26% -85% 143% 6%

PGOLD 30.80 BUY 55.70 48.40 88.7 168,632 164,125 180,898 198,019 8,067 8,180 9,425 9,912 2.80 2.85 3.28 3.44 9.4 8.9 1.1 11.9 2.8%
9% -3% 10% 9% 19% 1% 15% 5% 17% 2% 15% 5%

PIZZA 8.30 BUY 10.00 8.00 14.0 5,297 5,480 9,862 12,328 -254 123 664 947 -0.17 0.08 0.39 0.56 21.0 14.8 2.1 10.3 1.2%
-36% 3% 80% 25% -129% -148% 440% 43% -130% -147% 393% 43%

RRHI 53.25 BUY 89.40 74.50 78.6 151,070 153,327 174,345 192,023 3,217 4,528 4,973 5,064 1.86 2.94 3.32 3.42 16.0 15.6 1.0 6.4 2.4%
-7% 1% 14% 10% -18% 41% 10% 2% -25% 58% 13% 3%

SSI 1.58 BUY 3.40 2.70 5.2 12,284 15,496 21,065 23,183 -904 269 986 1,264 -0.27 0.08 0.30 0.38 5.3 4.1 0.4 8.8 1.3%
-45% 26% 36% 10% -211% -130% 267% 28% -208% -130% 267% 28%

URC 142.00 BUY 154.00 133.00 309.3 133,140 116,955 149,904 159,463 11,607 23,324 13,971 14,282 5.27 6.00 6.38 6.51 22.3 21.8 2.7 12.1 2.3%
-1% -12% 28% 6% 19% 101% -40% 2% 10% 14% 6% 2%

WLCON 26.80 HOLD 31.70 27.50 109.9 22,629 27,513 33,603 39,470 1,449 2,561 3,883 4,517 0.62 0.62 0.95 1.10 28.2 24.3 5.3 18.9 0.7%
-8% 22% 22% 17% -32% 77% 52% 16% 19% 0% 53% 16%
58,813 79,829 124,069 101,796 8,833 24,013 50,682 39,315
Mining 219 4.6 5.7 1.9 49.1 11.9%
-5% 36% 55% -18% -29% 172% 111% -22% -24% 161% 104% -20%

NIKL 6.51 HOLD 8.16 7.00 88.7 21,772 27,404 27,487 29,943 4,069 7,813 10,656 12,327 0.30 0.57 0.78 0.90 8.4 7.2 2.1 28.2 6.9%
21% 26% 0% 9% 52% 92% 36% 16% 50% 90% 37% 16%

SCC 30.75 BUY 47.30 37.80 130.7 37,041 52,424 96,582 71,853 4,764 16,200 40,026 26,988 1.12 3.81 9.39 6.33 3.3 4.9 1.8 67.4 16.3%
-16% 42% 84% -26% -51% 240% 147% -33% -51% 241% 146% -33%
309,841 345,152 330,101 344,012 45,715 62,399 73,492 75,823
Power 904 10.0 10.5 1.0 18.6 4.7%
-4% 11% -4% 4% -22% 36% 18% 3% -29% 35% 11% -5%

AP 36.50 BUY 45.20 39.30 268.6 110,377 134,359 127,760 131,972 12,578 20,837 21,083 23,895 1.71 2.83 2.87 3.25 12.7 11.2 1.6 12.6 4.0%
-12% 22% -5% 3% -35% 66% 1% 13% -35% 66% 1% 13%

FGEN 16.24 BUY 31.85 25.40 58.4 118,425 118,643 117,888 118,665 12,533 14,117 14,403 14,691 3.15 3.59 3.66 3.33 4.4 4.9 0.4 8.4 4.3%
6% 0% -1% 1% -23% 13% 2% 2% -24% 14% 2% -9%

MER 304.00 BUY 395.30 316.00 342.6 60,551 66,068 59,108 60,338 16,316 22,193 28,431 24,318 14.48 19.69 25.23 21.58 12.0 14.1 3.1 25.5 5.3%
-12% 9% -11% 2% -30% 36% 28% -14% -30% 36% 28% -14%

ACEN 5.90 HOLD 6.05 5.20 234.1 20,488 26,081 25,344 33,038 4,288 5,251 9,574 12,919 0.27 0.13 0.24 0.33 24.4 18.1 2.4 7.6 0.9%
34% 27% -3% 30% -1129% 22% 82% 35% -594% -52% 82% 35%
291,273 316,294 372,651 387,150 51,673 65,875 82,626 94,069
Property 1,542
-34% 9% 18% 4% -55% 27% 25% 14% -59% 31% 27% 14%
19.1 16.8 1.4 7.8 0.9%

ALI 26.20 BUY 40.00 34.70 393.4 94,568 102,946 123,051 131,919 8,727 12,228 18,617 20,600 0.59 0.83 1.27 1.40 20.6 18.7 1.6 6.9 1.0%
-43% 9% 20% 7% -74% 40% 52% 11% -74% 41% 53% 10%

FLI 0.72 HOLD 0.90 0.72 17.5 16,223 16,866 18,251 19,001 3,733 3,803 3,351 3,959 0.15 0.16 0.14 0.16 5.1 4.5 0.2 3.8 8.8%
-32% 4% 8% 4% -41% 2% -12% 18% -42% 7% -13% 14%

MEG 1.96 BUY 4.28 3.40 61.1 39,300 47,995 54,917 61,246 9,886 13,434 14,589 16,246 0.29 0.42 0.43 0.48 4.6 4.1 0.3 7.1 3.1%
-37% 22% 14% 12% -45% 36% 9% 11% -46% 43% 2% 12%

RLC 13.52 BUY 26.00 20.80 67.0 28,026 36,539 42,824 34,186 5,264 8,196 8,582 9,356 1.01 1.55 1.65 1.80 8.2 7.5 0.5 6.4 3.7%
-8% 30% 17% -20% -39% 56% 5% 9% -40% 53% 6% 9%

SMPH 34.00 BUY 40.50 35.20 981.9 81,899 82,315 105,800 111,317 18,007 21,787 30,100 35,866 0.62 0.75 1.03 1.24 33.0 27.4 2.7 8.7 0.3%
-31% 1% 29% 5% -53% 21% 38% 19% -53% 20% 37% 20%

VLL 1.69 BUY 2.97 2.30 21.5 31,256 29,632 27,808 29,481 6,056 6,427 7,387 8,042 0.47 0.50 0.57 0.62 3.0 2.7 0.2 6.4 1.7%
-27% -5% -6% 6% -46% 6% 15% 9% -47% 7% 14% 9%
357,176 388,232 409,774 434,781 50,998 58,637 56,593 60,496
Telecoms 635
4% 9% 6% 6% -1% 15% -3% 7% 3% 13% 7% 4%
10.4 10.0 2.2 17.9 8.3%

GLO 1,740.00 BUY 2,350.00 1,958.00 250.7 160,520 168,496 174,221 182,995 19,523 21,246 19,169 21,024 141.44 155.96 136.55 141.26 12.7 12.3 1.8 14.9 6.1%
-4% 5% 3% 5% -13% 9% -10% 10% -14% 10% -12% 3%

TEL 1,310.00 BUY 1,760.00 1,466.00 283.0 181,004 193,257 201,859 215,885 28,087 30,233 29,985 30,801 112.12 121.76 138.78 142.56 9.4 9.2 2.3 18.7 10.2%
7% 7% 4% 7% 4% 8% -1% 3% 8% 9% 14% 3%

CNVRG 14.00 BUY 25.60 21.30 101.7 15,652 26,479 33,694 35,901 3,388 7,158 7,439 8,671 0.45 0.95 1.02 1.19 13.7 11.7 2.8 20.7 0.0%
71% 69% 27% 7% 78% 111% 4% 17% 66% 111% 8% 17%
4,666,884 5,236,791 6,408,785 6,785,740 370,289 632,326 791,735 871,543
MARKET 10,079 12.9 11.7 1.4 12.4 2.5%
-17% 12% 22% 6% -48% 71% 25% 10% -48% 58% 31% 11%
3,233,286 3,558,622 4,162,661 4,415,866 304,917 494,753 641,681 695,318 229 352 462 507
PSEi 8,897 14.0 12.8 1.6 13.1 2.4%
-15% 10% 17% 6% -43% 62% 30% 8% -45% 54% 31% 10%

* Source: Bloomberg Important Disclaimers

c
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