PinoyInvestor Free Version - 16 Sept 2013 Upnu

ping
16 Sep 2013 | www.pinoyinvestor.com
PINOYINVESTOR
Make the right stock investment decisions with
the help of the country's top expert brokers
OUR OFFICIAL PARTNER BROKERS:
16 Sep 2013 | www.pinoyinvestor.com
PINOYINVESTOR STOCKS REPORT (SEPTEMBER 16, 2013 ISSUE)

This Weeks Market Outlook (FREE ACCESS!) ........................................................................................ 4
Guide to PinoyInvestor Stock Picks ........................................................................................ 8
PSE index (PSEi) Stock Picks (1 FREE STOCK PICK!) ................................................ 9
Growth / Value Stock Picks (1 FREE STOCK PICK!) ................................................... 10
Speculative Stock Picks (1 FREE STOCK PICK!) ......................................................... 11
Target Prices of 30 other PSE Stocks (1 FREE STOCK PICK!) ................................. 12
Stock in Focus: Apex Mining Co. (APX) ........................................................................................ 15
Stock in Focus: Holcim Philippines Inc. (HLCM) (FREE ACCESS!) ....................................... 18
Stock in Focus: Lafarge Republic Inc. (LRI) ................................................................................ 20
Stock in Focus: Petron Corp. (PCOR) ........................................................................................... 22
Brokers Notes: Philippine Peso to go Up or Down? (FREE ACCESS!) ...................... 26
Brokers Notes: Invest in Mining Stocks? ............................................................................. 29
Corporate News and Disclosures .................................................................................................. 32
Cash Dividends Update ................................................................................................................. 36
Technicals Talk: Aboitiz Power (AP) ............................................................................................. 37
Technicals Talk: Alliance Global Inc. (AGI) ................................................................................. 39
16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 2
Technicals Talk: D & L Industries (DNL) (FREE ACCESS!) ................................................... 41

Technicals Talk: LT Group Inc. (LTG) ......................................................................................... 43
About PINOYINVESTOR.com......................................................................................................................45
Our Partner Brokers.......................................................................................................................................46
Disclaimer ........................................................................................................................................................51
* This section summarizes our partner brokers expected movement of the Philippine Stock Exchange index (PSEi) in
the coming week. Take note that the opinion primarily relies on Technical Analysis and may be useful only to shortterm traders. Long-term investors may consider this weeks outlook but should remember that the information is
short-term in nature and may not necessarily impact their long-term investing strategy.
THIS WEEKS MARKET OUTLOOK

As of 16 September 2013
BROKER
Philippine
Stock
Exchange
index (PSEi)
First Metro
Securities
OPINION
ISSUED ON
13 Sept
2013
SUPPORT
6,100 /
5,562
RESISTANCE
6,244 /
6,370
ANALYSIS AND RECOMMENDATION
The PSEi struggled to break above its

resistance at 6,244 (R1), as it pulled back
after incurring an intraday high at 6,259.75.
A pullback would lead the market to test its
support at 6,100 once again. While a
successful break above resistance would lead
the index to test its higher level of resistance
at 6,370 (R2).
MACD Gave a signal to buy the bounce as
the MACD line crossed above the signal line,
and incurred a higher low, indicating a
bullish divergence.
RSI Has now resumed its upward
movement and is not yet on overbought
territory.
STOCHASTICS %K crossed above %D and
both lines are now trending up.
ACTION: The bounce which started from
oversold conditions has led the market to
trend up in the short term. However,
cautious trading should still be exercised as
indicators still confirm the intermediate
downtrend.
Traders who are long may lighten up on
strength or on a further pullback from the
resistance at 6,244. Counter trend traders
who bought on the bounce and are
recommended to take profits on a further
pullback from the resistance at 6,244. Keep
stops on the break of 6,100.
Philippine
Stock
Exchange
index (PSEi)
AB Capital
Securities
13 Sept
2013
None given
Noticeably, investors lightened up their

positions last week ahead of this weeks U.S.
Federal Open Market Committee (FOMC)
None given
two-day meeting on September 17-18 that
will be immediately followed by Federal
Reserve Chief Ben Bernankes conference in
Washington D.C. It was during the same
event last year when the Fed launched its

third round of quantitative easing.
Consensus shows that the tapering timeline
is expected to be announced this week.
From last weeks return to 6,000, the PSEi
will be at a crossroads this week as to what
path it will take ahead of the FOMC meeting.
We think that the announcement of the
tapering time table would be one of the last
market-moving news that poses a downside
risk to the local market this year, with other
external risks such as the tensions in Syria,
and local issues like the Zamboanga stand-off
and political events, at the sidelines.
Two scenarios are at foresight: first would be
that the immediate start of the tapering that
could force the main index to revisit 5,900
and second is the rally towards 6,500 if the
Fed would delay its announcement to its next
meeting in October. For now, the investors
cautiousness ahead of the Fed decision has
built a key resistance at 6,200 which the
PSEi was only able to grip for two days. The
technical aspects of PSEis chart shows a
possible consolidation due to the sideways

trend of its Relative Strength Index while the
6,100 6,200 level indicated the main indexs
overbought status based on Stochastics.
ACTION: We think that the PSEi will be
moving sideways this week with a negative
bias due to the upcoming FOMC meeting and
the evidences presented by its technical
indicators. We advise investors to lighten up
as the main indexs ability to sustain the
6,000 level will be tested this week.
As for the local market, September 16 will
welcome holding firms GT Capital Holdings,
Inc. (GTCAP) and LT Group, Inc.(LTG) as
new index-members as the recomposition of
the PSEi takes effect to replace Belle
Corporation (BEL) and Manila Electric
Company (MER). Also, resuming trading on
September 17 is Touch Solutions, Inc. (TSI)
which served as the backdoor listing vehicle
for the Alliance Global Group, Inc.
subsidiary, Emperador Distillery, Inc.
GUIDE TO PINOYINVESTOR STOCK PICKS

STOCK PICKS
PSE index
(PSEi) Stock
Picks
Growth /
Value Stock
Picks
Speculative
Stock Picks
MEANING
TARGET INVESTORS
TIME HORIZON
Long-term investors
looking to invest in
Mid- to Longcompanies with a good
term
track record that can
(at least
provide capital
5-10 years)
appreciation in the next
5-10 years
Long-term investors
Top 10 growth or value
stocks outside the PSE index
looking to invest in
Mid- to Longwith the highest number of
companies with high
term
Buy recommendations from potential for growth or
(at least
our partner brokers, offering
that are relatively
5-10 years)
at least 12% potential profit
undervalued
Speculative traders
Top 10 stocks considered
looking to make quick
Short-term
high-risk or speculative,
trades that can result in
(may be 1
offering the highest possible
either huge gains or
year or less)
profit among all stocks
losses
Top 10 stocks belonging to
the PSE index with the
highest number of Buy
recommendations from our
partner brokers, offering at
least 12% potential profit
APPLICABLE
INVESTMENT
STRATEGIES
Buy and
Hold or
Cost
Averaging
Buy and
Hold or
Cost
Averaging
Market
Timing
PSE INDEX (PSEI) STOCK PICKS

Number of Brokers
recommendations
THIS WEEK
Number of Brokers
recommendations
Last Week
All Prices in Philippine Peso (PHP)
STOCK
CODE
COMPANY
BUY
HOLD
SELL
Brokers
Average
Target
Price
XXXX
XXXX XXXX
XXXX
XXXX
84.66%
54.41
22.50
PCOR
Petron Corp
17.77
12.22
45.40%
20.50
14.80
XXXX
XXXX XXXX
XXXX
XXXX
43.28%
143.20
90.00
XXXX
XXXX XXXX
XXXX
XXXX
37.84%
6.65
5.37
XXXX
XXXX XXXX
XXXX
XXXX
32.78%
109.61
70.00
XXXX
XXXX XXXX
XXXX
XXXX
18.63%
773.00
455.28
XXXX
XXXX XXXX
XXXX
XXXX
12.58%
117.20
92.24
XXXX
XXXX XXXX
XXXX
XXXX
24.73%
28.80
22.02
XXXX
XXXX XXXX
XXXX
XXXX
76.12%
21.10
10.00
10
XXXX
XXXX XXXX
XXXX
XXXX
37.50%
448.52
274.00
Closing
Price on
Sept. 13,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
BUY
HOLD
SELL
* CHANGE FROM PREVIOUS ISSUE: INCREASE IN TARGET PRICE || DECREASE IN TARGET PRICE || CHANGE IN NUMBER OF RECOMMENDATIONS || NEWLY ADDED
To remove the blurred image and to access the full PinoyInvestor

Stocks Report, click here to sign up for Premium Access.
GROWTH / VALUE STOCK PICKS

Number of Brokers
recommendations
THIS WEEK
Number of Brokers
recommendations
Last Week
STOCK
CODE
COMPANY
BUY
HOLD
SELL
Brokers
Average
Target
Price
XXXX
XXXX XXXX
XXXX
XXXX
72.30%
517.47
351.50
XXXX
XXXX XXXX
XXXX
XXXX
56.67%
2.93
1.97
XXXX
XXXX XXXX
XXXX
XXXX
52.44%
154.06
91.20
XXXX
XXXX XXXX
XXXX
XXXX
23.09%
359.83
327.00
XXXX
XXXX XXXX
XXXX
XXXX
58.07%
82.80
56.10
XXXX
XXXX XXXX
XXXX
XXXX
55.54%
232.74
142.50
XXXX
XXXX XXXX
XXXX
XXXX
27.65%
162.20
144.63
EW
East West Bank
36.63
25.50
43.66%
40.90
31.80
XXXX
XXXX XXXX
XXXX
XXXX
28.60%
86.79
57.75
10
XXXX
XXXX XXXX
XXXX
XXXX
18.00%
7.30
5.23
Closing
Price on
Sept. 13,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
BUY
HOLD SELL

SPECULATIVE STOCK PICKS

Number of Brokers
recommendations
THIS WEEK
Number of Brokers
recommendations
Last Week
STOCK
CODE
COMPANY
BUY
HOLD
SELL
Brokers
Average
Target
Price
XXXX
XXXX XXXX
XXXX
XXXX
394.84%
7.67
7.67
XXXX
XXXX XXXX
XXXX
XXXX
315.29%
10.59
10.59
XXXX
XXXX XXXX
XXXX
XXXX
235.46%
4.73
4.73
XXXX
XXXX XXXX
XXXX
XXXX
104.39%
2.33
2.33
XXXX
XXXX XXXX
XXXX
XXXX
97.17%
11.85
11.85
XXXX
XXXX XXXX
XXXX
XXXX
80.27%
25.37
20.18
XXXX
XXXX XXXX
XXXX
XXXX
75.57%
4.89
2.80
XXXX
XXXX XXXX
XXXX
XXXX
71.51%
14.61
7.48
XXXX
XXXX XXXX
XXXX
XXXX
60.72%
17.44
14.80
10
BEL
Belle Corp
7.70
4.94
55.77%
8.05
7.34
Closing
Price on
Sept. 13,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
BUY
HOLD
SELL

* Looking for more stocks to invest in? Here are our partner brokers recommendations on 30 other Actively Traded
PSE stocks. Take note that Target Prices are based on fundamental analysis, which means these stocks are typically
intended for mid- to long-term investing. Stocks are arranged from highest to lowest Profit Potential %.
TARGET PRICES OF 30 OTHER PSE STOCKS

Brokers
recommendation
THIS WEEK
Brokers
recommendation
Last Week
STOCK
CODE
COMPANY
BUY
HOLD
SELL
Brokers
Average
Target
Price
XXXX
XXXX XXXX
XXXX
XXXX
81.31%
133.90
129.00
XXXX
XXXX XXXX
XXXX
XXXX
72.49%
174.41
111.00
XXXX
XXXX XXXX
XXXX
XXXX
56.91%
53.47
47.58
XXXX
XXXX XXXX
XXXX
XXXX
56.45%
106.11
55.00
XXXX
XXXX XXXX
XXXX
XXXX
54.20%
21.40
17.15
XXXX
XXXX XXXX
XXXX
XXXX
50.55%
59.68
46.40
XXXX
XXXX XXXX
XXXX
XXXX
44.23%
7.80
7.20
XXXX
XXXX XXXX
XXXX
XXXX
43.55%
29.30
16.35
Closing
Price on
Sept. 13,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
BUY
HOLD
SELL
Brokers
recommendation
THIS WEEK
Brokers
recommendation
Last Week
STOCK
CODE
COMPANY
BUY
HOLD
SELL
Brokers
Average
Target
Price
DMC
DMCI Holdings
64.50
45.50
41.75%
90.40
46.19
10
XXXX
XXXX XXXX
XXXX
XXXX
39.62%
39.95
31.30
11
XXXX
XXXX XXXX
XXXX
XXXX
38.17%
5.15
3.30
12
XXXX
XXXX XXXX
XXXX
XXXX
34.35%
12.44
9.54
13
XXXX
XXXX XXXX
XXXX
XXXX
31.33%
8.90
7.91
14
XXXX
XXXX XXXX
XXXX
XXXX
29.80%
15.85
10.74
15
XXXX
XXXX XXXX
XXXX
XXXX
27.96%
1,200.00
734.06
16
XXXX
XXXX XXXX
XXXX
XXXX
19.08%
21.60
17.50
17
XXXX
XXXX XXXX
XXXX
XXXX
18.94%
7.40
4.66
18
XXXX
XXXX XXXX
XXXX
XXXX
18.08%
37.21
21.71
19
XXXX
XXXX XXXX
XXXX
XXXX
14.68%
3,549.31
2,918.20
20
XXXX
XXXX XXXX
XXXX
XXXX
14.47%
937.50
905.48
Closing
Price on
Sept. 13,
2013
Potential
Profit
(Loss) %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price

BUY HOLD SELL
Brokers
recommendation
THIS WEEK
Brokers
recommendation
Last Week
STOCK
CODE
COMPANY
BUY
HOLD
SELL
Brokers
Average
Target
Price
21
XXXX
XXXX XXXX
XXXX
XXXX
13.62%
48.00
39.80
22
XXXX
XXXX XXXX
XXXX
XXXX
11.15%
14.82
11.00
23
XXXX
XXXX XXXX
XXXX
XXXX
9.90%
22.20
22.20
24
XXXX
XXXX XXXX
XXXX
XXXX
9.10%
42.72
32.20
25
XXXX
XXXX XXXX
XXXX
XXXX
4.81%
57.50
40.30
26
XXXX
XXXX XXXX
XXXX
XXXX
3.24%
32.60
24.56
27
XXXX
XXXX XXXX
XXXX
XXXX
0.61%
149.10
89.89
28
XXXX
XXXX XXXX
XXXX
XXXX
-8.35%
1,582.00
1,350.00
29
XXXX
XXXX XXXX
XXXX
XXXX
-10.59%
100.30
63.23
30
XXXX
XXXX XXXX
XXXX
XXXX
-10.61%
174.60
135.00
Closing
Price on
Sept. 13,
2013
Potential
Profit
(Loss) %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
BUY
HOLD
SELL
* CHANGE FROM PREVIOUS ISSUE: INCREASE IN TARGET PRICE || DECREASE IN TARGET PRICE || CHANGE IN NUMBER OF RECOMMENDATIONS

* The Stock in Focus section summarizes our partner brokers analyses of a particular stock. This explains the
current stock performance, rationale for its target price, and future prospects.
STOCK IN FOCUS: APEX MINING CO. (APX)

Sector: Mining & Oil
STOCK
CODE
COMPANY
APX
Apex Mining Co.
Number of Brokers making the

recommendation
Brokers
Average
BUY
HOLD
SELL
Target
Price
XX
XX
XX
XXXX
Closing
Price on
Sept. 11,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
XXXX
XXXX
XXXX
XXXX
APEX MINING CO. (APX)s STOCK AND VALUATION DATA (from AB Capital Securities)

STOCK IN FOCUS: APEX MINING CO. (APX)

Summary of Broker Recommendations
BROKER
AB Capital
Securities
RECOMMENDATION
XXXX
TARGET
PRICE
XXXX
TARGET
PRICE
ISSUED ON
12 Sept
2013
SUMMARY OF BROKERS OPINION
APX began the rehabilitation of its mill last year as

part of increasing its production capacity to XXXX
tonnes per day (tpd) from XXXX tpd. APX targets to
achieve this level by XXXX but recently mentioned the
feasibility by end- XXXX. However, plant expansion
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
XXXX XXXX XXXX.
In its findings for its Maco mine located at Compostela
Valley, both Diamond Drilling and Reverse Drilling
revealed that XXXX XXXX XXXX XXXX XXXX XXXX
XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX
XXXX XXXX XXXX XXXX XXXX XXXX.
Subscription Agreements exist between APX and
Monte Oro Resources, a company led by Enrique Razon
Jr., A growing name and presence in both international

and domestic markets, bringing in a Razon-led
company XXXX XXXX XXXX XXXX XXXX XXXX XXXX
XXXX XXXX XXXX XXXX XXXX.
RECOMMENDATION: In our view, APX is XXXX
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. In
its drilling exploration last year, about 0.25% Cu grade
was found while deeper zones registered about 0.400.50 g/t of Au. APX has started to record XXXX XXXX
XXXX XXXX XXXX.
XXXX XXXX XXXX XXXX. Instead, we suggest to XXXX
XXXX XXXX XXXX XXXX XXXX XXXX full throttle on
production.

STOCK IN FOCUS: HOLCIM PHILIPPINES INC. (HLCM)

recommendation
Brokers
Average
BUY
HOLD
SELL
Target
Price
Sector: Construction
STOCK
CODE
COMPANY
HLCM
Holcim Philippines
Closing
Price on
Sept. 13,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
13.46
13.77%
19.00
12.24
15.31

BROKER
AB Capital
Securities
RECOMMENDATION
SELL
TARGET
PRICE
12.24
TARGET
PRICE
ISSUED ON
10 Sept
2013
Seasonal boost in sales volume hiked the cement

industry's performance for the first six months as the
industry demand went up 6.2% in 1H 2013. Such
expansion was reflected by better-than-expected
growth in earnings for the sector (more than half of
their 1H 2012 net income) while the combination of
higher cement prices and production volume kept total

sales volume within expectations.

However, HLCMS low free float level mirrored weaker
trading activity, prompting us to apply a 20% discount
on our computed intrisic value.
Both HLCM and LRI outperformed its sales and
earnings record last year. Through its four cement
plants (Bulacan, La Union, Lugait, and Davao), HLCM
increased its total sales and net income by 10.5% and
51.7%, respectively -- but LRI posted better results in
total sales and earnings. Our year-end
RECOMMENDATION: Investors are yet to unearth
HLCMs potential (revised intrinsic value at PHP
15.30) due to its low value turnovers stemming from
their free float levels that have merely complied the
10% threshold. This prompted us to apply a 20%
discount on our original target price. Recommendation:
SELL with a Target Price of PHP 12.24 per share.
STOCK IN FOCUS: LAFARGE REPUBLIC INC. (LRI)

recommendation
Brokers
Average
BUY
HOLD
SELL
Target
Price
Sector: Construction
STOCK
CODE
COMPANY
LRI
Lafarge Republic Inc
XX
XX
XX
Closing
Price on
Sept. 13,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
XXXX
XXXX
XXXX
XXXX
XXXX

BROKER
AB Capital
Securities
RECOMMENDATION
XXXX
TARGET
PRICE
XXXX
TARGET
PRICE
ISSUED ON
10 Sept
2013
According to the Cement Manufacturers' Association of

the Philippines (CeMaP), the cement industry demand
rose by 6.2% in 1H 2013 on the back of spurring
infrastructure spending by the and sustained demand
from the private and commercial sector through real
estate projects. Cement demand is continued to be
buoyed by the construction industry which grew by

XXXX% in Q2 2013, posting XXXX XXXX since Q2 2012.

Compared to HLCM, LRI posted XXXX results as the
reopened Danao plant brought XXXX% and XXXX%
XXXXXX in total sales and earnings, respectively. But
higher cement production and the revamped Davao
plant hiked LRI's total cost by XXX% in 1H 2013 while
HLCM was more XXXX XXXX.
The Securities and Exchange Commission is preparing
a study that will determine the level and timing of the
increase in minimum public ownership. In this regard,
LRI, like HLCM, is expected to XXXX if the new free
float level would be raised to 15% and/or above.
RECOMMENDATION: Between LRI and HLCM,
our cement pick is XXXX since XXXX XXXX XXXX
XXXX XXXX four-year EPS growth at XXX% vs.
HLCM's XXX%. But LRIs XXXX XXXX XXXX caused by
its low XXXX XXXX XXX prompted us to apply a XXX%
XXXX X on our original target price. Recommendation:
XXXX with a Target Price of PHP XXXX per share.

STOCK IN FOCUS: PETRON CORP. (PCOR)

Sector: Power & Water
STOCK
CODE
COMPANY
PCOR
Petron Corp

recommendation
Brokers
Average
BUY
HOLD
SELL
Target
Price
XX
XX
XX
XXXX
Closing
Price on
Sept. 13,
2013
Potential
Profit %
Brokers
Highest
Target
Price
Brokers
Lowest
Target
Price
XXXX
XXXX
XXXX
XXXX
PETRON CORP. (PCOR)s FINANCIAL AND VALUATION DATA (from AB Capital Securities)

STOCK IN FOCUS: PETRON CORP. (PCOR)

BROKER
RECOMMENDATION
TARGET
PRICE
TARGET
PRICE
ISSUED ON
PCOR's PHP 1.1 billion earnings in 1H 2013 was XXXX

XXXX XXXX than the same period last year, but only
representing XXX% of our forecasts due to XXXX XXXX
XXXX XXXX XXXX. After adjusting margin
assumptions, we now project PHP XXX billion in 2013
profits (PHP XXX billion after preferred dividends).
Petron Malaysia made revenues during the 1st Half
2013 worth PHP XXX billion, accounting for XXX% of
total sales. These were XXXX than expected, partly due
to the three-month effect of consolidation.
AB Capital
Securities
XXXX
XXXX
11 Sept
2013
PCOR reported that the Refinery Master Plan (RMP-2)

is already 80% complete and targeted to be operational
by XXXX XX. The upgrade will increase capacity to
180,000 barrels per day (bpd) from the current XaaXXX
bpd and boost XXXX XXXX XXXX XXXX XXXX XXXX
XXXX XXXX XXXX XXXX. We are projecting net profits
to XXXX XXX year-on-year by 2015 once the upgrade
takes a full-year effect.
RECOMMENDATION: We maintain our XXXX rating
on Petron Corporation (PCOR) with a Target Price of
PHP XXXX, as we continue to see XXXX XXXX XXXX


The refinery master plan (RMP) 2 is XXXX XXXX XXXX
XXXX XXXX XXXX XXXX XXX. We expect PCORs net
profits to XXXX XXXX XXXX XXXX PHP XXXX billion.
We based our Target Price on XXXXx 2014 EBITDA, a
XXXX XXXX to the XXXXx peer median. XXXX XXXX
XXXX XXXX XXXX.

* This section features our partner brokers comments on market issues that are currently the talk of the town. Here
are their thoughts and opinions provided to PinoyInvestor!
BROKERS NOTES: PHILIPPINE PESO TO GO UP OR DOWN?

BROKER
OPINION
ISSUED ON
Why is the Peso depreciating? What is the cause of the sudden and sharp
decline? When will it stabilize?
Wealth
Securities
09 Sept
2013
How swiftly things change. Early this year, many were concerned that the
Peso was appreciating too much. Major foreign investment banks were calling
for the USD/PHP rate to break below PHP 40.00 and appreciate towards the
PHP 37.50 to 38.00 range. But people have gotten so accustomed to a rising
peso the past eight years that the thought of it reversing seems so farfetched.
This is why many were surprised and continue to be puzzled by the sudden
depreciation of the Peso, falling 7.3% since the May 22 Fed taper speech by
Bernanke.
In the foreign exchange market, trends have a tendency to last for several
years. It took eight years (from the 1997 Asian Financial Crisis to 2005) before
the long-term downtrend of the peso reversed. Note that the trend line break
in 2005 coincided with major fiscal reforms at that time, particularly the
implementation of EVAT, in addition to other fundamental catalysts.
Today, fundamentals are also aligning with technicals with regard to the
Peso. As you can see from the chart above, it also took eight years before the
long-term uptrend of the peso was broken.
Coinciding with the technical break, the following fundamental factors argue
for a weaker peso:
(1) End of QE tapering

(2) Rising interest rates
(3) Fund deleveraging which trigger selling of emerging market assets
(4) Broad based US dollar strength (vs. yen, commodity currencies and
emerging market currencies)
CONCLUSION: To answer the questions at the start of the article:

1) Why is the peso depreciating? We believe that the long-term uptrend in the
peso which lasted for eight years has ended. Fundamental factors as
mentioned in previous articles and technical analysis all point towards
the Peso reversal. This means that it may be a long time before we see
the Peso near PHP 40.00 again.
2) What is the cause of the sudden and sharp decline? The reasons for the
sudden and sharp decline are external in nature. While domestic
fundamentals remain positive (strong GDP growth, low inflation, high
GIR, current account surplus, etc.), global and regional dynamics such as
rising interest rates, broad-based US dollar strength, weakness of the
ASEAN currencies & rupee, etc. are dictating the movement of the Peso.
3) When will the peso stabilize? There are initial indications that EM equities
are turning. If the strength in EM equities continues, we see the peso
stabilizing and even improving towards the PHP 43-level.
* This section features our partner brokers comments on market issues that are currently the talk of the town. Here
are their thoughts and opinions provided to PinoyInvestor!
BROKERS NOTES: INVEST IN MINING STOCKS?

BROKER
OPINION
ISSUED ON
For over two years now, a moratorium has been imposed by the government
on the issuance of permits to miners. This will not be lifted until the Congress
passes a new revenue scheme which will give the government an improved
share. Currently, the Philippine government is getting XX% in excise tax,
XX% royalty on those in mineral reservations, plus all other taxes for a total of
about XXX%.
AB Capital
Securities
09 Sept
2013
The Palace assembled the Mining Industry Coordinating Council (MICC) to

study the proposed improvement and determine which would best address
both the government and miners' needs. MICC suggests either:
(1) lumping all taxes together, excise, and royalty but excluding real
property tax, for a total of 10% of gross production value; or
(2) a 50% share in gross income.
On the other hand, the Mining and Geosciences Bureau (MGB) opposes this
and suggests that less incentives be given and impose a 5% tax for both

mineral and non-mineral reservation areas to replace excise and royalties.

MGB claims that MICC's proposal will actually reduce the government's share
compared to their proposal of about XXX% total share.
Meanwhile, the Chamber of Mines of the Philippines (COMP), a mining group,
says that they will also put up a proposal to present to the Congress. This
delay in the mining legislation, apart from the low metal prices, is one of the
factors which caused the muted performances of mining issues in the market.
Since no permits will be issued, Mineral Production Sharing Agreement

(MPSA) applicants will wait longer until there will be a law that will finally
govern the industry. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
RECOMMENDATION: XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
* Important news and updates last week about top Philippines companies are highlighted in this section. These
developments can affect their respective stock prices so better read them to be in the know!
CORPORATE NEWS AND DISCLOSURES

COMPANY /
STOCK
Century
Property Group
(CPG)
DMCI
(DMC)
ANNOUNCED
ON
NEWS / DISCLOSURES
10 Sept
2013
Century Properties Group Inc. (CPG) has issued and submitted a

letter of undertaking to list its shares in compliance with the PSEs
requirements on listing all outstanding shares. To date, CPG has
XXXX billion or XXX% of the companys 9.88 billion outstanding
shares are listed in the local bourse.
11 Sept
2013
The sole power distributor in Oriental Mindoro hopes to award this

month a contract that will allow DMCI Power Corporation to
proceed within the development of 15-Megawatt power plant.
DMCI has been declared the winning bidder last June 28 for the
construction, operations, and maintenance of the plant. The
Project will cost PHP 1.5 billion to build the 15MW diesel power
plant, in addition to the companys 6.4MW power plant in the
province.

East West Bank

(EW)
International
Container
Terminal
Services
(ICT)
iRemit Inc.
(I)
11 Sept
2013
East West Banking Corporation (EW) obtained a XXXX XXXX

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. The XXXX took
into account East West Banks continuing expansion in asset and
operational base, its healthy capital structure, positive industry
performance, and the banks enhanced market position. The bank
ended the first half with 268 branches with the opening of XXX new
outlets, and the companys total deposit XXXX XXXX% to PHP
XXXX billion.
13 Sept
2013
International Container Terminal Services Inc. (ICT) has raised

additional $ XXXX million under the existing $1 billion debt
program. The senior unsecured notes haves a fixed coupon rate of
5.88% per annum and are due 2025. Prior to the increase, the
company had raised $400 million with 10-year maturity and XXXX
per annum coupon rate.
10 Sept
2013
iRemit Inc. (I) has gained regulatory approval for plan to XXXX
XXXX XXXX XXXX, which enables the company to engage in XXXX
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX or
other similar instruments. The expansion will help the company to
engage in more extensive foreign currency transactions, thus
giving the company the ability to maximize returns.

Nickel Asia Corp.

(NIKL)
Philippine
National Bank
(PNB)
Philex Mining
Corp.
(PX)
09 Sept
2013
Taganito HPAL Nickel Corporation, a joint venture among three

firms Sumimote Metal Mining Company, Nickel Asia Corporation
(NIKL), and Mitsui & Company, is scheduled to start commercial
production XXXX XXXX. The company will process four million
metric tons of lowgrade laterite, and the plant will produce 30,000
MT nickel and 2,600 MT of cobalt for the next XX years. The plant
is expected to generate $ XXX XXXX in export sales and more than
PHP XXXX XXX in taxes.
11 Sept
2013
Philippine National Bank (PNB) is looking to raise PHP 5 billion

from the issuance of long-term negotiable certificates of deposits to
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX.
LTCNDs will be used for the asset growth of the bank and to meet
the loan demand in certain durations. It will also provide liquidity
cover ratio required by the Basel III. PNB already raised PHP
XXXX XXXX from the issuance of LTCNDs last July with a coupon
rate of XX%, which is XXXX XXXX for LTCNDs.
13 Sept
2013
Philex Mining Corp. (PX) is set to embark on a PHP 13.81 billion

stock rights offering next month to XXXX XXXX XXXX XXXX XXXX
XXXX XXXX XXXX. The company will offer 2.47 billion shares at
PHP XXXX apiece. Net proceeds will be used for XXXX XXXX XXXX
XXXX XXXX XXXX XXXX XXXX XXXX XXXX and exploration cost.

PLDT
(TEL)
San Miguel Corp.

(SMC)
SM Development
Corp.
(SMDC)
10 Sept
2013
PLDTs subsidiary Smart Communication Inc. has tied up with

Thuraya Telecommunications Company as it earmarked $20
million to augment its satellite services worldwide. The tie-up will
XXXX XXXX XXXX the number of users of Smarts satellite services
through Smart Link. This partnership will help the company to
offer broader range of services and making satellite communication
services XXXX XXXX XXXX.
13 Sept
2013
San Miguel Corporation (SMC)s Global Power Holdings

Corporation has XXXX XXXX XXXX XXXX XXXX XXXX and will
raise $700 million instead from the debt market expansion. The
company, the countrys biggest power producer and accounts for
about a fifth of the Philippines total supply, is seeking funding for
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
XXXX.
12 Sept
2013
SM Development Corporation has expanded its interest in Taguigs

residential property market with the launch of XXXX XXXX XXXX
XXXX XXXX XXXX. The project occupies 2.5 hectares of land along
Cayetano Boulevard and will add about 3,500 units with gross floor
area of about 160,000 square meters. The project is expected to be
completed in XXXX XXXX years.

* Which companies are distributing dividends? Are you entitled to receive dividend income? Find out here! To learn
more about Ex-Dates and Dividends, read the article Dividend Distribution in the Philippines.
CASH DIVIDENDS UPDATE

Cash Dividend
Ex-Date
Payment Date
JFC
PHP XXXX per share
16 September 2013
14 October 2013
SMC2A
PHP XXXX per share
11 September 2013
01 October 2013
SMC2B
PHP XXXX per share
11 September 2013
01 October 2013
SMC2C
PHP XXXX per share
11 September 2013
01 October 2013
BDO
PHP XXXX per share
10 September 2013
30 September 2013
RFM
PHP XXXX per share
06 September 2013
07 October 2013
GTCAP
PHP XXXX per share
05 September 2013
02 October 2013
AGI
PHP XXXX per share
04 September 2013
24 September 2013
ALI
PHP XXXX per share
03 September 2013
20 September 2013

* The Technicals Talk section summarizes our partner brokers technical analysis of select PSE stocks. Technical
Analysis relies on trends and price movements and is typically used for short-term trading. To learn more about
Technical Analysis, access the free educational resources at the PinoyInvestor Academy.
TECHNICALS TALK: ABOITIZ POWER (AP)

INDEX /
STOCK
Aboitiz
Power
(AP)
BROKER
First Metro
Securities
OPINION
ISSUED ON
13 Sept
2013
SUPPORT
XXXX
RESISTANCE
XXXX
AP consolidated within PHP XXXX XXXX in

the past XXXX months. The stock may be
creating a small XXXX XXXX and breakout at
the PHP XXXX resistance. A breakout could
push the stock beyond its XXXX XXXX
pattern and, using a measured move, go as
high as PHP XXXX.
ACTION: Buy on a breakout at PHP XXXX
or at PHP XXXX. Keep stops at support level
PHP XXXX, just to be safe. Countertrend
traders, however, should look to sell near the
top of the XXXX-month trading range at PHP
XXXX.

TECHNICALS TALK: ALLIANCE GLOBAL INC. (AGI)

INDEX /
STOCK
BROKER
OPINION
ISSUED ON
SUPPORT
RESISTANCE
AGI is closing the gap it made on the

markets selloff as it rebounds further. The
stock is nearing the top of the gap at PHP
00.00 and its all-time high at PHP 00.00.
Alliance
Global Inc.
(AGI)
First Metro
Securities
10 Sept
2013
XXXX
XXXX

ACTION: Countertrend traders should be

looking to sell near resistance levels at PHP
XXXX and PHP XXXX. Trend followers
should buy on a break of the XXXX XXXX at
PHP XXXX or on a breakout at PHP XXXX.
Support levels are at PHP XXXX and PHP
XXXX.
TECHNICALS TALK: D & L INDUSTRIES (DNL)

INDEX /
STOCK
BROKER
OPINION
ISSUED ON
SUPPORT
RESISTANCE
DNL is currently trading within a range but

could be close to reversing a downtrend.
D&L
Industries
(DNL)
First Metro
Securities
12 Sept
2013
6.15 /
5.80
6.64 /
7.23
ACTION: Buy on a breakout at PHP 6.64 or

at PHP 7.23. Keep stops at support levels
PHP 6.15 and PHP 5.80, just to be safe.
Countertrend traders should look to sell near
resistance at PHP7.23.
TECHNICALS TALK: LT GROUP INC. (LTG)

INDEX /
STOCK
LT Group
Inc.
(LTG)
BROKER
OPINION
ISSUED ON
SUPPORT
RESISTANCE
LTG has been moving on a downward

channel XXXX XXXX XXXX. The stock XXXX
XXXX sharply after it made a lower low at
PHP XXXX, which may be helped by the
news that it will be included in the PSEi.
First Metro
Securities
11 Sept
2013
XXXX
XXXX

ACTION: Countertrend traders should start

selling near resistance levels at PHP XXXX,
which is the XXXX XXXX XX, and PHP XXXX.
Trend followers should buy on a XXXX XXXX
XXXX XXXX at PHP XXXX. Support is at
PHP XXXX.
ABOUT PINOYINVESTOR.COM
Investing in the stock market is not easy. Thats why we created PinoyInvestor for you, stock
market investor. Why? Because you may not have time to thoroughly research and analyze
stocks yourself. More importantly, because you need more than just one source of stock picks!
Think about it: Wouldnt it be more profitable (and a lot less risky!) to know which stocks are
recommended not just by one, but by several brokerage firms? Truth be told, the consensus
recommendation of several expert brokers is more likely to be the right decision to make!
PinoyInvestor reveals to you every week the stock picks, target
prices, and Buy / Hold / Sell recommendations from not just
one, but several of the best brokerage firms in the country!
Altogether, our partner brokers have over 100 years of
experience investing in the stock market!
Just look at the returns you could have made in 2012 with
PinoyInvestors Top Stock Picks then: 66% to as much as 98%!
Start making the right investment decisions with the help of the countrys top
brokerage firms. Learn more and sign up for FREE at http://www.pinoyinvestor.com!
ABOUT WEALTH SECURITIES, INC.

Wealth Securities is one of PinoyInvestors partners in delivering superior
and reliable stock research reports and recommendations that Filipino
investors can depend on for smart stock investing decisions.
Company Profile
Wealth Securities Inc. is a leading stock brokerage in the Philippines and member of the Philippine Stock Exchange. It has
ranked among the top 20 brokerages in the Philippines since its incorporation in November 1986. In 2000, Wealth received
the Euro Money Award for Excellence as the "Best Domestic Securities House in the Philippines". Wealth caters to both retail
and institutional clients in the Philippines and overseas. With over 25 years of experience in equity securities, its research
team is often quoted in local newspapers and journals for their stock picks and coverage of mid-to-large cap stocks. Over the
years, Wealth has developed a reputation for having a keen eye in spotting small companies with sound fundamentals and
strong growth potential.
Definition Wealth SecuritiesStock Ratings
Buy Over the next 6 to 12 months, share price is expected to increase by 12% or more
Hold Over the next 6 to 12 months, share price is expected to move within a range +/- 12%
Sell Over the next 6 to 12 months, share price is expected to decline by 12% or more
Contact Information
WEALTH SECURITIES INC.
2103-A East Tower, Philippine Stock Exchange Center
Exchange Road, Ortigas Center
Pasig City 1605
Email: office@wealthsec.com
Website: https://www.wealthsec.net
ABOUT AB CAPITAL SECURITIES, INC.

AB Capital Securities, Inc. is one of PinoyInvestors partners in
delivering superior and reliable stock research reports and
recommendations that Filipino investors can depend on for smart stock
investing decisions.
Company Profile
AB Capital Securities, Incorporated (ABCSI), formerly Anscor Hagedorn Securities, Inc. or AHSI, has long been one of the
Philippines' leading stock brokerage firms. Today it takes pride in being one of the pioneers in online stock trading. With over
thirty years of industry presence, AB Capital Securities, Inc. has become a major player in the Philippine financial markets.
The firm consistently ranks among the country's top brokerages in terms of turnover.
Definition of AB Capital Securities, Inc.s Stock Ratings
Buy Stocks return is expected to outperform its industry counterparts
Hold Stock price has reached its Fair Value level
Sell Stocks return is expected to underperform compared to its industry counterparts
Contact Information
AB CAPITAL SECURITIES, INC.
Units 1401-1403, 14th Floor Tower One & Exchange Plaza Ayala Triangle,
Ayala Avenue Makati City, Metro Manila 1226
Tel.: (632) 898-7555
Fax: (632) 898-7596
Email: customerservice@abcapital.com.ph
Website: www.abcapitalsecurities.com.ph
ABOUT ANGPING & ASSOCIATES SECURITIES, INC.

Angping & Associates Securities, Inc. is one of PinoyInvestors partners in
delivering superior and reliable stock research reports and recommendations
that Filipino investors can depend on for smart stock investing decisions.
Company Profile
Angping & Associates Securities, Inc. (AASI) is a full-service stock brokerage firm in the Philippines offering a wide array of
client services and support products. The company is one of the leading stock brokerages in the country as it has consistently
ranked among the top brokers in terms of turnover since its inception. Guided by its mission to increase the number of
Filipinos investing in the Philippine stock market, AASI offered online brokerage services to widen its reach and increase the
accessibility of its services to Filipinos around the world. The company offers services like online trading, trading via traditional
brokers, and provision of various research reports.
Definition of Angping & Associates Securities, Inc.s Stock Ratings
Buy Stocks with discounts to their intrinsic valuation.
Hold Stocks with at least an acceptable financial performance. They are also stocks with share prices that have
exceeded their chosen valuations already.
Sell Stocks with dim future prospects and poor financial performance.
Contact Information
ANGPING & ASSOCIATES SECURITIES, INC.
20/F The Peak, 107 L.P. Leviste St.
Salcedo Village, Makati City 1225
Tel.: (632) 848-2915
Fax: (632) 848-2572
Email: angping.online@angping.com.ph, it@angping.com.ph
Website: www.angpingonline.com
ABOUT F. YAP SECURITIES, INC. / 2TRADEASIA.COM

F. Yap Securities, Inc. / 2TradeAsia.com is one of PinoyInvestors partners in
delivering superior and reliable stock research reports and recommendations that
Filipino investors can depend on for smart stock investing decisions.
Company Profile
Yapster e-Trade, Inc., through its website, www.2TradeAsia.com, is the online arm of F. Yap Securities, Inc. The company
was granted pioneer status by the Board of Investments on February 2001 as the first in the Philippines to provide a complete
solution that integrates trading, financial planning and portfolio management capabilities online. 2TradeAsia provides the
following online services: Internet-based stock market trading; Real-time ticker and quotes; Philippine and international news;
Daily, weekly and quarterly market commentary and outlook; Corporate features; and Portfolio and account management.
Definition of F. Yap Securities, Inc. / 2TradeAsia.coms Stock Ratings
Buy Stocks with sustainable and strong fundamentals. Target price is seen to be reached within the next 12 months.
Hold Stocks that are trading near or at fair value.
Sell Stocks with unfavorable valuations and fundamentals due to risks or uncertainties within the next 6-12 months.
Contact Information
F. YAP SECURITIES, INC.
17/F Lepanto Bldg., 8747 Paseo de Roxas
Makati City 1226
Tel.: (632) 856-7680 / (632) 840-8330
Fax: (632) 813-0865
Email: info@2tradeasia.com
Website: www.2tradeasia.com
ABOUT FIRST METRO SECURITIES BROKERAGE CORPORATION

First Metro Securities Brokerage Corporation is one of PinoyInvestors
partners in delivering superior and reliable stock research reports and
recommendations that Filipino investors can depend on for smart stock
investing decisions.
Company Profile
First Metro Securities Brokerage Corporation (FirstMetroSec) is a stockbrokerage house licensed to trade in the Philippine
Stock Exchange (PSE). Our company is wholly-owned by First Metro Investment Corporation (FMIC), the investment banking
arm of the Metropolitan Bank and Trust Company (Metrobank). At FirstMetroSec, we strive to provide our clients with easy
and convenient access to the listed securities in the PSE, coupled with timely and accurate market research, as well as
investor education programs. By fulfilling this mission, we hope to provide equal investment opportunities for all Filipinos.
Definition of First Metro Securities Brokerage Corporations Stock Ratings
Buy Stocks total return is estimated to be greater than the total return of the Phil. Stock Exchange index (PSEi) over
the next 12 months.
Hold Stocks total return is estimated to be in line with the total return of the PSEi over the next 12 months.
Sell Stocks total return is estimated to be lower than the total return of the PSEi in the next 12 months.
Contact Information
FIRST METRO SECURITIES BROKERAGE CORPORATION
18/F PSBank Center, 777 Paseo de Roxas cor. Sedeno St.
Makati City 1226
Tel.: (632) 859-0600
Fax: (632) 859-0699
Email: customerservice@firstmetrosec.com.ph
Website: www.firstmetrosec.com.ph/
DISCLAIMER
The contents of this document are not to be construed as an offer, invitation, solicitation,
advertisement, inducement or representation of any kind. The information contained herein is
not to be relied upon as authoritative or taken in substitution for the exercise of judgment by
any recipient. The information in this report is not intended as financial advice. The
information and opinions found herein constitute a judgement of our partner brokers as of the
date indicated and are subject to change without notice. The information may, therefore, not
be accurate or current.
Readers of this report should be aware that investments in securities, such as stocks or other
financial instruments, involve risks. Loss of capital is a possibility. Past results are not and
cannot be a guarantee of future performance.
CONFIDENTIALITY
All content in this document is for the sole use of the account owner and may NOT be shared,
copied, reproduced, distributed, or transmitted without PinoyInvestor.com's prior written
consent. Violation of this policy may result to denial of access and permanent ban, forfeiting
any remaining paid credits.

PinoyInvestor Free Version - 16 Sept 2013 Upnu

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

PinoyInvestor Free Version - 16 Sept 2013 Upnu

Uploaded by

Copyright:

Available Formats

ping

16 Sep 2013 | www.pinoyinvestor.com

PINOYINVESTOR STOCKS REPORT (SEPTEMBER 16, 2013 ISSUE)

Technicals Talk: D & L Industries (DNL) (FREE ACCESS!) ................................................... 41

16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 3

THIS WEEKS MARKET OUTLOOK

ANALYSIS AND RECOMMENDATION

The PSEi struggled to break above its

Noticeably, investors lightened up their

event last year when the Fed launched its

possible consolidation due to the sideways

16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 7

GUIDE TO PINOYINVESTOR STOCK PICKS

16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 8

PSE INDEX (PSEI) STOCK PICKS

All Prices in Philippine Peso (PHP)

To remove the blurred image and to access the full PinoyInvestor

16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 9

GROWTH / VALUE STOCK PICKS

All Prices in Philippine Peso (PHP)

East West Bank

To remove the blurred image and to access the full PinoyInvestor

SPECULATIVE STOCK PICKS

All Prices in Philippine Peso (PHP)

To remove the blurred image and to access the full PinoyInvestor

16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 11

TARGET PRICES OF 30 OTHER PSE STOCKS

All Prices in Philippine Peso (PHP)

16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 12

All Prices in Philippine Peso (PHP)

To remove the blurred image and to access the full PinoyInvestor

BUY HOLD SELL

16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 13

All Prices in Philippine Peso (PHP)

To remove the blurred image and to access the full PinoyInvestor

16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 14

STOCK IN FOCUS: APEX MINING CO. (APX)

Apex Mining Co.

Number of Brokers making the

To remove the blurred image and to access the full PinoyInvestor

16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 15

STOCK IN FOCUS: APEX MINING CO. (APX)

SUMMARY OF BROKERS OPINION

APX began the rehabilitation of its mill last year as

Jr., A growing name and presence in both international

To remove the blurred image and to access the full PinoyInvestor

16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 17

STOCK IN FOCUS: HOLCIM PHILIPPINES INC. (HLCM)

Summary of Broker Recommendations

SUMMARY OF BROKERS OPINION

Seasonal boost in sales volume hiked the cement

To remove the blurred image and to access the full PinoyInvestor

16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 18

sales volume within expectations.

16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 19

STOCK IN FOCUS: LAFARGE REPUBLIC INC. (LRI)

Lafarge Republic Inc

Summary of Broker Recommendations

SUMMARY OF BROKERS OPINION

According to the Cement Manufacturers' Association of

To remove the blurred image and to access the full PinoyInvestor

16 Sep 2013 | www.pinoyinvestor.com | Back to Top | page 20

XXXX% in Q2 2013, posting XXXX XXXX since Q2 2012.

To remove the blurred image and to access the full PinoyInvestor