As of: 10/28/2015

Price

COL
Rating

Date of
Update

COL
FV

Buy
Below

Outstanding
Shares (Mil)

104.00
86.10
40.25
19.92
87.00
54.35
32.15
142.20
57.00

HOLD
HOLD
BUY
BUY
BUY
BUY
N/A
HOLD
BUY

10/14/15
10/14/15
10/14/15
10/14/15
10/14/15
10/14/15
N/A
10/14/15
10/14/15

118.00
98.00
51.50
31.00
99.00
74.00
N/A
161.00
85.00

102.00
85.00
41.00
24.00
86.00
59.00
N/A
134.00
68.00

3,581
3,932
1,854
1,162
2,830
1,249
1,276
603
1,058

65.10
87.00
7.67
7.12
85.30
5.94
9.00
24.25
6.75
7.96

BUY
BUY
BUY
HOLD
HOLD
BUY
N/A
SELL
N/A
N/A

10/14/15
10/14/15
10/14/15
10/14/15
10/14/15
10/14/15
N/A
10/14/15
N/A
N/A

72.00
140.00
12.50
7.10
97.30
10.00
N/A
16.00
N/A
N/A

60.00
121.00
10.00
5.60
77.00
8.00
N/A
N/A
N/A
N/A

872
606
1,036
3,361
2,036
1,857
5,824
2,047
2,399
9,375

778.00
57.30
18.88
7.52
12.80
72.55
1,356.00
73.50
12.50
5.34
882.50
50.00

HOLD
HOLD
HOLD
BUY
HOLD
BUY
HOLD
HOLD
N/A
BUY
HOLD
N/A

10/14/15
10/14/15
10/14/15
10/14/15
10/14/15
10/14/15
10/14/15
10/14/15
N/A
10/14/15
10/14/15
N/A

845.00
52.20
22.76
11.90
14.58
143.60
1,410.00
70.23
N/A
6.25
812.00
N/A

734.00
45.00
18.20
9.50
11.60
119.00
1,226.00
61.00
N/A
5.20
706.00
N/A

619
5,539
10,147
7,405
13,277
554
174
7,017
10,821
26,046
796
2,378

45.70
17.34
10.18
8.30
208.20
36.00
4.28
4.12
77.15
205.00

HOLD
BUY
HOLD
HOLD
HOLD
BUY
N/A
N/A
HOLD
HOLD

10/14/15
10/14/15
10/14/15
10/14/15
10/14/15
10/14/15
N/A
N/A
10/14/15
10/14/15

44.30
21.80
9.00
8.85
194.00
50.25
N/A
N/A
74.70
209.00

35.00
17.40
7.80
7.00
161.00
41.00
N/A
N/A
62.00
174.00

340
2,231
7,143
16,120
1,067
2,766
3,694
3,500
1,385
2,182

3.58
6.50
8.99
3.99
4.60

BUY
HOLD
N/A
HOLD
BUY

10/14/15
10/28/15
N/A
10/14/15
10/22/15

4.68
7.60
N/A
7.60
8.40

3.70
6.00
N/A
6.00
6.70

10,559
11,033
1,180
4,911
15,756

NICKEL ASIA CORP

PHILEX MINING CORP
SEMIRARA MINING

8.47
5.70
136.40

HOLD
HOLD
HOLD

10/14/15
10/14/15
10/14/15

7.22
9.00
155.60

5.70
7.20
124.00

7,592
4,940
1,069

ABOITIZ POWER CORP

PNOC ENERGY DEV CORP
FIRST GEN CORPORATION
MANILA ELECTRIC COMPANY

41.90
6.90
26.00
328.80

HOLD
BUY
BUY
HOLD

10/14/15
10/14/15
10/14/15
10/14/15

46.20
8.50
34.10
300.60

40.00
6.80
29.00
261.00

7,359
18,750
3,643
1,127

AYALA LAND INC

CENTURIES PROPERTIES GROUP
FILINVEST LAND INC
MEGAWORLD CORP
ROBINSONS LAND
SM PRIME HOLDINGS
VISTA LAND & LIFESCAPES INC

36.60
0.60
1.72
4.80
31.00
22.45
5.66

BUY
BUY
BUY
BUY
HOLD
HOLD
BUY

10/14/15
10/14/15
10/14/15
10/14/15
10/14/15
10/14/15
10/14/15

43.00
1.74
2.34
5.83
30.80
22.80
8.96

37.00
1.30
2.00
4.80
26.00
19.80
7.10

14,190
11,600
24,250
32,363
4,094
28,879
8,539

2,320.00
2,288.00

HOLD
BUY

10/14/15
10/14/15

1,792.00
3,100.00

1,433.00
2,480.00

133
216

Ticker

Company Name

Banks and Financials

BDO
BPI
CHIB
EW
MBT
PNB
RCB
SECB
UBP

BANCO DE ORO
BANK OF PHILIPPINE ISLANDS
CHINA BANKING CORP
EASTWEST BANKING CORP
METROPOLITAN BANK & TRUST
PHILIPPINE NATIONAL BANK
RIZAL COMMERCIAL BANKING CORP c
SECURITY BANK CORP
UNION BANK OF PHILIPPINES

Commercial and Industrial

ABS
CEB
EEI
GMA7
ICT
IMI
LRI
MWC
MWIDE
PCOR

ABS-CBN BROADCASTING CORP

CEBU AIR INC
EEI CORPORATION
GMA NETWORK INC
INTL CONTAINER TERM SVCS
INTEGRATED MICRO-ELECTRONICS INC
LAFARGE REPUBLIC INC c
MANILA WATER COMPANY
MEGAWIDE CONSTRUCTION CORP c
PETRON CORP c

Conglomerates
AC
AEV
AGI
COSCO
DMC
FPH
GTCAP
JGS
LTG
MPI
SM
SMC

AYALA CORPORATION
ABOITIZ EQUITY VENTURES INC
ALLIANCE GLOBAL
COSCO CAPITAL INC
DMCI HOLDINGS INC
FIRST PHILIPPINE HLDGS
GT CAPITAL HLDGS
JG SUMMIT HLDGS
LT GROUP INC c
METRO PACIFIC INVESTMENTS
SM INVESTMENTS CORP
SAN MIGUEL CORP c

Consumer
CIC
CNPF
DNL
EMP
JFC
PGOLD
PIP
RFM
RRHI
URC

CONCEPCION INDUSTRIAL CORPORATION

CENTURY PACIFIC FOOD INC
D&L INDUSTRIES INC
EMPERADOR INC
JOLLIBEE FOODS CORPORATION
PUREGOLD PRICE CLUB INC
PEPSI-COLA PRODUCTS PHILS. INC c
RFM CORPORATION c
ROBINSONS RETAIL HOLDINGS INC
UNIVERSAL ROBINA CORPORATION

Gaming
BEL
BLOOM
LR
MCP
RWM

BELLE CORP
BLOOMBERY RESORTS CORP
LIESURE & RESORTS WORLD CORP c
MELCO CROWN PHILS RESORTS CORP
TRAVELLERS INTERNATIONAL HOTEL GROUP INC

Mining
NIKL
PX
SCC

Power
AP
EDC
FGEN
MER

Property
ALI
CPG
FLI
MEG
RLC
SMPH
VLL

Telecoms
GLO
TEL

GLOBE TELECOM INC

PHILIPPINE LONG DISTANCE TEL

MARKET
PSEi
PSEi ex-TEL, GLO
*
c

Source: Bloomberg
Consensus Forecast

Market Cap
(PhpMil)

2013

Revenue
2014
2015E

2016E

2013

Revenue Growth
2014
2015E

1,357,527
379,119
338,295
74,613
29,880
276,675
67,891
45,007
85,723
60,326
516,726
55,387
52,718
7,948
23,931
173,561
11,030
52,414
48,915
16,196
74,626
3,134,531
482,057
318,259
193,894
55,572
169,952
40,178
236,351
526,469
135,267
148,908
708,696
118,926

321,455
75,010
52,498
15,097
13,165
78,924
24,565
28,391
12,312
21,493
679,152
33,198
41,004
10,524
12,951
36,188
31,630
23,212
15,926
10,880
463,638
1,151,362
136,941
89,570
113,206
77,180
55,971
92,953
97,947
147,633
55,792
30,877
253,293
748,241

335,232
80,712
55,787
18,848
14,886
74,894
26,412
26,565
16,769
20,359
732,989
33,261
52,000
17,080
11,983
47,111
37,491
25,128
16,357
10,042
482,535
1,322,989
156,416
107,989
120,595
98,787
56,561
99,191
136,962
184,812
52,125
33,832
275,718
782,434

349,257
89,337
62,475
20,634
17,004
72,289
26,133
23,945
18,013
19,428
589,315
40,640
56,698
18,656
13,104
50,921
45,799
17,126
346,372
1,483,022
171,498
99,862
138,924
101,876
69,801
99,712
162,474
245,437
57,239
35,058
301,142
-

386,760
98,407
69,891
22,599
20,067
78,162
28,470
26,683
20,692
21,788
673,500
47,706
62,076
20,389
14,740
56,707
49,968
17,598
404,316
1,632,928
184,927
110,294
146,679
114,139
81,818
110,297
188,662
265,785
62,888
39,877
327,561
-

20%
24%
11%
8%
35%
41%
40%
-5%
-12%
19%
10%
15%
8%
-23%
7%
18%
13%
16%
9%
33%
9%
20%
25%
15%
20%
27%
8%
-7%
507%
9%
-11%
11%
13%
7%

4%
8%
6%
25%
13%
-5%
8%
-6%
36%
-5%
8%
0%
27%
62%
-7%
30%
19%
8%
3%
-8%
4%
15%
14%
21%
7%
28%
1%
7%
40%
25%
-7%
10%
9%
5%

4%
11%
12%
9%
14%
-3%
-1%
-10%
7%
-5%
-20%
22%
9%
9%
9%
8%
22%
0%
5%
0%
-28%
12%
10%
-8%
15%
3%
23%
1%
19%
33%
10%
4%
9%
-

11%
10%
12%
10%
18%
8%
9%
11%
15%
12%
14%
17%
9%
9%
12%
11%
9%
0%
3%
0%
17%
10%
8%
10%
6%
12%
17%
11%
16%
8%
10%
14%
9%
-

1,167,278
15,521
38,686
72,714
133,796
222,698
99,572
15,809
14,422
106,853
447,208
212,279
37,664
71,602
10,787
19,750
72,477

400,396
7,588
19,023
10,766
28,607
80,283
73,177
22,462
10,240
67,254
80,995
50,876
2,624
12,290
5,061
53
30,848

461,675
9,175
20,439
16,121
31,458
90,671
84,697
25,325
11,010
80,401
92,376
63,272
3,164
24,037
6,580
430
29,060

541,073
10,353
23,453
23,360
43,224
100,065
95,701
28,801
11,925
92,615
111,577
72,038
6,482
26,645
14,001
24,911

598,925
11,497
26,348
25,546
44,846
110,011
107,039
32,679
13,011
105,470
122,478
84,711
7,622
29,363
22,266
25,461

24%
9%
69%
25%
13%
27%
15%
-7%
17%
14%
48%
431%
14%
5%

15%
21%
7%
50%
10%
13%
16%
13%
8%
20%
14%
24%
21%
96%
30%
712%
-6%

17%
13%
15%
45%
37%
10%
13%
14%
8%
15%
21%
14%
105%
11%
0%
3154%
-14%

11%
11%
12%
9%
4%
10%
12%
13%
9%
14%
10%
18%
18%
10%
0%
59%
2%

238,284
64,346
28,160
145,778
903,475
308,326
129,375
95,185
370,590
1,564,032
537,860
6,960
41,710
154,749
126,909
648,339
47,506
802,298
307,962
494,336
9,658,147

48,243
11,110
9,802
27,331
235,646
72,055
25,656
81,284
56,651
221,872
76,337
9,559
12,513
27,740
15,904
59,794
20,025
254,552
90,500
164,052
3,315,312

63,379
24,746
10,048
28,585
260,879
86,759
30,867
84,755
58,498
255,409
89,028
11,316
15,468
34,072
17,051
66,240
22,235
264,095
99,025
165,070
3,696,540

60,026
19,594
10,091
30,341
251,940
75,937
32,313
88,453
55,238
292,247
109,214
12,890
15,586
39,359
19,489
71,474
24,235
265,234
105,768
159,466
3,844,126

68,565
19,137
10,091
39,338
271,510
84,346
34,752
98,628
53,784
331,241
127,236
13,734
18,075
43,886
21,107
79,518
27,685
271,531
111,919
159,612
4,251,106

9%
-4%
13%
13%
14%
16%
-10%
26%
11%
20%
40%
9%
17%
17%
18%
5%
23%
5%
9%
2%
17%

31%
123%
3%
5%
11%
20%
20%
4%
3%
15%
17%
18%
24%
23%
7%
11%
11%
4%
9%
1%
11%

-5%
-21%
0%
6%
-3%
-12%
5%
4%
-6%
14%
23%
14%
1%
16%
14%
8%
9%
0%
7%
-3%
4%

14%
-2%
0%
30%
8%
11%
8%
12%
-3%
13%
17%
7%
16%
12%
8%
11%
14%
2%
6%
0%
11%

8,370,132

2,568,164

2,843,133

2,938,257

3,242,043

17%

11%

3%

10%

7,567,834

2,313,612

2,579,038

2,673,022

2,970,512

19%

11%

4%

11%

2016E

Ticker
BDO
BPI
CHIB
EW
MBT
PNB
RCB
SECB
UBP
ABS
CEB
EEI
GMA7
ICT
IMI
LRI
MWC
MWIDE
PCOR
AC
AEV
AGI
COSCO
DMC
FPH
GTCAP
JGS
LTG
MPI
SM
SMC
CIC
CNPF
DNL
EMP
JFC
PGOLD
PIP
RFM
RRHI
URC
BEL
BLOOM
LR
MCP
RWM
NIKL
PX
SCC
AP
EDC
FGEN
MER
ALI
CPG
FLI
MEG
RLC
SMPH
VLL
GLO
TEL

2013

Net Income
2014
2015E

2016E

2013

Net Income Growth

2014
2015E

2016E

95,570
22,608
18,811
5,103
2,056
22,488
5,146
5,321
5,012
9,025
29,045
2,146
512
916
1,667
7,318
445
3,647
5,752
1,396
5,247
138,291
12,778
21,027
17,218
3,332
18,864
2,350
8,963
10,434
8,669
7,209
27,446
38,053

93,481
22,805
18,039
5,116
2,073
20,113
5,359
4,411
7,164
8,401
27,748
2,387
853
918
1,005
8,080
1,293
3,212
5,813
868
3,320
138,817
18,609
18,381
13,246
4,027
10,775
5,632
9,153
18,245
4,410
7,940
28,399
14,692

100,400
25,413
20,625
5,942
2,566
19,608
5,755
5,086
7,793
7,613
33,844
2,706
6,487
970
1,943
8,865
1,275
6,004
5,595
158,243
19,595
17,549
14,362
4,470
13,146
5,385
12,685
23,759
5,681
10,755
30,857
-

114,415
28,716
23,853
6,445
3,232
21,619
6,536
6,084
9,365
8,565
39,138
3,799
6,510
1,001
2,584
10,243
1,473
5,727
7,800
171,831
21,924
19,166
15,407
4,873
15,746
6,315
14,995
23,815
7,326
9,446
32,818
-

21%
56%
15%
2%
13%
46%
9%
-11%
-33%
19%
16%
36%
-86%
-6%
3%
21%
89%
30%
5%
38%
208%
5%
22%
-12%
24%
118%
94%
-74%
36%
-23%
-32%
22%
11%
42%

-2%
1%
-4%
0%
1%
-11%
4%
-17%
43%
-7%
-4%
11%
67%
0%
-40%
10%
191%
-12%
1%
-38%
-37%
0%
46%
-13%
-23%
21%
-43%
140%
2%
75%
-49%
10%
3%
-61%

7%
11%
14%
16%
24%
-3%
7%
15%
9%
-9%
22%
13%
660%
6%
93%
10%
-1%
3%
69%
14%
5%
-5%
8%
11%
22%
-4%
39%
30%
29%
35%
9%
-

14%
13%
16%
8%
26%
10%
14%
20%
20%
13%
16%
40%
0%
3%
33%
16%
16%
-5%
39%
9%
12%
9%
7%
9%
20%
17%
18%
0%
29%
-12%
6%
-

31,627
541
744
1,399
5,831
4,672
3,959
903
788
2,745
10,045
2,925
3,640
(1,315)
324
(2,463)
2,740

37,803
637
1,592
2,719
6,204
5,362
4,520
811
838
3,561
11,559
6,166
2,202
4,072
750
(6,303)
5,445

41,209
720
1,825
2,326
6,845
5,507
4,894
891
951
4,307
12,944
(14)
1,094
(2,039)
(3,873)
4,805

46,275
823
2,150
2,686
7,107
6,575
5,427
996
1,140
4,505
14,866
6,944
2,270
1,287
(1,376)
4,763

35%
27%
38%
17%
25%
46%
6%
17%
129%
29%
-57%
555%
16%
-59%

20%
18%
114%
94%
6%
15%
14%
-10%
6%
30%
15%
111%
-39%
132%
99%

9%
13%
15%
-14%
10%
3%
8%
10%
13%
21%
12%
-100%
-50%
-39%
-12%

12%
14%
18%
15%
4%
19%
11%
12%
20%
5%
15%
-49267%
107%
-64%
-1%

9,915
2,054
342
7,520
45,540
18,577
4,740
5,013
17,211
52,291
11,742
1,845
3,918
8,971
4,478
16,275
5,063
40,380
4,960
35,420
435,669

16,418
8,552
1,006
6,861
55,015
16,705
11,681
8,575
18,053
71,552
14,803
2,159
4,534
21,220
4,737
18,390
5,710
47,467
13,376
34,091
478,049

15,519
6,187
1,036
8,296
50,314
16,716
8,515
6,595
18,488
67,020
16,701
2,321
5,092
10,160
5,616
20,911
6,220
47,757
13,519
34,238
498,772

18,404
6,058
896
11,451
55,055
18,062
9,336
8,240
19,417
75,687
19,261
2,473
5,970
11,192
6,185
23,579
7,027
45,659
12,433
33,227
555,005

13%
-7%
64%
18%
-22%
-24%
-47%
-37%
1%
13%
30%
0%
14%
23%
6%
0%
15%
-6%
-28%
-2%
5%

66%
316%
194%
-9%
21%
-10%
146%
71%
5%
37%
26%
17%
16%
137%
6%
13%
13%
18%
170%
-4%
10%

-5%
-28%
3%
21%
-9%
0%
-27%
-23%
2%
-6%
13%
7%
12%
-52%
19%
14%
9%
1%
1%
0%
4%

19%
-2%
-14%
38%
9%
8%
10%
25%
5%
13%
15%
7%
17%
10%
10%
13%
13%
-4%
-8%
-3%
11%

357,730

392,006

405,694

448,881

8%

10%

3%

11%

317,350

344,539

357,937

403,222

10%

9%

4%

13%

2013

EPS
2014

2015E

2016E

6.22
5.19
3.57
1.82
8.02
4.82
3.95
8.31
14.07

6.27
4.62
3.08
1.84
7.15
4.60
3.11
11.88
7.94

7.00
5.25
3.46
2.27
6.24
4.61
3.98
12.93
7.19

7.92
6.07
3.76
2.86
6.64
5.23
4.53
15.53
8.09

2.68
0.84
0.88
0.34
3.06
0.25
0.64
2.34
1.13
0.46

2.87
1.41
0.89
0.21
3.51
0.75
0.57
2.36
0.35
(0.15)

3.27
10.70
0.94
0.40
4.38
0.67
2.44
0.46

4.60
10.74
0.97
0.53
5.06
0.78
2.32
0.78

20.53
3.81
1.70
0.45
1.43
4.09
49.70
1.53
0.85
0.28
34.85
13.43

29.83
3.32
1.31
0.54
0.81
10.10
52.51
2.60
0.41
0.31
35.66
3.61

32.70
3.16
1.41
0.60
0.99
9.60
72.78
3.39
0.53
0.39
38.42
-

36.58
3.45
1.51
0.66
1.19
11.26
86.03
3.39
0.68
0.34
40.87
-

2.21
0.50
0.20
0.52
4.36
1.43
0.24
0.25
3.79
4.60

1.88
0.76
0.38
0.41
4.96
1.63
0.22
0.25
2.60
5.30

2.12
0.82
0.33
0.42
5.12
1.77
0.24
0.27
3.15
5.93

2.42
0.96
0.38
0.44
6.10
1.96
0.27
0.33
3.30
6.81

0.36
(0.12)
0.22
(0.74)
0.17

0.22
0.38
0.52
(1.35)
0.35

0.11
(0.18)
(0.79)
0.30

0.22
0.12
(0.28)
0.30

0.27
0.07
21.11

1.12
0.20
6.42

0.81
0.21
7.76

0.80
0.18
10.71

2.52
0.25
0.98
15.27

2.27
0.62
1.85
16.02

2.27
0.45
1.30
16.40

2.45
0.50
1.75
17.23

0.84
0.19
0.16
0.31
1.09
0.59
0.59

1.05
0.19
0.19
0.67
1.16
0.66
0.67

1.14
0.20
0.21
0.31
1.37
0.72
0.73

1.31
0.21
0.25
0.35
1.51
0.82
0.82

37.25
163.67

100.60
157.51

101.58
158.28

93.42
153.60

339

351

360

396

2013

EPS Growth
2014
2015E

14%
38%
13%
1%
3%
47%
-32%
-19%
-33%
19%
11%
26%
-86%
-6%
3%
23%
202%
31%
4%
24%
473%
0%
21%
-12%
24%
114%
93%
-75%
12%
-23%
-41%
16%
10%
54%

-8%
1%
-11%
-14%
1%
-11%
-5%
-21%
43%
-44%
-11%
7%
68%
0%
-40%
15%
196%
-11%
1%
-69%
-133%
2%
45%
-13%
-23%
21%
-43%
147%
6%
70%
-52%
10%
2%
-73%

-14%
-32%
-5%
-73%
24%
29%
4%
16%
31%
24%
85%
557%
-24%
-59%

P/E (x)
2015E

2016E

PEG
2015E

P/BV
2015E

ROE
2015E

Div Yield
2015E

13.4
14.9
16.4
11.6
8.8
14.0
11.8
8.1
11.0
7.9
15.5
19.9
8.1
8.2
17.8
19.5
8.9
10.0
17.3
19.0
23.8
18.1
13.4
12.5
12.9
7.6
18.6
21.7
23.7
13.8
23.0
-

11.9
13.1
14.2
10.7
7.0
13.1
10.4
7.1
9.2
7.0
13.5
14.2
8.1
7.9
13.4
16.9
7.7
10.4
10.2
17.6
21.3
16.6
12.5
11.4
10.8
6.4
15.8
21.7
18.3
15.7
21.6
-

1.5
1.2
1.1
1.1
0.4
0.0
1.8
0.4
0.8
8.5
0.5
0.7
0.0
1.9
0.3
1.0
6.4
0.0
0.0
0.0
0.0
1.8
2.2
9.6
1.8
1.2
0.6
1.4
0.7
1.5
0.8
2.5
3.3
-

1.6
1.9
2.1
1.1
0.9
1.4
0.8
0.7
1.6
1.2
1.9
1.9
1.7
1.1
3.7
2.3
0.9
0.0
1.3
0.0
1.2
2.1
2.7
2.7
1.4
1.1
2.5
0.6
1.8
2.5
1.1
1.3
2.6
-

13.0
13.5
13.7
9.8
11.3
11.7
6.9
9.5
15.8
16.1
11.8
9.7
21.1
13.8
20.7
11.6
11.0
0.0
14.7
0.0
5.3
11.8
11.3
14.7
10.5
9.1
16.1
7.7
14.7
11.4
4.4
9.4
11.6
-

1.9%
2.0%
2.1%
2.7%
0.0%
1.1%
0.0%
2.9%
1.5%
4.2%
1.4%
1.3%
1.1%
2.6%
3.7%
1.0%
0.0%
0.0%
3.4%
0.0%
0.6%
1.3%
0.6%
1.9%
2.1%
0.0%
3.8%
2.8%
0.6%
0.3%
1.1%
1.9%
1.5%
-

32.4
24.4
22.8
26.7
20.2
42.0
22.1
19.5
16.5
29.7
38.7
16.3
16.6
17.0
17.3
13.1

29.9
21.5
21.2
31.3
19.5
40.7
20.3
17.8
15.3
24.5
34.6
151.4
33.5
(35.2)
15.1

26.4
18.8
18.0
27.1
18.8
34.1
18.4
15.9
12.5
23.4
30.1
27.8
16.1
55.7
15.2

2.8
1.6
1.7
0.0
5.3
3.7
2.1
1.7
1.0
1.9
2.6
-6.4
24.1
0.8
0.0
0.1
0.0

5.0
4.8
4.2
5.8
2.7
7.3
2.6
1.8
2.5
7.3
2.4
1.5
3.1
0.0
2.2
1.7

17.4
22.5
21.3
19.7
7.6
19.0
13.5
11.3
10.2
9.2
21.2
-0.7
4.5
(8.8)
0.0
(43.0)
11.1

1.3%
1.3%
1.1%
0.9%
2.2%
0.8%
0.9%
1.8%
1.7%
1.1%
1.7%
2.1%
5.0%
0.8%
0.0%
0.0%
1.5%

9.2
31.2
82.6
6.5
21.7
16.6
27.4
26.6
21.5
29.7
43.6
3.1
10.8
15.6
28.4
38.3
9.5
16.6
62.3
14.0
20.3

16.0
7.5
27.9
21.2
15.4
18.5
11.1
14.0
20.5
22.7
34.9
3.2
9.1
7.2
26.7
34.0
8.5
15.7
23.1
14.5
19.5

16.2
10.4
27.2
17.6
18.0
18.4
15.2
19.9
20.0
24.1
32.2
3.0
8.2
15.3
22.6
31.0
7.8
15.6
22.8
14.5
18.7

13.4
10.6
31.4
12.7
16.2
17.1
13.9
14.8
19.1
21.2
27.9
2.8
7.0
13.9
20.5
27.5
6.9
16.2
24.8
14.9
16.9

1.8
0.0
0.0
0.6
-6.9
4.6
0.0
0.0
5.4
7.2
2.7
0.4
0.6
0.0
1.6
2.8
0.7
-9.9
0.0
0.0
4.6

4.0
2.1
1.2
24.8
2.5
3.0
2.7
1.0
4.5
2.5
4.0
0.5
0.7
1.3
2.3
2.9
0.8
3.6
5.5
3.3
2.3

20.0
19.8
4.4
33.6
17.3
16.5
17.9
6.8
22.2
11.2
13.9
0.2
9.5
8.8
10.3
10.1
0.1
23.4
24.5
23.1
14.0

2.1%
4.1%
1.4%
2.9%
3.6%
3.6%
3.6%
2.8%
4.0%
1.1%
1.2%
2.9%
3.0%
0.8%
1.3%
0.7%
2.4%
6.1%
3.3%
6.8%
2.0%

10%

21.5

21.0

20.3

18.4

5.1

2.5

14.4

2.0%

12%

22.8

21.8

21.0

18.7

5.2

2.4

13.4

1.5%

2016E

2013

2014

5%
12%
14%
12%
24%
-13%
0%
28%
9%
-9%
44%
14%
659%
6%
93%
25%
-11%
3%
-407%
13%
10%
-5%
8%
11%
22%
-5%
39%
30%
29%
27%
8%
-

13%
13%
16%
8%
26%
7%
14%
14%
20%
13%
15%
40%
0%
3%
33%
16%
16%
-5%
69%
8%
12%
9%
7%
9%
20%
17%
18%
0%
29%
-12%
6%
-

13.0
16.7
16.6
11.3
10.9
10.8
11.3
8.1
17.1
4.1
19.8
24.3
103.6
8.7
20.8
27.9
23.3
14.1
10.4
6.0
17.4
22.0
37.9
15.0
11.1
16.7
9.0
17.8
27.3
48.0
14.7
19.2
25.3
3.7

14.1
16.6
18.6
13.1
10.8
12.2
11.8
10.3
12.0
7.2
22.3
22.7
61.7
8.7
34.4
24.3
7.9
15.9
10.3
19.3
(53.1)
21.4
26.1
17.2
14.5
13.8
15.8
7.2
25.8
28.3
30.5
17.5
24.7
13.9

5%
-15%
52%
94%
-21%
14%
14%
-8%
0%
-31%
15%
95%
-39%
141%
101%

8%
13%
8%
-14%
4%
3%
9%
9%
8%
21%
12%
-89%
-50%
-42%
-13%

13%
14%
18%
15%
4%
19%
11%
13%
22%
5%
15%
445%
107%
-64%
-1%

33.9
20.7
34.7
52.0
16.0
47.8
25.2
17.8
16.5
20.4
44.6
31.7
10.1
41.7
26.5

17%
-7%
64%
18%
-30%
-24%
-48%
-49%
1%
10%
24%
-9%
14%
10%
5%
0%
14%
-4%
-28%
-2%
2%

-42%
314%
196%
-70%
41%
-10%
147%
90%
5%
31%
25%
-4%
19%
118%
6%
13%
13%
6%
170%
-4%
4%

-1%
-28%
3%
21%
-15%
0%
-27%
-30%
2%
-6%
8%
7%
11%
-53%
18%
10%
9%
1%
1%
0%
4%

21%
-2%
-14%
38%
11%
8%
10%
34%
5%
13%
15%
7%
17%
10%
10%
13%
13%
-4%
-8%
-3%
11%

5%

4%

3%

10%

4%

4%