THU 15 JUNE 2017

Other News:

MPI: Maynilad to further reduce nonrevenue water (AS OF JUNE 14, 2017)
Economy: SEC pushes for 20% minimum public float INDICES
Economy: Fed raises rates, unveils balance sheet cuts Close Points % YTD%
PSEi 7,966.01 48.12 0.61 16.45
All Shares 4,729.05 21.63 0.46 13.79
Financials 1,953.19 8.13 0.42 17.98
Market Summary:
Holding Firms 7,907.09 51.28 0.65 13.09
Industrial 11,029.02 7.95 0.07 3.56
The PSEi advanced moderately on Wednesday reversing some of the losses the previous day as Mining & Oil 12,482.37 -9.14 -0.07 5.27
investors await the Feds decision regarding its interest rate policy. The benchmark index gained Property 3,703.53 9.26 0.25 20.78
Services 1,756.94 21.28 1.23 34.85
48.12 points or 0.61% to close at 7,966.01.
Dow Jones 21,374.56 46.09 0.22 8.16
Index gainers led decliners 21 to 7, while 2 issues remained unchanged. Likewise, most sectors S&P 500 2,437.92 -2.43 -0.10 8.89
advanced with Services (+1.23%) leading the gainers and Mining & Oil (-0.07%) declining alone. Nasdaq 6,194.89 -25.48 -0.41 15.08

Significant index gainers were AGI (+5.42%), RLC (+4.09%), TEL (+2.97%), DMC (+2.76%), and JGS
(+2.15%). Meanwhile, significant index decliners were MER (-3.59%), LTG (-2.38%), and GTCAP INDEX GAINERS
(-1.61%). Ticker Company Price %
AGI Alliance Global Inc 14.4 5.42
RLC Robinsons Land Corp 25.45 4.09
Value turnover increased to Php22.9Bil from Php11.2Bil the previous session. Meanwhile,
TEL PLDT Inc 1905 2.97
foreigners continued to be net buyers for the 12th consecutive day, accumulating Php11.4Bil DMC DMCI Hldgs Inc 14.9 2.759
worth of shares. JGS JG Summit Hldgs Inc 80.8 2.149

INDEX LOSERS
Ticker Company Price %
MER Manila Electric Company 257.8 -3.59
LTG LT Group Inc 15.62 -2.38
GTCAP GT Capital Hldgs Inc 1220 -1.61
ALI Ayala Land Inc 40.45 -0.98
ICT Int'l Container Term 105 -0.94

TOP 5 MOST ACTIVE STOCKS

Ticker Company Turnover
MER Manila Electric Company 1,457,601,000
ALI Ayala Land Inc 844,586,700
TEL PLDT Inc 439,579,200
SMPH SM Prime Hldgs Inc 360,669,000
ICT Int'l Container Term 289,262,600

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside of
the COL Financial website as these may be subject to tampering or unauthorized alterations.
 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

THU 15 JUNE 2017

Other News:

RESEARCH ANALYSTS MPI: Maynilad to further reduce nonrevenue water

FRANCES ROLFA NICOLAS
ANDY DELA CRUZ
Maynilad Water Services, Inc. is targeting to reduce its nonrevenue water (NRW) to 20% from
JUSTIN RICHMOND CHENG
the current 30% of the total water it distributes. According to the company, this initiative
KYLE JEMMRIC VELASCO
will be funded by the recently signed Php10.8Bil loan with Japan International Cooperation
JOHN MARTIN LUCIANO
Agency (JICA) and three of Japans largest private commercial banks. Moreover, Maynilad will
also be allocating a portion of the loan for other water projects, including pipe-laying within
its franchise area. Maynilad Chief Operating Officer Randolph Estrellado said that the company
expects to achieve this target by 2022. (source: Businessworld)

Economy: SEC pushes for 20% minimum public float

The Securities and Exchange Commission (SEC) will push through with the plan to double the
minimum public float for listed companies to 20% by July despite some sectors appealing for
reconsideration. Recall that companies that are planning list their shares in the PSE will have
to immediately conform to the 20%. Meanwhile, listed companies will have to reach at least
15% by the end of 2018 and 20% by the end of 2020. Non-compliance of the minimum public
ownership requirements may result to administrative sanctions and higher tax rate. (source:
Businessworld, Philstar)

Economy: Fed raises rates, unveils balance sheet cuts

The Federal Reserve raised interest rates for the second time this year and disclosed that it
would begin to cut its holdings of bonds and other securities even as inflation is running
below the central banks target. Federal Open Market Committee increased its benchmark rate
by 25 basis points with the new range being 1% to 1.25%. Moreover, the Fed plans to reduce its
US$4.2Tril portfolio of Treasury bonds and mortgage-backed securities. The plan would entail
halting reinvestments of ever-larger amounts of maturing securities but did not specify the
overall size of the reduction. However, despite raising interest rates and shrinking its balance
sheet, the central bank believes inflation will fall short of its 2% target this year. (Reuters, CNBC)

SUMMARY OF CHANGES IN SHAREHOLDINGS:

Acquired or Price per
Stock Volume Person (Designation)
Disposed share
200,000 5.61 Ma. Aurora D. Geotina-Garcia
CLI D
100,000 5.62 (Independent Director)
source: PSE

COL Financial Group, Inc. 2


THU 15 JUNE 2017
J UNE 1
PI ZZ A: Ex- date Php0.10 Ca sh Divid en d
CDC: Ex- d ate Php0.036 Cash Divid en d
PHN: Stock Divide nd
NOW: An nua l Sha re holdin gs M eet in g
J UNE 2
CLI : Lis ting
J UNE 5
FME T F: Stock Divide nd
CEB : Ex- d ate Php2.75 Ca s h D ivid en d
PB C: An n u a l Sha reholdin gs M eet in g
CDC: An nua l Sha re holdin gs M eet in g
J UNE 7
CHP: An n ua l Sha re holders M eet in g
CI C: An n ua l Sha re hole rs M eet in g
J UNE 8
S PC: Ex- d ate Php0.40 Ca s h D ivid en d
K EP: An n u a l Sha reholders M eet in g
L PZ: An n u a l Sha re holders M eet in g
B LOOM: Annua l Sha re hold ers M eet in g
J UNE 9
B DO: Ex- date Php0.30 Cash Divid en d
HLCM: Ex- date Php0.98 Ca h s D ivid en d
S B S: An n u a l Sha re holders M eet in g
J UNE 1 3
L R: Ex- date Php0.0425 Cash Divid en d
T E L: An n u a l Sha re holders M eet in g
JAS: An n u a l Sha re holders M eet in g
S MC: An nua l Sha reholders M eet in g
E L I : An n u a l Sha re holders M eet in g
L AND: Annua l Sha re holders M eet in g
J UNE 1 4
APO: An nua l Sha reholders M eet in g
JOH: An n ua l Sha reholders M eet in g
COL Financial Group, Inc.
Calendar of Events
June
S M T W TH F S
1 29 30 31 1 2
4 5 6 7 8 9
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30
4 5 6 7 8 9
K ey Event s Ho li day
JU NE 1 5
V V T: An n u a l Sh a re h o l d e r s M e e ti n g
F O O D: An nu a l S h a re h o l d e r s M e e ti n g
V LL: An n u a l Sh a re h o l d e r s M e e ti n g
S S I: An n u al S h a re h o l d e r s M e e ti n g
JU NE 1 6
S E V N: An n u a l S h a re h o l d e r s M e e ti n g
EEI: An n u al Sh a re h o l d e r s M e e ti n g
M R C : An n u a l Sh a re h o l d e r s M e e ti n g
M EG: An n u a l Sh a re h o l d e r s M e e ti n g
R C I: An n u a l S h a re h o l d e r s M e e ti n g
KP H: An n u a l S h a re h o l d e r s M e e ti n g
PM P C : An nu a l S h a re h o l d e r s M e e ti n g
JU NE 1 9
P R C : An n u a l S h a re h o l d e r s M e e ti n g
2GO : An n u a l S h a re h o l d e r s M e e ti n g
W LCO N: An n u a l S h a re h o l d e r s M e e ti n g
JU NE 2 0
LTG: An n u a l S h a re h o l d e r s M e e ti n g
S HNG: An n u a l Sh a re h o l d e r s M e e ti n g
JU NE 2 1
C R W N: Ex- d ate Ph p0 . 0 5 Ca s h D i v i d e n d
O V: An n u al S h a re h o l d e r s M e e ti n g
H20: An n u a l S h a re h o l d e r s M e e ti n g
JU NE 2 2
BR N: An n u a l S h a re h o l d e r s M e e ti n g
AU B: An n u a l Sh a re h o l d e r s M e e ti n g
LS C : An n u a l S h a re h o l d e r s M e e ti n g
S LI: An n u al S h a re h o l d e r s M e e ti n g
D W C : An n u a l Sh a re h o l d e r s M e e ti n g
JU NE 2 3
P R M X: An nu a l S h a re h o l d e r s M e e ti n g
A NI: An n u a l S h a re h o l d e r s M e e ti n g
JU NE 2 6
EU R O : Ex- d ate Ph p0 . 0 5 Ca s h D i v i d e n d
M R P: An n u a l Sh a re h o l d e r s M e e ti n g
DAILY NOTES I PHILIPPINE EQUITY RESEARCH
3
10
3
10
S T R : An n u a l S h a re h o l d e r s M eeti ng
R C B : An n u a l Sh a re h o l d e r s M eeti ng
JUNE 27
AC R : E x- d ate Ph p0 . 0 1 6 5 Cash D i v i dend
P N C : An n u a l Sh a re h o l d e r s M eeti ng
R R H I : An n u a l Sh a re h o l d e r s M eeti ng
J G S: An n u a l S h a re h o l d e r s M eeti ng
JUNE 28
N R C P: An n u a l Sh a re h o l d e r s M eeti ng
B SC : An n u a l Sh a re h o l d e r s M eeti ng
PX : An n u a l Sh a re h o l d e r s M eeti ng
E U R O : An n u a l Sh a re h o l d e rs M eeti ng
MAC AY: An n u a l Sh a re h o l d e r s M eeti ng
U R C : An n u a l S h a re h o l d e r s M eeti ng
R LC : An n u a l S h a re h o l d e r s M eeti ng
F N I : An n u a l Sh a re h o l d e r s M eeti ng
S R D C : An n u a l Sh a re h o l d e r s M eeti ng
JUNE 29
S F I : An n u a l S h a re h o l d e r s M eeti ng
C A : An n u a l S h a re h o l d e r s M eeti ng
M J I C : An n u a l S h a re h o l d e r s M eeti ng
G E R I : An n u a l S h a re h o l d e r s M eeti ng
S G I : An n u a l Sh a re h o l d e r s M eeti ng
Z H I : An n u a l S h a re h o l d e r s M eeti ng
O PM : An n u a l S h a re h o l d e r s M eeti ng
C PG : An n u a l Sh a re h o l d e r s M eeti ng
A L H I : An n u a l Sh a re h o l d e r s M eeti ng
JUNE 30
A LCO : An n u a l Sh a re h o l d e r s M eeti ng
R LT: An n u a l S h a re h o l d e r s M eeti ng
J F C : An n u a l Sh a re h o l d e r s M eeti ng
M J C : An n u a l S h a re h o l d e r s M eeti ng
AG F: An n u a l S h a re h o l d e r s M eeti ng
I P O : An n u a l Sh a re h o l d e r s M eeti ng
V I TA : An n u a l Sh a re h o l d e r s M eeti ng
C N P F: An n u a l S h a re h o l d e r s M eeti ng
A PX : An n u a l Sh a re h o l d e r s M eeti ng
CO SCO : An n u a l S h a re h o l d e r s M eeti ng
3
 DAILY NOTES I PHILIPPINE EQUITY RESEARCH

THU 15 JUNE 2017

Important Rating Definitions

BUY
Stocks that have a BUY rating have attractive fundamentals and valuations based on our analysis. We expect the share price to outperform the market
in the next six to 12 months.

HOLD
Stocks that have a HOLD rating have either 1) attractive fundamentals but expensive valuations 2) attractive valuations but near-term earnings outlook
might be poor or vulnerable to numerous risks. Given the said factors, the share price of the stock may perform merely in line or underperform in the
market in the next six to twelve months.

SELL
We dislike both the valuations and fundamentals of stocks with a SELL rating. We expect the share price to underperform in the next six to12 months.

Important Disclaimer
Securities recommended, offered or sold by COL Financial Group, Inc. are subject to investment risks, including the possible loss of the principal
amount invested. Although information has been obtained from and is based upon sources we believe to be reliable, we do not guarantee its accuracy
and said information may be incomplete or condensed. All opinions and estimates constitute the judgment of COLs Equity Research Department as of
the date of the report and are subject to change without prior notice. This report is for informational purposes only and is not intended as an offer or
solicitation for the purchase or sale of a security. COL Financial and/or its employees not involved in the preparation of this report may have investments
in securities of derivatives of the companies mentioned in this report and may trade them in ways different from those discussed in this report.

COL Research Team

APRIL LYNN TAN, CFA

VP & Head of Research
april.tan@colfinancial.com

CHARLES WILLIAM ANG, CFA GEORGE CHING RICHARD LAEDA, CFA

Deputy Head of Research Senior Research Manager Senior Research Manager
charles.ang@colfinancial.com george.ching@colfinancial.com richard.laneda@colfinancial.com

FRANCES ROLFA NICOLAS ANDY DELA CRUZ JUSTIN RICHMOND CHENG

Research Analyst Research Analyst Research Analyst
rolfa.nicolas@colfinancial.com andy.delacruz@colfinancial.com justin.cheng@colfinancial.com

KYLE JEMMRIC VELASCO JOHN MARTIN LUCIANO

Research Analyst Research Analyst
kyle.velasco@colfinancial.com john.luciano@colfinancial.com

Contact

COL FINANCIAL GROUP, INC.

2402-D East Tower, Philippine Stock Exchange Centre,
Exchange Road, Ortigas Center, Pasig City
1605 Philippines
Tel No. +632 636-5411
Fax No. +632 635-4632
Website: www.colfinancial.com

COL Financial Group, Inc. 4