VALUATION TABLE:

FINANCIALS

AVE. TARGET ENTER LOWER POSSIBLE

STOCK MARKET PRICE P/B
PRICE THAN %CHANGE
BDO 113.70 1.98 119.94 104.30 5.49%
BPI 92.00 2.19 95.07 82.67 3.34%
CHIB 38.30 1.20 38.36 33.35 0.15%
EW 18.90 0.85 23.33 20.28 23.41%
MBT 76.50 1.21 97.94 85.17 28.03%
PNB 55.30 0.63 61.90 53.83 11.93%
RCB 35.00 0.81 37.67 32.76 7.64%
SECB 218.40 1.72 221.90 192.96 1.60%
UBP 75.00 1.20 86.68 75.37 15.57%
PSB 90.05 1.05 NA NA NA
PBB 14.20 0.97 12.40 10.78 -12.68%
AUB 48.15 1.02 48.20 41.91 0.10%
Average 1.24

JANUARY 09, 2017



Meridian Securities, Incorporated Suite 2702-C, 27/F East Tower, Philippine Stock Exchange Centre, Ortigas Center, Pasig City
Tels: (63-2) 634-6931 to 35 Facsimile: (63-2) 634-6937 Email: sales@meridiansec.com.ph




VALUATION TABLE:
CONGLOMERATES

MARKET AVE. TARGET ENTER POSSIBLE
STOCK P/E (F) P/B
PRICE PRICE LOWER THAN %CHANGE
AC 786.50 20.63 2.21 904.10 786.17 14.95%
AEV 74.80 19.80 3.00 63.65 55.35 -14.91%
AGI 13.40 9.31 0.97 17.86 15.53 33.27%
DMC 13.10 13.51 2.67 12.77 11.11 -2.50%
FDC 8.14 NA 1.00 NA NA NA
FPH 68.50 6.53 0.48 137.60 119.65 100.88%
GTCAP 1,337.00 15.46 2.17 1,473.50 1,281.30 10.21%
JGS 74.00 17.06 2.20 69.87 60.75 -5.59%
LPZ 8.04 NA 0.70 NA NA NA
MPI 6.91 18.23 1.46 7.53 6.55 9.03%
SM 690.00 25.33 2.82 690.00 600.00 0.00%
SMC 97.70 NA 0.85 NA NA NA
LTG 13.20 16.62 1.06 17.45 15.17 32.20%
HI 5.90 NA 0.38 NA NA NA
COSCO 8.79 12.47 1.31 11.82 10.28 34.53%
TFHI 264.60 NA 0.88 NA NA NA
SGI 1.27 NA 0.24 NA NA NA
Average 15.90 1.44

JANUARY 09, 2017



Meridian Securities, Incorporated Suite 2702-C, 27/F East Tower, Philippine Stock Exchange Centre, Ortigas Center, Pasig City
Tels: (63-2) 634-6931 to 35 Facsimile: (63-2) 634-6937 Email: sales@meridiansec.com.ph




VALUATION TABLE:
CONSUMER

MARKET AVE. TARGET ENTER POSSIBLE
STOCK P/E (F) P/B
PRICE PRICE LOWER THAN %CHANGE
CNPF 16.04 21.79 4.72 18.67 16.23 16.40%
JFC 213.00 37.22 6.90 228.80 198.96 7.42%
PIP 3.21 12.84 1.31 3.15 2.74 -1.87%
MAXS 28.00 31.82 6.48 26.20 22.78 -6.43%
PGOLD 41.00 20.51 2.70 49.82 43.32 21.52%
RFM 5.00 17.24 1.78 5.30 4.61 6.00%
URC 169.20 26.83 5.41 194.57 169.19 14.99%
DNL 11.80 31.98 6.35 11.73 10.20 -0.58%
PF 229.00 9.07 0.97 265.00 230.43 15.72%
DMPL 12.26 13.03 NA 13.09 11.38 6.76%
RRHI 76.00 22.25 2.26 88.96 77.36 17.06%
EMP 7.30 16.67 2.48 7.61 6.62 4.31%
SSI 2.73 15.60 0.93 3.12 2.71 14.16%
MRSGI 4.39 16.88 2.34 6.00 5.22 36.67%
Average 20.98 3.43

JANUARY 09, 2017



Meridian Securities, Incorporated Suite 2702-C, 27/F East Tower, Philippine Stock Exchange Centre, Ortigas Center, Pasig City
Tels: (63-2) 634-6931 to 35 Facsimile: (63-2) 634-6937 Email: sales@meridiansec.com.ph




VALUATION TABLE:
PROPERTY

MARKET AVE. TARGET ENTER POSSIBLE
STOCK P/E (F) P/B
PRICE PRICE LOWER THAN %CHANGE
ALI 34.50 24.86 3.62 43.09 37.47 24.91%
BEL 3.18 18.71 1.40 3.47 3.02 9.22%
CPG 0.57 NA 0.44 NA NA NA
DD 49.50 NA 35.21 NA NA NA
ELI 0.70 NA 0.42 NA NA NA
FLI 1.68 7.34 0.71 2.06 1.79 22.72%
GERI 1.02 NA 0.50 NA NA NA
HOUSE 7.61 8.12 2.19 NA NA NA
MEG 3.75 10.74 1.03 4.76 4.14 26.90%
RLC 27.30 17.22 1.86 33.89 29.47 24.15%
ROCK 1.57 NA 0.65 NA NA NA
SHNG 3.28 NA 0.58 NA NA NA
SMPH 30.00 35.01 3.86 28.97 25.19 -3.44%
VLL 5.01 8.17 0.90 6.48 5.63 29.34%
LAND 1.05 NA 0.69 NA NA NA
Average 16.27* 1.26*

* ex DD

JANUARY 09, 2017



Meridian Securities, Incorporated Suite 2702-C, 27/F East Tower, Philippine Stock Exchange Centre, Ortigas Center, Pasig City
Tels: (63-2) 634-6931 to 35 Facsimile: (63-2) 634-6937 Email: sales@meridiansec.com.ph




VALUATION TABLE:
INDUSTRIAL AND COMMERCIAL

MARKET AVE. TARGET ENTER POSSIBLE
STOCK P/E (F) P/B
PRICE PRICE LOWER THAN %CHANGE
AP 43.45 16.65 3.19 46.33 40.29 6.63%
CIC 60.00 22.08 5.63 61.50 53.48 2.50%
EDC 5.18 10.61 2.05 7.09 6.16 36.80%
EEI 6.36 21.93 1.05 9.50 8.26 49.37%
FGEN 21.85 11.03 1.00 30.23 26.28 38.33%
HLCM 16.48 16.99 4.29 NA NA NA
ICT 73.90 21.62 3.34 91.86 79.88 24.31%
MER 277.60 16.45 4.54 314.84 273.77 13.41%
MWC 29.90 12.15 1.45 27.11 23.58 -9.32%
MWIDE 14.86 20.44 2.49 18.80 16.35 26.51%
PCOR 9.75 14.62 1.07 12.23 10.64 25.47%
SCC 132.00 12.13 4.43 159.56 138.75 20.88%
PHEN 2.35 9.04 1.34 3.80 3.30 61.70%
ACR 1.38 NA 0.86 NA NA NA
PNX 5.78 7.81 0.77 NA NA NA
IMI 6.11 8.22 0.93 7.70 6.70 26.02%
PSPC 1.48 NA 0.65 NA NA NA
X 8.76 39.82 19.02 NA NA NA
CROWN 1.99 9.48 1.37 2.70 2.35 35.68%
TECH 23.00 1.00 2.74 30.10 26.17 30.87%
CHP 11.68 15.57 NA 14.34 12.47 22.77%
SHLPH 71.45 16.15 NA 81.30 70.70 13.79%
Average 15.19 3.11

JANUARY 09, 2017



Meridian Securities, Incorporated Suite 2702-C, 27/F East Tower, Philippine Stock Exchange Centre, Ortigas Center, Pasig City
Tels: (63-2) 634-6931 to 35 Facsimile: (63-2) 634-6937 Email: sales@meridiansec.com.ph




VALUATION TABLE:
SERVICES

MARKET AVE. TARGET ENTER POSSIBLE
STOCK P/E (F) P/B
PRICE PRICE LOWER THAN %CHANGE
ABS 44.45 9.86 1.26 72.00 62.61 61.98%
ABSP 44.60 9.59 NA 54.00 46.96 21.08%
BLOOM 6.40 79.01 3.09 6.72 5.84 4.95%
CEB 92.95 5.79 1.83 131.32 114.20 41.29%
GLO 1,684.00 15.49 3.70 1,834.80 1,595.48 8.95%
GMA7 6.29 9.98 2.43 7.65 6.65 21.62%
GMAP 5.90 9.52 NA 6.20 5.39 5.08%
LR 4.25 3.66 1.06 NA NA NA
PLC 1.35 43.55 2.85 1.02 0.89 -24.44%
STI 1.05 NA 1.23 NA NA NA
TEL 1,474.00 12.21 3.06 1,550.14 1,347.95 5.17%
MCP 4.08 NA 4.60 4.08 3.55 -0.06%
RWM 3.27 12.98 1.41 3.91 3.40 19.70%
TUGS 2.85 NA 1.20 5.50 4.78 92.98%
LBC 15.70 NA 7.87 17.05 14.83 8.60%
Average 19.24 2.74

JANUARY 09, 2017



Meridian Securities, Incorporated Suite 2702-C, 27/F East Tower, Philippine Stock Exchange Centre, Ortigas Center, Pasig City
Tels: (63-2) 634-6931 to 35 Facsimile: (63-2) 634-6937 Email: sales@meridiansec.com.ph




VALUATION TABLE:
MINING AND OIL

MARKET AVE. TARGET ENTER POSSIBLE
STOCK P/E (F) P/B
PRICE PRICE LOWER THAN %CHANGE
AT 5.10 34.00 0.30 4.50 3.91 -11.76%
BC 2.24 NA 0.36 NA NA NA
CPM 0.51 NA 0.51 NA NA NA
FNI 3.26 NA 10.47 4.73 4.11 44.94%
MARC 2.58 NA 1.61 NA NA NA
NIKL 8.25 16.37 2.39 7.51 6.53 -9.03%
OPM 0.0120 NA 0.56 NA NA NA
ORE 1.14 NA 0.50 NA NA NA
OV 0.0130 NA 0.71 NA NA NA
PX 8.93 23.69 1.83 7.60 6.61 -14.89%
SCC 132.00 10.23 4.43 159.56 138.75 20.88%
Average 21.07 2.15

JANUARY 09, 2017



Meridian Securities, Incorporated Suite 2702-C, 27/F East Tower, Philippine Stock Exchange Centre, Ortigas Center, Pasig City
Tels: (63-2) 634-6931 to 35 Facsimile: (63-2) 634-6937 Email: sales@meridiansec.com.ph




DISCLAIMER

This document is based on information obtained from sources believed to be reliable, but we do not make
any representations as to its accuracy, completeness and correctness. Any information is subject to change
without notice and MSI is not under any obligation to update or keep current the information contained
herein.

Opinions, estimates, and projections expressed reflect the analyst’s personal views. Any recommendation
contained in this document does not have regard to specific investment objectives, financial situation and the
particular needs of any addresses and are in the form of fundamental and technical ratings. Technical ratings
may differ from fundamental ratings as technical analyses involve the application of different methodologies
based on price and volume related information.

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exercise of judgment by the addressee. No liability whatsoever is accepted for and direct or consequential loss
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CONTACT US

Meridian Securities Web: www.meridiansec.com.ph
Suite 2702-C, 27th Floor, East Tower, Email: sales@meridiansec.com.ph
Philippine Stock Exchange Centre, Phone: +63.2.634-6931 to 35
Ortigas Center, Pasig City, Fax: +63.2.634-6937
Metro Manila, Philippines Mobile: +63.922.847-8883

JANUARY 09, 2017



Meridian Securities, Incorporated Suite 2702-C, 27/F East Tower, Philippine Stock Exchange Centre, Ortigas Center, Pasig City
Tels: (63-2) 634-6931 to 35 Facsimile: (63-2) 634-6937 Email: sales@meridiansec.com.ph