Return since Recommendation

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Information and opinions presented represent the judgment of the author and securities offered and sold by Mandarin Securities Corp. are subject to price movements and possible loss of amount invested. The information is based upon sources we believe to be reliable and has been obtained from public sources. Opinions and estimates are subject to change without notice. Mandarin Securities, and/or its employees may act or take a view in a different and inconsistent way contained in this report. This report is for informational purposes only, and is not an offer or solicitation to buy or sell any financial instrument or product or financial security.

March 4, 2021

INDICES

Index Prev Last % Chg

PSEi 6,919.54 6,942.76 0.34% All Shares 4,179.92 4,186.76 0.16% Financial 1,469.60 1,479.77 0.69% Industrial 8,836.03 8,816.84 -0.22% Holding Firms 7,114.60 7,166.25 0.73% Property 3,528.26 3,522.96 -0.15% Services 1,455.61 1,450.88 -0.32% Mining & Oil 9,329.93 9,259.30 -0.76%

MARKET DATA

Market Volume 221,532,024,966 Market Value (Php) 34,094,304,355 Foreign Buying (Php) 2,363,159,255 Foreign Selling (Php) 2,713,726,427 Net Foreign Buy / (Sell) (Php) (350,567,173)

Market Commentary



The View: The PSEi closed higher by 0.34%, up 23.22 points to 6,942.76. The index

was bought up at close leading to a fourth straight day of gains for the index. Holding

Firms and Financials pushed the index higher after closing higher by 0.73% and 0.69%

respectively. Meanwhile, the remaining four sectors post slight declines. In the index,

BPI, AGI, and MER led the index gainers after closing higher by 3.26%, 2.63% and

1.81% respectively. EMP, RRHI, and SECB were the index laggards, falling by 4.90%,

4.40%, and 2.86% respectively. Market turnover reached Php34 billion due to a Php24

billion block sale in JFC. Foreign investors remained net sellers. Net foreign selling

amounted to Php351 million from Php337 million previously. Foreigners mostly sold

TEL, AC, and SECB. BPI, SMPH, and COL were the top buys of foreign investors The

index would have closed down if not for a buy up at close which erased the losses for

the day. The government is expecting the arrival of over 400,000 doses of AstraZeneca

vaccines today which is a positive development considering the previous delays in

vaccine arrivals. Meanwhile, US markets fell over last night amidst volatility in the

Treasury market due to expected higher inflation.

Stock Picks

Economic Developments

 BOI approved investment pledges up 156% from January to February. The Board of

Investments (BoI) approved Php122 billion in investment pledges for the first two

months of 2021. This figure is 156% higher than the Php47.6 billion in approved

pledges for the same period in 2020. The investment pledges were dominated by local

investors as foreign investment commitments declined. Foreign investment

commitments declined 16.81% to $6.2 billion, while domestic investment pledges

jumped 188% to $115.7 billion. The number of BOI approved projects fell 39% to 31,

but the projected number of jobs the investments will create rose by 41% to 10,207

suggesting the BOI is approving a higher proportion of big ticket projects this year. The

BOI is targeting Phphp1.25 trillion in investment approvals for 2021, 22.5% higher

than last year’s tally of Php1.14 trillion.

Stock Date Initial Price Current Price Return since Recommendation

Stock PSEi TEL Mar 13 1,029.00 1,291.00 25.46% 19.83% PGOLD Mar 13 31.90 37.90 18.81% 19.83% CNPF Mar 13 13.10 17.60 34.35% 19.83% URC Mar 13 119.00 131.90 10.84% 19.83% FGEN Sep 23 24.80 30.00 20.97% 17.82% AP Sep 23 25.55 24.50 -4.11% 17.82% LTG Oct 20 10.80 13.72 27.04% 13.58% BDO Nov 17 92.60 109.00 17.71% 0.36% BPI Nov 17 83.00 88.80 6.99% 0.36% MBT Nov 17 44.35 48.35 9.02% 0.36% SECB Nov 17 103.90 129.20 24.35% 0.36% MPI Nov 17 4.20 4.09 -2.62% 0.36% Ave. Return 15.73% 10.86%

Mandarin Securities Corp.

Victor Aaron De Lara

PSEI INTRADAY

INDEX GAINERS INDEX LOSERS BPI 3.26% EMP -4.90% AGI 2.63% RRHI -4.40% MER 1.81% SECB -2.86% PGOLD 1.07% MEG -2.37% SM 1.05% BLOOM -1.64% MPI 0.99% LTG -0.72% AEV 0.82% TEL -0.69% ALI 0.76% FGEN -0.66% ICT 0.58% URC -0.60% MBT 0.52% SMPH -0.54%

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Information and opinions presented represent the judgment of the author and securities offered and sold by Mandarin Securities Corp. are subject to price movements and possible loss of amount invested. The information is based upon sources we believe to be reliable and has been obtained from public sources. Opinions and estimates are subject to change without notice. Mandarin Securities, and/or its employees may act or take a view in a different and inconsistent way contained in this report. This report is for informational purposes only, and is not an offer or solicitation to buy or sell any financial instrument or product or financial security.

March 4, 2021

Economic Developments

 PH banks performing better than ASEAN peers during pandemic despite

nega-tive outlook –S&P . S&P Global ratings has a neganega-tive outlook on ASEAN banks

including the Philippines, but the debt rater commented that Philippine banks are

performing better than its ASEAN peers during this pandemic. The number of

loans that availed of the payment moratorium in the Philippines are lower

com-pared with Malaysia and Indonesia, despite the surge in nonperforming loans

(NPLs) from retail and small- and medium-sized enterprises (SMEs) segments.

While S&P expects asset quality deterioration for banks, the company noted that

the NPL buildup trajectory in the Philippines is doing better than other banks in

the region. The rise in NPLs in the country was also less severe than expected.

Corporate Developments



JG Summit Holdings, Inc. (JGS). JGS has exercised its right for an early

redemp-tion of its 10-Year Fixed Rate Bonds due 2024. JGS has paid 101.5% of the principal

amount for the redemption. The bonds has been fully redeemed on March 1,

2021. The bonds has an aggregate amount of Php176.34 million.



Phinma Corporation (PHN). PHN announced the signing of a Term Loan Facility

for Philcement Corporation with Security Bank. Philcement Corporation

(“Philcement”), a 60% owned subsidiary of PHINMA Corporation (PHN),

bor-rowed the amount of Php 720 Million from Security Bank Corporation. The

loan will be used to finance the acquisition of Phase 2 port terminal located at

Mariveles, Bataan.

 Metro Pacific Investment Corporation (MPI). MPI is set to to build two industrial

-scale biogas plants in Mindanao that will use farm waste to produce clean

energy. The project is in partnership with German tank builder Lipp GmbH.

The biogas plants, which will process pineapple waste from a local canned

goods firm to generate power, are seen to replace energy from fossil fuel. The

project’s client is Dole Philippines. The project is seen to provide 5.7

mega-watts (MW) of clean energy for Dole, and contribute to the reduction of

car-bon dioxide emissions by 100,000 tons yearly.

Earnings Results

 D&L Industries, Inc. (DNL)

• DNL reported a decline in revenues of 3% to Php21.7 billion from Php22.4

billion in 2019.

• Sales improved in 2H2020 although not enough to offset the weakness in

1H2020. Net income for 4Q already higher y-o-y.

• Net income is lower by 23% to Php2.0 billion from Php2.6 billion in 2019.

Php Millions FY2019 FY2020 % Growth

Revenue 22,386 21,740 -3%

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Information and opinions presented represent the judgment of the author and securities offered and sold by Mandarin Securities Corp. are subject to price movements and possible loss of amount invested. The information is based upon sources we believe to be reliable and has been obtained from public sources. Opinions and estimates are subject to change without notice. Mandarin Securities, and/or its employees may act or take a view in a different and inconsistent way contained in this report. This report is for informational purposes only, and is not an offer or solicitation to buy or sell any financial instrument or product or financial security.

March 4, 2021

Earnings Results

 Metro Pacific Investment Corporation (MPI)

• MPI reported a decline of 17% in revenues to Php40.9 billion from Php49.3

billion in 2019.

• Core earnings dropped 34% for MPI on overall decrease in demand across

MPI’s businesses. Power accounted for bulk of MPI’s earnings.

• Net income dropped 63% to Php10.2 billion from Php27.8 billion in 2019.

Php Millions FY2019 FY2020 % Growth

Revenue 49,276 40,855 -17%

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Information and opinions presented represent the judgment of the author and securities offered and sold by Mandarin Securities Corp. are subject to price movements and possible loss of amount invested. The information is based upon sources we believe to be reliable and has been obtained from public sources. Opinions and estimates are subject to change without notice. Mandarin Securities, and/or its employees may act or take a view in a different and inconsistent way contained in this report. This report is for informational purposes only, and is not an offer or solicitation to buy or sell any financial instrument or product or financial security.

March 4, 2021

Cash Dividends Schedule

* Arranged by Ex-Date

Ticker Company Amount/

Rate Dividend Type Share Type Ex-date Record Date Payment Date

RFM RFM Corporation Php0.10387 Cash Common 02/03/2021 02/08/2021 03/08/2021

UBP Union Bank of the Philippines Php3.50 Cash Common 02/09/2021 02/15/2021 03/04/2021 PNX3B Phoenix Petroleum Philippines, Inc. Php2.0270 Cash Preferred 02/17/2021 02/22/2021 03/18/2021 MFC Manulife Financial Corporation CAD 0.28 Cash Common 02/18/2021 02/23/2021 03/19/2021

GLO Globe Telecom, Inc. Php27 Cash Common 02/19/2021 02/24/2021 03/11/2021

SLF Sun Life Financial Inc. CAD 0.55 Cash Common 02/23/2021 03/01/2021 03/31/2021 TECB2 Cirtek Holdings Philippines Corporation US$0.015313 Cash Preferred 02/23/2021 03/01/2021 03/08/2021 PRF3A Petron Corporation Php 17.17825 Cash Preferred 02/24/2021 03/02/2021 03/25/2021 PRF3B Petron Corporation Php 17.84575 Cash Preferred 02/24/2021 03/02/2021 03/25/2021 FEU Far Eastern University, Incorporated Php5.00 Cash Common 02/26/2021 03/15/2021 03/15/2021 MBT Metropolitan Bank & Trust Company Php1.00 Cash Common 03/02/2021 03/05/2021 03/18/2021 MBT Metropolitan Bank & Trust Company Php3.00 Cash Common 03/02/2021 03/05/2021 03/18/2021 TCB2B Cirtek Holdings Philippines Corporation US$0.015 Cash Preferred 03/02/2021 03/05/2021 03/18/2021

ALI Ayala Land, Inc. Php0.1358 Cash Common 03/05/2021 03/10/2021 03/25/2021

CIC Concepcion Industrial Corporation Php1.00 Cash Common 03/09/2021 03/12/2021 04/12/2021 PX Philex Mining Corporation Php0.059 Cash Common 03/09/2021 03/12/2021 03/26/2021

BDO BDO Unibank, Inc. Php0.30 Cash Common 03/10/2021 03/15/2021 03/25/2021

AREIT AREIT, Inc. Php0.39 Cash Common 03/10/2021 03/15/2021 03/25/2021

ANS A. Soriano Corporation Php0.50 Cash Common 03/12/2021 03/17/2021 04/14/2021 MPI Metro Pacific Investments Corporation Php0.0481 Cash Common 03/15/2021 03/18/2021 03/31/2021 MPI Metro Pacific Investments Corporation Php0.0279 Cash Common 03/15/2021 03/18/2021 03/31/2021

WLCON Wilcon Depot, Inc. Php0.10 Cash Common 03/16/2021 03/19/2021 04/16/2021

WLCON Wilcon Depot, Inc. Php0.02 Cash Common 03/16/2021 03/19/2021 04/16/2021

SMC2C San Miguel Corporation Php 1.50 Cash Preferred 03/16/2021 03/19/2021 04/05/2021 SMC2E San Miguel Corporation Php 1.18603125 Cash Preferred 03/16/2021 03/19/2021 04/05/2021 SMC2F San Miguel Corporation Php 1.27635 Cash Preferred 03/16/2021 03/19/2021 04/05/2021 SMC2G San Miguel Corporation Php 1.23361875 Cash Preferred 03/16/2021 03/19/2021 04/05/2021 SMC2H San Miguel Corporation Php 1.1854125 Cash Preferred 03/16/2021 03/19/2021 04/05/2021 SMC2I San Miguel Corporation Php 1.18790625 Cash Preferred 03/16/2021 03/19/2021 04/05/2021 SMC2J San Miguel Corporation Php 0.890625 Cash Preferred 03/16/2021 03/19/2021 04/05/2021 SMC2K San Miguel Corporation Php 0.84375 Cash Preferred 03/16/2021 03/19/2021 04/05/2021 PSE The Philippine Stock Exchange, Inc. Php3.77 Cash Common 03/17/2021 03/22/2021 04/15/2021 PSE The Philippine Stock Exchange, Inc. Php4.23 Cash Common 03/17/2021 03/22/2021 04/15/2021 CPGP Century Properties Group, Inc. Php 1.6794250 Cash Preferred 03/30/2021 04/06/2021 04/12/2021 GTPPA GT Capital Holdings, Inc. Php 11.57475 Cash Preferred 03/29/2021 04/05/2021 04/27/2021 GTPPB GT Capital Holdings, Inc. Php 12.7325 Cash Preferred 03/29/2021 04/05/2021 04/27/2021

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Information and opinions presented represent the judgment of the author and securities offered and sold by Mandarin Securities Corp. are subject to price movements and possible loss of amount invested. The information is based upon sources we believe to be reliable and has been obtained from public sources. Opinions and estimates are subject to change without notice. Mandarin Securities, and/or its employees may act or take a view in a different and inconsistent way contained in this report. This report is for informational purposes only, and is not an offer or solicitation to buy or sell any financial instrument or product or financial security.

March 4, 2021

Stock Rights / Follow-On Offering

Ticker Company Offer Price Ratio Offer Shares Ex-date Offer Start Offer End Listing Date

ANI AgriNurture Inc Php1.00 1:2.5 407,309,635. TBA TBA TBA TBA

TECH Cirtek Holdings Philippines Corpora-tion

TBA TBA 250,000,000 TBA TBA TBA TBA

CEB Cebu Pacific Air Inc. Php38.00 1:1.8250 328,947,368 02/22/2021 03/03/2021 03/09/2021 03/29/2021

Stock Dividends / Property Dividends

Ticker Company Amount/

Rate Dividend Type Share Type Ex-date Record Date Payment Date ABA AbaCore Capital Holdings Inc 10.00% Stock Div Common 02/26/2020 03/02/2020 TBA

Upcoming Events / Data Releases

Ticker Company/Institution Date Time Event

Tender Offer

Ticker Company Offeror Price Start Date End Date

LPZ Lopez Holdings Corporation First Philippine Holdings Corporation Php3.85 01/22/2021 03/02/2021

Cash Dividends Schedule

* Arranged by Ex-Date

Ticker Company Amount/

Rate Dividend Type Share Type Ex-date Record Date Payment Date 8990B 8990 Holdings, Inc. Php 1.375 Cash Preferred 04/27/2021 04/30/2021 05/10/2021 HOUSE 8990 Holdings, Inc. Php 1.506575 Cash Preferred 05/13/2021 05/18/2021 06/01/2021 TECB2 Cirtek Holdings Philippines Corporation US$0.015313 Cash Preferred 05/27/2021 06/01/2021 06/08/2021 TCB2B Cirtek Holdings Philippines Corporation US$0.015 Cash Preferred 06/01/2021 06/04/2021 06/18/2021 GTPPA GT Capital Holdings, Inc. Php 11.57475 Cash Preferred 06/30/2021 07/05/2021 07/27/2021 GTPPB GT Capital Holdings, Inc. Php 12.7325 Cash Preferred 06/30/2021 07/05/2021 07/27/2021 CPGP Century Properties Group, Inc. Php 1.6794250 Cash Preferred 07/01/2021 07/06/2021 07/12/2021 8990B 8990 Holdings, Inc. Php 1.375 Cash Preferred 07/27/2021 07/30/2021 08/10/2021 HOUSE 8990 Holdings, Inc. Php 1.506575 Cash Preferred 08/13/2021 08/18/2021 09/01/2021 TECB2 Cirtek Holdings Philippines Corporation US$0.015313 Cash Preferred 08/26/2021 09/01/2021 09/08/2021 TCB2B Cirtek Holdings Philippines Corporation US$0.015 Cash Preferred 09/01/2021 09/06/2021 09/20/2021 GTPPA GT Capital Holdings, Inc. Php 11.57475 Cash Preferred 09/29/2021 10/04/2021 10/27/2021 GTPPB GT Capital Holdings, Inc. Php 12.7325 Cash Preferred 09/29/2021 10/04/2021 10/27/2021 CPGP Century Properties Group, Inc. Php 1.6794250 Cash Preferred 10/01/2021 10/06/2021 10/11/2021 8990B 8990 Holdings, Inc. Php 1.375 Cash Preferred 10/26/2021 10/29/2021 11/10/2021 HOUSE 8990 Holdings, Inc. Php 1.506575 Cash Preferred 11/15/2021 11/18/2021 12/01/2021 TECB2 Cirtek Holdings Philippines Corporation US$0.015313 Cash Preferred 11/25/2021 12/01/2021 12/09/2021 TCB2B Cirtek Holdings Philippines Corporation US$0.015 Cash Preferred 12/01/2021 12/06/2021 12/20/2021