ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
MARKET NOTES_Week 18_TD84_May 3, 2011_Tuesday
source: www.pse.com.ph

DISCLOSURES:

ANCHOR LAND HOLDINGS, INC. [pse: ALHI]

Disc. No. 2011-3229 2010 REVENUE
The Company managed to sustain a positive growth tack in 2010,
with revenue and net income rising 63% to php2.66 billion and
KEY PERFORMANCE INDICATORS 2010 2009 2008
52% to php566 million, respectively. This is the fourth CURRENT RATIO 1.26 1.28 2.24
consecutive year the Company posted year-on-year increases in DEBT TO EQUITY RATIO
sales and eventual profits, reflective both of the strength of ALHI
2.30 1.60 1.03
and the local property sector. Based on the Key Performance PER SHARE EARNINGS (Php) 1.63 1.08 .68
Indicators the Management uses to track the Company's EBIT (in Php) 639.91m 450.52M 354.27M
fortunes, there has been marked improvements, not to mention
the consistency. ROE % 30.06 25.07 9.00

Current liabilities grew by a slightly faster pace than current assets, resulting in a marginal drop in current ratio.
Cash and cash equivalents and receivables more than doubled, negating the impact of a -6.5% slide in inventories
(condo units for sale – which nonetheless reflects stronger sales numbers relative to the pace of adding to such
inventories.) The surge in Cash and cash equivalents resulted from higher cash inflows from its Wharton Parksuites
and Anchor Skysuites Projects.

Debt-to-Equity ratio rose on account of the Company taking out a php1.147 billion bank loan with a 3-5 year maturity
in 2010, coupled with a nearly php5.0 billion addition to notes payable. The Company remains amply covered
however with Pre-tax earnings more than sufficient to meet interest payments on its outstanding debts.

EPS over the three years considered have expanded an average of 54%. This works out to an average PE range of
between 5.5x to 12.2x, with extremes at 4.0x and 13.0x, over the last two years, using trailing earnings. On the same
breath, we can assume, given the 2010 EPS, a price band of between php9.00 and php19.00 this year. On the other
hand, utilizing actual EPS and assuming the Company manages to hit its php3.0 billion revenue objective in 2011, the
price band should realistically reflect an estimated EPS of php1.73 at between php8.70 and php15.60. The stock
closed yesterday's session at php11.00 and has not gone below that level this year.

The counter has yet to make it to the market's “favored”

list. It thus appears that investors have shied away
from the encouraging numbers presented above.
Volume turnover has been tepid which reflects on a
range bound price movement. For the year-to-date,
such band is defined between php11.00 and 12.00.
Surprisingly, even as the stock has drawn two bullish
white-bodied candles in the last two weeks worth of
trades, the underlying technical indicators point to a
SELL proposition. However, given that volume is dry,
we do not see such suggestion to take the stock further
down its current support at php11.00. In the same
breath, for much the same reason, we find no immediate
reason for the stock to shoot up significantly. It's a toss
up with the technicals pointing to a relatively weak bias,
and a fundamentally sound prospect. From the latter
standpoint, we judge the issue to be a ACCUMULATE
(Buy & Hold).

VISTA LAND AND LIFESCAPES, INC [pse: VLL]

Disc. No. 2011-3229 EXPANSION IN NEW AREAS
The Company revealed its plans for a major expansion to new areas across the country, namely: (1) Ilocos Sur; (2)
Ilocos Norte; (2) La Union; (3) Nueva Ecija; (4) Bicol; (5) Batangas; (6) Quezon; (7) Bataan; (8) Pampanga; (9) Davao;
(10) Butuan; (11) Agusan del Sur; (12) Zamboanga. The will add to its present roll of presence in 20 provinces and 47
towns and cities.

The OFW market will be the anchor of the projects in these areas. OFWs from Europe, the Middle East and Asia
account for 60% of the Company's various developers' reservation sales. The demand from this segment of the
market is expected to grow alongside the sustained demand for Filipinos overseas for both blue- and white-collar
jobs. This has pushed the January-February remittance levels to increase 6.9% year-on-year.

itsDISCLAIMER: THE MATERIAL CONTAINED IN THIS PUBLICATION IS FOR INFORMATION PURPOSES ONLY. IT IS NOT TO BE REPRODUCED OR COPIED OR MADE
AVAILABLE TO OTHERS. UNDER NO CIRCUMSTANCES IS IT TO BE CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION TO BUY ANY SECURITY. WHILE THE
INFORMATION HEREIN IS FROM SOURCES WE BELIEVE RELIABLE, WE DO NOT REPRESENT THAT IT IS ACCURATE OR CO MPLETE AND IT SHOULD NOT BE RELIED UPON
AS SUCH. IN ADDITION, WE SHALL NOT BE RESPONSIBLE FOR AMENDING, CORRECTING OR UPDATING ANY INFORMATION OR OPINIONS CONTAINED HEREIN. SOME OF
THE VIEWS EXPRESSED IN THIS REPORT ARE NOT NECESSARILY OPINIONS OF ACCORD CAPITAL EQUITIES CORPORATION ON THE CREDIT-WORTHINESS OR
INVESTMENT PROFILE OF THE COMPANY OR THE INDUSTRIES MENTIONED.
DAILY Report Page 1 of 2
ACCORD CAPITAL EQUITIES CORPORATION
GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
MARKET NOTES_Week 18_TD84_May 3, 2011_Tuesday
source: www.pse.com.ph

The Company has earmarked php45 billion in capex up to 2013, and recently launched its low cost brand, Lessandra
with a php12 billion worth of projects in the pipeline.

VLL share price has been on the up and up since the

beginning of March. Nevertheless, we have seen an
easing of the uptrend as price pierced to the php3.10-
3.15 range. The underlying technical measures warns
us of an impending snap to the surge, a “healthy
correction” to lay the foundations for a surge past the
php3.25 resistance mark.

STO continues to hover above the overbought line, a

phenomenon seen across a good number of counters
across all sector class at present. MACD has pulled to a
level, almost flat movement, supporting the current
sideways action.

Yet our main concern is elicited by and from the Money

Flow Index (MFI[14]) which paints an unmistakable
divergent movement from the price. This suggests that
selling pressure (distribution) has gained and become
stronger than the contravening force since the issue hit
the php3.07-3.10 range.

BUY ON WEAKNESS.

itsDISCLAIMER: THE MATERIAL CONTAINED IN THIS PUBLICATION IS FOR INFORMATION PURPOSES ONLY. IT IS NOT TO BE REPRODUCED OR COPIED OR MADE
AVAILABLE TO OTHERS. UNDER NO CIRCUMSTANCES IS IT TO BE CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION TO BUY ANY SECURITY. WHILE THE
INFORMATION HEREIN IS FROM SOURCES WE BELIEVE RELIABLE, WE DO NOT REPRESENT THAT IT IS ACCURATE OR CO MPLETE AND IT SHOULD NOT BE RELIED UPON
AS SUCH. IN ADDITION, WE SHALL NOT BE RESPONSIBLE FOR AMENDING, CORRECTING OR UPDATING ANY INFORMATION OR OPINIONS CONTAINED HEREIN. SOME OF
THE VIEWS EXPRESSED IN THIS REPORT ARE NOT NECESSARILY OPINIONS OF ACCORD CAPITAL EQUITIES CORPORATION ON THE CREDIT-WORTHINESS OR
INVESTMENT PROFILE OF THE COMPANY OR THE INDUSTRIES MENTIONED.
DAILY Report Page 2 of 2