Weekly Report - Xxii - May 30 To June 3, 2011

ACCORD CAPITAL EQUITIES CORPORATION
GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
Outlook for Week XXII_May30 to June 3_TD 104-108
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WEEKLY MARKET STATS UPDATE:

ACTIVITY [YTD
NET VOLUM E 2,813,935,618 2,685,647,436 4.78% 1,637,867,112 71.80%
DAILY AVERAGES]
NET VALUE 4,500,396,285.22 4,521,643,261.93 -0.47% 4,603,800,556.27 -2.25%
ISSUES TRADED 173 175 -1.14% N/A N/A
TRADES 15,045 15,023 0.15% N/A N/A
FOREIGN (BUY) 2,187,350,876.06 2,218,783,240.31 -1.42% 1,972,980,083.85 10.87%
FOREIGN (SELL) 2,047,070,603.45 2,003,440,936.70 2.18% 1,752,691,290.38 16.80%
FOREIGN (NET) 140,280,272.61 215,342,303.61 -34.86% 220,288,793.48 -36.32%
INDICATORS AD Line -695.00 -584.00 19.01% -508.00 36.81%
%K STO(14,3) 34.25 74.32 -53.91% 95.12 -63.99%
%D (STO(14,3,3) 30.66 70.53 -56.53% 72.13 -57.50%
RSI(14) 53.48 54.76 -2.32% 56.61 -5.53%
EM A(10) 4,258.06 4,290.59 -0.76% 4,149.40 2.62%
EM A(50) 4,191.93 4,181.84 0.24% 4,119.42 1.76%
EM A(150) 4,033.73 4,019.82 0.35% 3,839.39 5.06%
PHILIPPINE MARKET STATS MAJOR INFLUENCES THIS WEEK:

INDEX LAST WEEK% YTD%
PSEI 4,274.51 -0.25 1.75
ALL 2,979.62 -0.59 -0.89 THE 22nd trading week opens with the release of Q1 GDP on the background.
FIN 945.44 -2.45 -1.67
IND 7,039.85 0.27 -2.50 The PSEI rose for a second straight session Friday, trimming the weekly loss to
HDG 3,502.40 -0.86 3.35 a quarter of a percent, even as expectations are for a significantly slower year-
PRO 1,549.33 -2.74 -2.09
SVC 1,582.39 1.77 -0.50
on-year pace, The forecast drop to between 4,8% and 5.8% however is being
M&O 18,497.08 1.24 32.62 bandied about by economic managers as merely a “normalization” in farm
INDEX
WORLD MARKETS
LAST WEEK% YTD%
output which pushed the previous quarter's growth to 7.1%. Furthermore, last
DOW 12,441.60 -0.56 7.46 year's Q1 was marked by increased spending owing to the presidential election
S&P 1,331.10 -0.16 5.84 season, an exercise absent this year.
NASDAQ 2,796.86 -0.23 5.43
FTSE 100 5,938.87 -0.16 0.66
DAX 7,163.47 -1.42 3.61 Corporate earnings will still be among the top drivers of sentiment with the
CAC 40 3,950.98 -1.00 3.84
MSCI APEX 50 899.09 -0.48 3.81 reported figures to-date mostly encouraging. There were a number of
TOPIX 824.90 -0.35 -8.22 disappointments, however, but this has not diminished a still positive, but
NIKKEI 225 9,521.94 -0.89 -6.91
HANGSENG 23,118.10 -0.35 0.36
somewhat subdued, forward outlook - the Bangko Sentral ng Pilipinas' Business
SHANGHAI 2,709.95 -5.20 -3.49 Expectations Survery, the results of which was released last week, showed.
TAIEX 8,810.00 -0.31 -1.81
KOSPI 4,479.83 112.16 118.42
S&P/ASX 200 4,684.00 -1.02 Principal sources of negative volatility and increased risk will come from
-1.29
ALL ORDINARIES 4,760.30 -0.99 developments in Europe's struggle to address, contain and prevent a
-1.79
NZ50 3,527.96 -1.38 6.62
SET 1,067.00 -0.55 recurrence of the debt and deficit problems besetting at least five (5) member
3.32
JKCI 3,832.38 -1.05 economies. As we had mentioned in our daily reports, Greece has re-emerged
3.48
BSESN 18,266.10 -0.33 -10.94
Straits Times 3,135.52 -1.04
as a global markets concern. Only two, Italy and Spain, of the PIIGS, have yet to
-1.71
KLCI 1,548.69 0.50 land in the epicenter of investors' attention. It may not be long before they do.
1.96
HO CHI MINH 410.82 -5.09
Recently, Moody's Investors Service, Inc. has placed Italy's rating outlook a
-15.24
notch lower to negative from stable. Fitch Ratings earlier pulled Greek bonds to junk grade.
Technically, the market leaves investors on the sidelines

waiting for a more convincing signal that a sustainable
rebound is underway. The Main Index erased practically all of
the Monday-to-Wednesday's -94.18 points aggregated losses
to just -10.65 points at the close of trades Friday. Another
cycle of an upward push seems to gain momentum with the
index @ 4,274.51, marginally rising above the 10pdEMA
(4,258.06). MACD's negative spread is narrowing, with a
potential restoration to positive, while STO(14,3,3) draws a
crossover of the trigger line as it bounces off near oversold
territory.
The close above the 4,270 erstwhile resistance will require

confirmatory action through this week. Thus we will keep an
eye on the 4,230-support line. Moving north, the first
psychological wall is presented by 4,300, extending to 4,330.
DISCLAIMER: 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 COMPLETE 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.
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CORPORATE DISCLOSURES: May 27_Friday
KEPPEL PHILIPPINES HOLDINGS, INC. [pse: KPH]

Disc. No. 4015 s. 2011 SALE OF CEBU SHIPYARD TO SMC
Goodsoil Marine Realty, Inc. (GMRI), a 51% subsidiary of the Company, sold its 72% stake in Keppel Cebu Shipyard Land, Inc. The
Board of Directors of KPH approved of the transaction considering it no longer has shipyard operations on the said land. The
other party to the deal, SMC Shipping and Lighterage Corporation, 70% owned by San Miguel Corporation, agreed to a total
consideration of php596.2 million, half of which will go to KPH. The full amount was paid by SMCSL and received by GMRI today.
The SMC subsidiary is engaged in cargo handling, warehousing
and shipping service provider to the San Miguel group and the
acquisition adds to its diversified portfolio, which now
includes the power and oil businesses.
The stock is currently trading below its 10pd and 50pd EMA,
closing Friday at php2.30. Major support is drawn by the
150pdEMA @ php2.25. This relative technical bargain is
highlighted by the near-oversold indications by both RSI(14)
and STO(14,3,3). With the MACD showing a consistent build up
of positive bias, albeit slight, a qualified LONG TERM BUY or
ACCUMULATE stance may be taken. However, investors may
exercise a bit more patience before venturing into the counter,
specifically waiting for volume activity to pick up. Since the
beginning of the year, daily trades have amounted to no more
than 50k shares, plus the fact that is has traded in only 15 of the
first 103 sessions of the current year, averaging a volume
turnover of only 15.8k per day. We cannot expect any
significant and sustainable price movement in the near-term. Thus, even as we keep an eye out for the issue, the lack of volume
activity compels us to stay NEUTRAL.
MEGAWORLD CORPORATION [pse: MEG]

Disc. No. 4019 s. 2011 PR ON GREENBELT PROJECT LAUNCH
The Company launches Greenbelt Hamilton, its 6th project in
the Greenbelt-area, worth php2.5 billion and just beside
Greenbelt 5 mall. Price ranges from a low of php2.9 million
( studio unit with balcony, 28.3 sq.m.) to php5.7 million (2-
bedroom with balcony, 54.6 sq.m.) on an affordable monthly
amortization schemes from between php12,000 to
php20,000, respectively. The project, an indication of the
Company's sustained bullish outlook for the property sector,
is targeted at doctors, executives, young professionals and
investors. (Of course, not the exclusion of others.)
Over the last two sessions, the stock has broken above the
almost one month downtrend which originates from the
php2.48 top last April 25 and 26. The breakout from the line is
supported by similar rising actions in both RSI (14) and
STO(14,3,3), emerging from oversold territory. The latter in fact gave an early BUY signal on the same day the stock dropped to a
trough of php1.93 per share last Thursday, as the STO line rose above the trigger line. MACD supports the growing positive
momentum, a general recognition of the share's undervaluation (from a technical standpoint) and bargain-level (from a technical
view.) Daily average volume turnover is approximately 56 million shares, and we observe that the aggregates have fallen below such
average line as the price fell to its lowest. This divergent move between volume and price adds to our confidence that the forward
action in the issue may be positive. Support ranges from php1.96-1.98, while initial support is posited by the 10pdEMa at php2.06.
The major resistance to break is at php2.16, coinciding with the 150pdEMA. BUY.
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JOLLIBEE FOODS CORPORATION [pse: JFC]

Disc. No. 4027 s. 2011 AGREEMENT BETWEEN TOKYO TERIYAKI & FORTUNE FOODS
The Philippines' largest fast food network will take a more active role in further growing the Chowking business in the US
following its acquisition of the Fortune Group's assets in all 20 Chowking stores (18 in California, one each in Washington State
and Nevada), through its subsidiary, Tokyo Teriyaki
Corporation, for a total consideration of US$16 million, 75% of
which were paid today, while the balance will be evenly
amortized over the next five (5) years. US Chowking
operations have been returning good profits with sales and
EBITDA hitting US$19.2 million and US$1.9 million,
respectively.
Although the MACD line shows a potential near-term upside

price action, the other indicators suggests such may be short-
lived. Price itself remains in a downward bias, keeping the line
drawn since the php98.60 top in mid-April. The latter guidance
is lent credence by STO's sustained advance past and above the
trigger line and overbought levels. Major support is at
php85.00 (150pdEMA) while the initial challenge to an upside
movement is seen at the php90-line. BUY on STRENGTH;
TRADING BUY.
BANCO DE ORO UNIBANK, INC. [pse: BDO]

Disc. No. 4035 s. 2011 PR on 2010 and Q1 2011 PERFORMANCE; GUIDANCE
The country's largest bank, with total resources hitting the php1.0 trillion mark, bested its 2010 net income guidance of php8.1
billion, as it posted a 46% rise from 2009 numbers to php8.8 billion. This resulted a revenue stream from its core lending,
deposit-taking and service businesses remained consistent. Total deposits increased 13% while gross customer loans grew 15%
to php541.5 billion. This growth momentum was carried over
to the first three months of the current year, resulting in a net
income of php2.44 billion (unaudited), 18% up year-on-year.
This puts the Bank in a trajectory in line with its 2011
guidance of php10.5 billion.
The technical indicators for BDO share price points to a

negative near-term trajectory particularly as the issue
approaches an intermediate high at php60-line. The bias
however is not too strong, but is nonetheless too obvious to
ignore. The above cited development (2010 and Q1 results)
may have already been discounted by the market pushing the
stock off a February year-low of php45.80 and drawing an
uptrending line since. Then again, it appears that the stock is
running out of reasons to push the issue price past the earlier
cited high point – at least over the near term. SELL ON
STRENGTH.
FILINVEST DEVELOPMENT CORPORATION [pse: FDC]

Disc. No. 4037 s. 2011 PR ON 2010 & Q1 2011 PERFORMANCE
The Gotianun-led property, banking and sugar conglomerate posted a net income of php4.94 billion last year representing growth
of 79% over the preceding 12-month period. The momentum carried over to Q1 2011 which saw a healthy 20.3% rise to php1.1.
Billion in its bottom-line, year-on-year. The Company ventured into the hospitality industry last year as it opened the Crimson
Resort and Spa at Seascapes Resort Town in Mactan, Cebu. It is also set to join the high-growth electric and power industry
targeting power generation projects with a 1,650MW total capacity across all three major island groups. This new line, which will
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focus on Liquefied Natural Gas, is headed by former Napocor chief Jesus Alcordo. Traditional business lines continues to provide
a consistent revenue streams. NEUTRAL, HOLD.
OMICO CORPORATION [pse: OM]

Disc. No. 4044 s. 2011 CHANGE IN EXERCISE PRICE OF WARRANTS
Holders of the Corporations' warrants approved in a Special Meeting held for the purpose, to change the exercise price of such
warrants from php0.01 to php1.00 per share. The Warrant Instrument will thus be amended as a consequence to reflect the
change. TRADING BUY.
DIVIDEND DECLARATIONS:
FILINVEST DEVELOPMENT CORPORAITON [pse: FDC]

Disc. No. 4028 s. 2011 CASH DIVIDEND
Dividend Amount : php0.0475 per share
Ex-Dividend Date : 16 June 2011
Record Date : 22 June 2011
Payment Date : 14 July 2011
Note : Stockholders likewise approved a 23.32% stock dividend, to be issued out of the php7.0 billion
increase in Authorized Capital to php17.0 billion, subject to the approval of the SEC. (Disc. No. 4034)
PANCAKE HOUSE, INC. [pse: PCKH]

Ex-Dividend Date : 10 June 2011
Record Date : 15 June 2011
Payment Date : On or before 30 June 2011
BANCO DE ORO UNIBANK, INC. [pse: BDO]

Ex-Dividend Date : TBA
Record Date : TBA
Payment Date : TBA

Weekly Report - Xxii - May 30 To June 3, 2011

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ACCORD CAPITAL EQUITIES CORPORATION

WEEKLY MARKET STATS UPDATE:

PHILIPPINE MARKET STATS MAJOR INFLUENCES THIS WEEK:

Technically, the market leaves investors on the sidelines

The close above the 4,270 erstwhile resistance will require

CORPORATE DISCLOSURES: May 27_Friday

KEPPEL PHILIPPINES HOLDINGS, INC. [pse: KPH]

MEGAWORLD CORPORATION [pse: MEG]

JOLLIBEE FOODS CORPORATION [pse: JFC]

Although the MACD line shows a potential near-term upside

BANCO DE ORO UNIBANK, INC. [pse: BDO]

The technical indicators for BDO share price points to a

FILINVEST DEVELOPMENT CORPORATION [pse: FDC]

OMICO CORPORATION [pse: OM]

FILINVEST DEVELOPMENT CORPORAITON [pse: FDC]

PANCAKE HOUSE, INC. [pse: PCKH]

BANCO DE ORO UNIBANK, INC. [pse: BDO]

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