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 19_TD93_May 13, 2011_Friday
source: www.pse.com.ph

EARNINGS:

GINEBRA SAN MIGUEL, INC. [pse: GSMI]

Disc. No. 2011-3629 2010 RESULTS
The Company reports strong sales and income growth for 2010, albeit in a recent briefing Q1 2011 numbers were down, year-on-year. Consolidated Net Income for
last year reached php914 million, a 30% improvement from 2009, as volume of sales grew 7.0% translating to revenue of php22.7 billion. For the first three months of
the current year, GSMI's net sales narrowed by -18% to php4.522 billion compared to Q1 2010. Operating income posted an -82% slump to php85 million. It was the
only operating unit of the San Miguel Group that reported disappointing numbers, a portion of which may be attributed to elevated commodities and raw
materials/input costs and a marginal slowdown on consumer spending for liquor and liquor products.

FIRST METRO INVESTMENTS CORPORAION [pse: FMIC]

Disc. No. 2011-3637 2011 FIRST QUARTER NETS PHP431.4 MILLION
The investment banking unit of the Metrobank Group posted a consolidated net income of php431.4 million through the first three months of the year. This is 10.7%
higher than the results for the same period last year. Investment banking fees contributed php166.8 million to the total revenue while the Treasury Group added
php629.9 million. The latter is 7.1% less than the income generated by the unit last year. The expansion of its loan portfolio translated to a 67.4% increase in interest
income. Backed by strong php10.2 billion capital funds, FMIC posts a CAR of 19.83%. It keeps an optimistic outlook for the financial markets.

MANILA WATER COMPANY , INC. [pse: MWC]

Disc. No. 2011-3639 2011 Q1 INCOME GROWS 10.7%
Core pre-tax net income increased by 14% year-on-year to php1.2 billion driven by a 5% growth in revenue on stable demand. However, a php122 million decrease
on the fair value of the php4 billion peso bond dragged the bottom-line 3% lower to php816 million. With 64k new household connections, revenue jumped to php2.7
billion, an improvement of 5%. Billed volume was flat at 98.9 million cubic meters. Non-revenue water level narrowed to 11.9%, significantly lower than the 14.2% in
Q1 2010. Sales outside its East Zone concession contributed 3.3% or php81 million to the revenue pie, a one percentage point improvement of its 2010 Q1
contribution. On the balance sheet side, EBITDA margins remained stable at 72%. BUY

FIRST GEN CORPORATION [pse: FGEN]

Disc. No. 2011-3641 NET INCOME LOWER FOR Q1 2011
The suspension of EDC's steam sales to Napocor for the Bacon-Manito and on the ongoing rehabilitation of its steam fields posed the biggest drag on attributable net
income to parent which came in at US$16.1 million, -55% lower year-on-year. Lower contributions of First Gen Hydro Power Corporation, owner of the 132MW
Pantabangan-Masiway Hydroelectric power plants, also weighed heavily on the bottom-line. EDC's contribution amounted to US$9.6 million from the comparative
period's US$21.4 million. FG Hyro's share also narrowed to US$2.9 million from US$17.5 million in Q1 2010. On a consolidated level, net income fell to US%29.1
million compared to US$50 million a year ago. This reflects a reduced net margins of 9.26% from 14.23% last year. Nevertheless, the Company claimed to have
“expected” the “poor” results based on the current improvement undertakings on the Bac-Man plant. The completion of which is expected to boost revenue moving
forward.

ENERGY DEVELOPMENT CORPORATION [pse: EDC]

Disc. No. 2011-3644 Q1 NET INCOME AT PHP1.45 BILLION
EDC's net income for the first three months of 2011 dropped 61.4% to php1.45 billion mainly attributed to forgone steam sales from the Bac-Man Project it acquired
only last September 2010. Being in a transition phase, the Company had expected the drop. Lower WESM price and output, resulting in lower contributions from FG
Hyro also squeezed the bottom-line. SELL

ATLAS CONSOLIDATED MINING & DEVELOPMENT CORPORATION [pse: AT]

Disc. No. 2011-3649 Q1 2011 FINANCIAL & OPERATING RESULTS
Consolidated Net Income for the first three months of the year reached php1.338 billion, 5.7x the same period last year. Main contributor is Carmen Copper
Corporation (CCC) which reported a net income of php1.372 billion for the quarter-ending March 31, 2011. AT holds a 54.45% stake in CCC. Attributable net income
to Parent Company totaled php705 million. CCC's gross revenue grew 57% to php3.37 billion while EBITDA expanded 195% to php1.505 billion. Copper shipment
volume reached 17.7 million pounds from a year ago's 15.0 million. Meanwhile, the Berong Nickel Project, where AT holds a 25.2% economic interest, is seen to
restart mining operations in the near future. It has, on the interim, sold the balance of 150k wet metric tons of stockpile for Q2 and Q3 shipments. HOLD

SAN MIGUEL CORPORATION [pse: SMC]

Disc. No. 2011-3655 INVESTORS' BRIEFING ON Q1 2011 PERFORMANCE
Newly-diversified food and beverage industry leader SMC posted consolidated sales of php126.6 billion in the first quarter of 2011, a 183% improvement from year
ago figures. Operating income tripled to php17.3 billion, net income hit php7.14 billion while EBITDA jumped to php20.4 billion from php8.9 billion in Q1 2010. All
operating units posted positive operating numbers except for Ginebra San Miguel, Inc [pse: GSMI] which saw net sales and operating income drop -18% and -82%,
year-on-year. While traditional business lines continued to provide consistent revenue and income streams, the young power and energy segments have made
considerable contributions to the consolidated figures. The power business posted net sales of php16.329 billion, 43% higher than the pro-forma numbers for 2010.
Net generation reached 3,512kMW, 110% higher. Petron, cited by the Company as its new core revenue driver, generated a 15% improvement in sales to php64.05
billion. Operating income and net income rose 122% and 78%, respectively. SMC remains financially healthy with current ratio at 1.61, Debt-to-Equity of 1.97 and
interest bearing debt-to-equity ratio of 0.86. ACCUMULATE

INTEGRATED MICRO-ELECTRONICS, INC. [pse: IMI]

Disc. No. 2011-3665 Q1 2011 POSTS 36% GROWTH; NET INCOME FALLS
Sustained strong growth of its China operations and additional contributions from PSi Technologies, a subsidiary, pushed Q1 2011 sales 36% higher year-on-year at
php US$213 million. Together with Singapore, China contributed 53% to revenues with its combined US$65.2 million, growing 23% compared to Q1 2010 numbers.

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 3
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 19_TD93_May 13, 2011_Friday
source: www.pse.com.ph

After-tax net income fell to US$377k compared to US$3,206 million a year ago as material costs increased aggravated by the currency's continuing appreciation
versus the dollar. On the balance sheet side, the Company shows a US$35.9 million cash position and a debt-to-equity ratio of 0.34.

PHOENIX PETROLEUM PHILIPPINES, INC. [pse: PNX]

Disc. No. 2011-3672 Q1 NET INCOME UP 164%, REVENUE, 122%
The independent oil player posted a record high core net income of php185.1 million compared to only php70 million in the same period last year and already
accounting for nearly half of the 2010 full year php427 million profits. Revenue more than doubled to php6.1 billion, with volumes expanding 97%. The Company held
a 2.5% market share as at the end of last year, increasing its retail stations to 178 from 161. The bulk, 135 are in Mindanao, 37 in Luzon and the rest in the Visayas
region. It is targeting an additional 80 stations this year and with the Q1 result, is in line to surpassing last year's performance. Quarter-on-quarter revenue and core
income rose 23% and 10%, respectively. HOLD

METROPOLITAN BANK & TRUST COMPANY [pse: MBT]

Disc. No. 2011-3673 Q1 PROFITS HIT PHP3.1 BILLION
The Bank reported net income of php3.1 billion for the January to March period this year, 21.2% higher than Q1 2010. Core revenue posted steady growth as asset
quality sustained improvements. Operating income reached php11.8 billion, pushed by a 13% rise in net interest income to php7.3 billion. Steady growth in service
charges and fees mitigated the expected weakness in trading and foreign exchange numbers which fell to php1.3 billion from a year-ago's php1.9 billion. Expense
grew at a slower pace, however, improving cost-to-income ratio to 61%. The Bank's deposit base expanded 18.5% to php713.5 billion, while sustained demand from
the consumer and corporate sector saw net loans and receivables jump to php387.7 billion, 14.5% higher. NPL fell to 3.4% to php11.1 billion, pulling the ratio lower
to 2.9% from 3.5% in Q12010. It also increased coverage to 90.% from 86.0%. Having raised around php10 billion through an SRO early in the year, the Bank's CAR
rose higher to 17.5% safely above the BSP's regularoty 10% level. Tier 1 Capital ratio improved by 3.1 percentage points to 13.5%. MBT has 785 branches,
subsidiaries and representative offices, including 35 overseas. HOLD

SAN MIGUEL PURE FOODS COMPANY [pse: PF]

Disc. No. 2011-3686 RECORD PERFORMANCE FOR 2010; Q1 2010 NET INCOME
The San Miguel food unit's record 2010 performance momentum carried over to the first quarter of the current year, posting net income of php1.1 billion compared to
php871.7 million in the same quarter last year. Revenue grew by half the pace (13%) to php20.6 billion, while operating income rose 15% to php1.6 billion. The
Company attributes the “positive start” to improved efficiencies and effective cost management. Last February, the Company successfully completed a capital raising
activity at the stock market via the public offering for 15M preferred shares at php1,000 per share.

MEGAWORLD CORPORATION [pse: MEG]

Disc. No. 2011-3688 Q1 NET INCOME AT PHP1.25 BILLION
Residential sales and BPO office rentals continues to be the main revenue drivers, raking in php5.73 billion in the January-to-March reporting period, 23% more than
the same time-line last year. Rental income from BPO office spaces increased 36% year-on-year to php809 million, accounting for 14% of the total. Margins
however fell slightly to 22% from 24% even as net income improved 12% to php1.25 billion. The property developer remains cash-rich with cash and cash
equivalents totaling php23.2 billion. BUY ON WEAKNESS

PRESS RELEASES:
ETON PROPERTIES PHILIPPINES, INC. [pse: ETON]
Disc. No. 2011-3624 2011 BCI ASIA TOP 10 DEVELOPER AWARDEE
The Lucio Tan property unit was named as one of the Top 10 Developers in 2011 by BCI Asia, an organization helping demand and supply find each other by
providing concise information on new projects and building technologies (e.g. design, construction methods and materials.) The Awards, also held in and for 6 other
territories (i.e. Hong Kong, , Indonesia, Malaysia, Singapore, Thailand and Vietnam), serves as a forum for domestic and international networking among architecture
firms, property developers, manufacturers and service providers. (for more info: http://www.bciasia.com ) Other PSE-listed peers in the list are Anchor Land Holdings,
Inc (pse: ALHI), Ayala Land, Inc. [pse: ALI], Filinvest Lands, Inc. [pse: FLI], Megaworld Corporation [pse: MEG], Robinsons Land Corporation [pse: RLC] and SM
Development Corporation [pse: SMDC.] BUY & HOLD

CORPORATE DEVELOPMENTS:

AYALA CORPORATION [pse: AC]

Disc. No. 2011-3626 MERGER AND CHANGE OF NAME OF SUBSIDIARY
The Board of Directors of wholly-owned subsidiary, Michigan Power Inc. (MPI) has approved the change of name to AC Energy Holdings, Inc. alongside the increase
of its Authorized Capital Stock from php10 million to php1.0 billion. Furthermore, the renamed unit will merge with ALL its wholly-owned subsidiaries directly holding
shares in the Northwind Power Development Corporation (NPDC), resulting in AC Energy owning 50% of the project.

The NPDC operates the 24.75MW Wind Power Plant (WPP) in Bangui, Ilocos Norte which boasts of 15 wind turbines. Each wind turbine has an installed capacity of
1.65MW. The power generated by the wind plant is sold to the Ilocos Norte Electric Cooperative (INEC) which services 40% of the province's requirements. The
Company is reported to be contemplating on putting up a similar wind power plant in the Cagayan Province through Northpoint Wind Power Corporation (in Aparri,,
20-25 wind turbines) and NorthEast Wind Systems (40 wind turbines in Pamplona) Each turbine will similarly have an installed capacity of 1.65MW putting the total
for the province at between 99MW and 107.25MW which it intends to sell to the Luzon grid. The projects are calendared for completion by 2015. Wind power does
not only produce clean energy from a limitless resources, but also at a lower cost. BUY

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 3
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 19_TD93_May 13, 2011_Friday
source: www.pse.com.ph

JG SUMMIT HOLDINGS, INC. [pse: JGS]

Disc. No. 2011-3696 OPTION AGREEMENT WITH NTT DOCOMO
The Gokongwei holding firm has entered into an Option Agreeement with NTT DOCOMO giving the latter an option to acquire 4.56M PLDT [pse: TEL] common
shares at the dollar-equivalent of php2,500 per share translating to roughly php11.4 billion or US$263 million. The exercise period is set for 30 days from the llisting
date of subject shares. JGS's TEL shares resulted from a Sale and Purchase Agreement it signed with the MVP telco last March where the latter acquired JGS'
entire stake in DGTL, swapping 12.8% of its shares to be taken out of its enlarged capital. The full exercise of the DOCOMO option will reduce JGS TEL stake to
roughly 10%, even as it will continue to hold one board seat.

LOPEZ HOLDINGS CORPORATION [pse: LPZ]

Disc. No. 2011-3697 CONVERSION OF PERPETUAL BONDS
Certain bondholders of its 4.2% Perpetual Bonds converted 165 units into 1,913,665 common shares raising the Company's total issued and outstanding shares to
4,583,458,074.

CLARIFICATIONS OF NEWS REPORTS

UNIVERSAL ROBINA CORPORATION [pse: URC]

Disc. No. 2011-3662 “URC EXPECTS STRONGER SALES FROM OFFSHORE TRADE” - Philippine Daily Inquirer, 5-13-11
The Company confirms reports it is projecting a 41% growth in its interational sales for its fiscal year ending September, from the $319 million recorded in the prior
period. This will bring international operations closer to being of equal footing with its local operations which is seen to grow 7.0% this fiscal year. Margins are
expected to be reduced by elevated input prices, keeping estimates of flat operating income growth.

AYALA CORPORATION [pse: AC]

Disc. No. 2011-3664 “AYALA TO SELL PREFERRED SHARES” - Business World, 5-13-11
The Company denies reports that it is contemplating the issuance of preferred shares. In the article titled above, the Company was reported to be looking to issue
php10 billion worth of preferreds in the next two years with a 7- to 10-year maturity. The quote was attributed to Ramon G. Opulencia, managing director and
treasurer. The Company recently issued php10 billion of the 6.80% Multiple Put Bonds due 2021 to refinance the php5.8 billion Preferred B shares callable on July
2011.

TRANS-ASIA OIL AND ENERGY DEVELOMENT CORPORATION [pse: TA]

Disc. No. 2011-3666 “PHINMA INVESTS P6.5B IN THE WIND POWER PROJECT” - Malaya Business Insight (Internet edition)
The Company confirms its reported investment of php6.45 billion in a proposed wind farm project of Trans Asia Renewable Energy Corporation (TAREC) in San
Lorenzo, Guimaras, as well as the indicated costs. It is currently awaiting approval by the Energy Regulatory Commission (ERC) of an acceptable Feed-in Tariff.

METRO PACIFIC INVESTMENTS CORPORATION [pse: MPI]

Disc. No. 2011-3685 “MAKATI MED OWNER EYES TWO MORE HOSPITALS” - Business World, 5-13-11
The Company confirms reports it is intent on increasing its portfolio of hospitals within the year. It is presently in continuous discussions with a number of hospital
owners although no definitive agreement has yet been reached with any party.

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 3 of 3