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LATEST VIEWS The Market Call - December 2011 The Middle East and North Africa (MENA) crisis, the festering debt problems in the Euro-zone, and the global economic slowdown shattered high expectations for 2011, as Gross Domestic Product (GDP) growth sputtered to a mediocre 3-4% range, while Gross National Income (GNI) was likely to be only slightly above 2%. However, surprisingly good numbers emerged in Q4, and the outlook for 2012 has brightened, even though the global economic weakness poses a threat to this. Download: THE MARKET CALL (DECEMBER 2011).pdf See all The Market Call Issues   ABS-CBN Reformats Afternoon Programs on Weak Earnings Earnings in the 9mo11 period were down 23% to Php2.2bn, non-recurring basis. Recurring income still down 4% yoy, which means even without the political adds ads entailed by the election, profits still suffered from weak corporate ad spend, specially the multinationals. PE is 11x 2012 earnings based on analysts' prediction and 9.4x based on earnings guidance by company. We expect greater risk of ABS-CBN's audience share shrinking amid competition from TV 5 and continuing weak multinational ad spend. We remain neutral on media companies. Download: ABS_112311-10.pdf See all Equity Researches Issues   Aboitiz Power Corp. Update AP may continue its windfall streak this year. Download: AP_031611_12.pdf See all Equity Researches Issues   Expanded Gaming Footprint in 2013 Triples Belle Corp.'s Net Income Las Vegas-style Belle Grande Casino hikes Belle Corp.'s net income to PHP1.5bn in 2013 from 2010 company expected earnings of PHP500m. Download: BEL_020911_17.pdf See all Equity Researches Issues   Meralco Still To Achieve 25% Earnings Growth in 2011 Even if Nominal Tariff Falls We estimate Meralco's earnings to hit over PHP15bn this year on robust energy sales, coming from the commercial client space, and a slight drop in effective tariff. Download: MER_020411_7.pdf See all Equity Researches Issues   Fil-Estate Land Inc. Finds White Knight in Alliance Global Inc. Fil-Estate Land, Inc. (LND) sees interest savings and faster project completion from the PHP5bn funds invested by Alliance Global Inc., the latter taking a 60% controlling stake in LND. The stock is a buy on a predicted bottomline swing from net loss in 2010 to over PHP400m in 2011 based on our estimate. Download: lnd_010611_14_web.pdf See all Equity Researches Issues   Semirara Mining Corp. (SCC) Semirara Mining Corp. eyes PHP6bn net profits in 2011 on expanded "running" power generation capacity -- post-plant rehabilitation -- and higher coal prices and coal production. Download: SCC_3Qcall_113010-20.pdf See all Equity Researches Issues   Metro Pacific 3Q Call Report MPI posted net income of PHP2.5bn Download: MPI_call3Q2010briefing9 .pdf See all Equity Researches Issues		LATEST NEWS First Metro-managed funds continue strong performance 1/18/2012 THE FIRST METRO Save and Learn mutual funds maintained their strong showing in the mutual funds market as they led their respective categories among local funds, primarily invested in Peso securities amid the volatile market conditions for the year 2011. Read More First Metro, Metrobank lead the signing of the Meralco Notes Facility Agreement 1/17/2012 First Metro Investment Corporation and Metropolitan Bank & Trust Company led 15 financial institutions in the signing of the P3 billion 7 and 10-year Notes Facility Agreement with Manila Electric Co. Read More Economic outlook briefing 1/13/2012 First Metro recently hosted an economic outlook briefing in Makati City. Read More Philippines upgrades says First Metro Investment 1/10/2012 In a press briefing, First Metro Investment Corporation, says the Philippines upgrades as seen in its continued growth. Read More First Metro Inspires, Cares 1/6/2012 FIRST METRO Investment Corporation conducted an outreach activity at Elsie Gaches Village (EGV) along Alabang-Zapote Road, Muntinlupa as it strengthened efforts to serve society. Read More First Metro kicks-off “Stock X Challenge” 12/29/2011 Stock X Challenge, an intercollegiate online stock trading competition, organized by First Metro Investment Corporation in partnership with the Philippine Stock Exchange has officially started. Read More First Metro Investment is Best Bond House anew 12/20/2011 First Metro Investment Corporation has been voted as the Best Domestic Bond House in the Philippines by The Asset Publishing and Research Ltd. in its Triple A Country Awards for 2011. Read More FirstMetroSec V2.0 launched with iPAD application 12/14/2011 First Metro Securities Brokerage Corporation (FirstMetroSec) recently launched its upgraded online trading facility–dubbed FirstMetroSec v2.0–at the Mandarin Oriental Manila. Read More First Metro Lists at PDEx 12/9/2011 First Metro Investment Corporation listed its P5-billion fixed-rate corporate bonds on the Philippine Dealing and Exchange Corp. (PDEx) corporate securities market in rites held at the Enterprise Center in Makati City. Read More First Metro Investment Corporation lists P5-B Fixed Rate Corporate Bonds on PDEx 12/2/2011 First Metro Investment Corporation listed its PhP5 Billion Fixed Rate Corporate Bonds due 2017 on the Philippine Dealing and Exchange Corp. (PDEx). Read More First Metro Investors Center in Cebu 11/25/2011 First Metro opens Investors Center at the Metrobank Plaza in Cebu City. Read More First Metro-PSE-CEAP Stock X Challenge Portfolio Management Seminar 11/23/2011 Participants of the Stock X Challenge Intercollegiate Stock Market Competition recently attended portfolio management seminar in preparation for the competition. Read More First Metro P5-B Corporate Bonds 11/18/2011 First Metro Investment Corporation president Roberto Juanchito Dispo responds to a question during an investors’ briefing for its P5-billion five-year fixed rate corporate bond offering. Read More First Metro inaugurates Investors Center in Cebu City 11/17/2011 FIRST METRO Investment Corporation has opened its first Investors Center outside of Metro Manila as part of its plan to broaden its market base, particularly in the retail sector. Read More First Metro Investment posts P1.8 billion income at the end of Q3 2011 11/10/2011 First Metro Investment Corporation posted a consolidated net income of P1.8 billion at the end of the third quarter in the face of a volatile market condition, 31.6% higher than the P1.4 billion income posted in the same period last year. Read More First Metro Investment Summit 10/28/2011 Key persons shared their respective views on the investment climate in the Philippines in one of the panel discussions during The Philippine Investment Summit for Global Fund Managers 2011. Read More Metrobank, First Metro arrange PH investment summit 10/26/2011 Metropolitan Bank and Trust Company (Metrobank) and First Metro Investment Corporation bring together the country’s economic managers, industry leaders, top corporate market movers and global fund managers in a forum aimed to increase interest in the Philippine capital markets. Read More Metrobank, First Metro Arranged Pancake House Corporate Notes 10/24/2011 Metropolitan Bank and Trust Company, First Metro Investment Corporation, and Pancake House, Inc. recently completed the agreement for P800 million Fixed and Floating Rate Corporate Notes for Pancake House, Inc. Read More First Metro 'Bigay Liwanag' in Makati 10/14/2011 First Metro Investment Corporation recently extended the reach of its Bigay Liwanag. Read More First Metro, Mitsui MOA for Toyota Dealership 10/6/2011 His Excellency President Benigno Simeon Aquino III witnesses the signing of a memorandum of agreement between First Metro Investment Corporation, the investment banking arm of the Metrobank Group, and Mitsui & Co., Ltd. for the entry of Mitsui into the marketing and distribution of Toyota vehicles in the Philippines. Read More See all

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