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 15_TD73_April 13, 2011_Wednesday
source: www.pse.com.ph

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

Disc. No. 2011-2726 PURCHASE OF & ASSUMPTION OF EIBA ASSETS & LIABILITIES
The Bank's purchase and assumption of the assets and Comparative Measures BDO* EIBA**
liabilities of Export and Industry Bank, Inc. [pse: EIBA] has ASSET GROWTH y-o-y 16.10% -0.60%
DEPOSIT LIABILITIES 12.66% 3.88%
received the approval of the Philippine Deposit Insurance TOTAL LIABILITIES 14.86% 0.99%
Corporation (PDIC.) The transaction awaits the execution of INTEREST INCOME 2.29% -6.47%
NET INCOME/(LOSS) 45.57% -11.57%
definitive agreements and documentation between the parties LOANS-TO-DEPOSIT RATIO*** 0.72 0.37
and PDIC plus the fulfillment of certain closing conditions, LOANS & OTHER RECEIVABLES 7.83% 1.23%
CAR 13.97% -0.62%
including Monetary Board approval. NPL RATIO 3.37% 4.44%

In its latest available FS for the period as of end-September * based on full year 2010 FS
** data as of Q3 2010 FS
2010, EIBA managed to narrow year-on-year losses by 11% to *** loans & receivables/deposit liabilities
php535.93 million. Total resources was almost unchanged
over the same period even as it managed to grow its deposit liabilities by 3.88%. Meanwhile, trading and investments' contribution
to interest income rose to almost 82% from the prior period's 71%. Interest on loans were squeezed to 13.1% from nearly 23%.
BDO, on the other hand, became the first Philippine bank to breach the php1.0 trillion mark in terms of total resources. The
industry leader posted a net income of php8.88 billion last year, 45% more than 2009's total.

Trading in EIBA shares remain suspended. BDO shares have

slipped -3.05% in the last five sessions, as it closed at php53.20
yesterday, on relatively thin volume. RSI(14) has extended its
break under the 70-line to a third day, while STO(14,3,3) fell
under the overbought 80-line for the first time in the last 11
days. All the other widely-tracked indicators paint a negative
bias moving forward. MACD(12,26,9) highlights the growing
loss of momentum after price topped at php54.00. It posits a
possible downside penetration of the signal line, an occurrence
which will further strengthen the distributive bias. While the
development brings the Bank's long-delayed acquisition and
assumption of EIBA's assets and liabilities, respectively, the
eventual closing of the deal will further propel BDO to the top
of the list and put some distance between itself and the
competition. This could usher in an aggressive M&A in the
industry, which in turn could lend excitement to the market
already pregnant with anticipation of the merger between
Lucio Tan banks PNB and ABC. NEAR-TERM SELL.

VULCAN INDUSTRIAL AND MINING CORPORATION [pse: VUL]

Disc. No. 2011-2727 LOANS REPAYMENT, SALE OF INTEREST IN SC6A
The Company assigned its 9,773,859,983 Philodrill, Inc. [pse: OV] shares with an aggregate value of php136,834,038.52 to Alakor
Corporation and National Bookstore, Inc. as partial payment of its obligations to said entities. It likewise paid in full its
php51,615,967.45 obligation to AB Capital and Investment Corporation. This frees up 6,640,456,336 OV shares that were pledged
as security of the said loan. The payment for the AB Capital loan will be sourced from Alakor Corporation and Anglo Philippine
Holdings, Inc., in exchange for 3,970,459,034 of the pledged shares. The Company is likewise contemplating on divesting of its
interests in SC 6A (Octon) and SC 14 (Tara Block).

PHILIPPINE REALTY & HOLDINGS CORPORATION [pse: RLT]

Disc. No. 2011-2729 SPIN-OFF OF PROPERTIES
The Company's properties in Tagaytay City (39,975 sqm in Brgy Iruhin West), and La Union (33,122 sqm in Brgy. Carlatan, San
Fernando City and 32,107 sqm in Brgy. Ili Norte, San Juan) will be spun-off to a wholly-owned subsidiary after approval by the Board
of Directors. These will be developed into affordable housing units. In February this year, the Company filed a petition before the
RTC Branch 93, Quezon City to terminate rehabilitation proceedings in light of the successful implementation of a Court-approved
Plan.

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 15_TD73_April 13, 2011_Wednesday
source: www.pse.com.ph

JOLLIBEE FOODS CORPORATION [pse: JFC]

Disc. No. 2011-2759/2760 2010 RESULT, CASH DIVIDEND
Cash Dividend : php0.50 per share
Ex-Dividend Date : May 2, 2011
Record Date : May 5, 2011
Payment Date : May 31, 2011
Revenue for the full-year 2010 totaled php53.4 billion, an 11.3% improvement over 2009's result. System-wide sales, which
includes both company-owned and franchised stores,
expanded by 10.2% to php70.254 billion. The bottomline grew
by 20% to php3.213 billion, translating to per share earnings of
php3.118 compared to 2009's php2.61. The previous day, the
Company disclosed that it has decided to discontinue the
Manong Pepe Karinderia chain, opting instead to focus on the
development and expansion of its newly-acquired Mang Inasal.
Based on trailing EPS, the stock trades at a PE of 30.06x,
roughly the midpoint of its 2009 PE range of 19.7x to 38.3x.

JFC share price posits a near-term sell, following an extended

month-and-a-half run aggregating nearly 40% to its highest
close of php95.00 over the period. STO(14,3,3) draws a fresh
break under the trigger line as it hovers inside overbought
territory (>80) while the MACD(12,26,9) shows the dissipation
of upward momentum. Value/volume movements have
shifted from an aggressive accumulation to a consolidative
mode with a slight negative bias. Initial pull-back line is
pegged at the php80-85 range coinciding with the 50pd and
150pd EMA lines. SELL ON STRENGTH

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