Bullseye Report Weekly Overview

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Bullseye Report Weekly Overview Issue Prev Wk Last Wk Wk Chg Wk Chg % YTD % Philippines 7,584 7,630 45.89 0.61 11.53 Peso-$ 50.08 49.43 (0.650) (1.30) (0.58) MSCI Phils 35.86 36 0.14 0.39 11.

1 Bullseye Report Weekly Overview Issue Prev Wk Last Wk Wk Chg Wk Chg % YTD % Philippines 7,584 7, Peso-$ (0.650) (1.30) (0.58) MSCI Phils PLDT US DJIA 20,656 20,453 (202.85) (0.98) 3.49 SP500 2,356 2,329 (26.59) (1.13) 4.03 Nasdaq 5,878 5,805 (72.66) (1.24) 7.84 England 7,349 7,328 (21.78) (0.30) 2.59 Nikkei 18,665 18,427 (237.79) (1.27) (3.60) Hong Kong 24,267 24,262 (5.64) (0.02) China 3,287 3,276 (10.66) (0.32) 5.55 US 30yr Bond Yr Yield (1.410) (5.94) (8.75) Dollar Indx (0.66) (0.65) (1.79) Gold 1, , Oil (1.01) CRB Index (2.46) Authored by: Juanis G. Barredo VP; Chief Technical Analyst COL Financial Group Inc. (632) Juanis.barredo@colfinancial.com Disclaimer: All opinions and estimates constitute the judgment of COL s Equity Research Dept as of the date of the report and are subject to change without notice. The report is for informational purposes only and is not intended as an offer or solicitation for purchase or sale of a security. WEEK S HIGLIGHTS Philippine Equity Research April 17, 2017 The Philippines PSEi pushed up 45-pts for the week, breaking over its consolidation pattern Average Daily Value Turnover was lower at P6.4-B coming from P9.6-B the week previous Net foreign flows were positive again at P656-M as against inflows the P9.6-B the previous week The PSEi (at 7,630) rallied againfor the week continuing its advance after breaking out of its sidewards pattern two weeks ago. The index however has risen to light overbought levels and may begin to produce some choppiness as some rotation (due to profit taking) occurs. The index remains into a recovery swing and may proceed to look at next resistance zones after some pause/reactive moments. Next resistance zones are at 7,720-7,780 then followed by its wider range highs at 8,118 US indices were lower for the week and may have to be closely watched in case support faults are seen. The Dow, Sp500 and Nasdaq are getting close to a critical support and this may unnerve other markets. The Dollar also failed to rally over resistance and swung back in consequence. US Bond Yields have also broken support after a double top pattern suggesting that US rates may not move too aggressively moving forward. This fared well for the Philippine Peso which broke below its P50.00 zone at P49.43 Focus Items Highlight Page Philippines : Weekly Stats 2 Philippines : PSEi & Peso 3 Tech Map: Some key stocks and trend calls 4 US and Europe: In review 5 Asia: In review 6 Currencies & Commodities: In review 7

Bullseye --- Page 2 *Source: PSE PER (Price/Earnings Ratio) data uses four-quarter trailing financial data 10 8 6 4 2 0-2 -4-6 -8-10 -2.1-3.1-3.4-4.6-7.54-7.2 3.6-0.861-2.

2 08/19/16 08/26/16 09/02/16 09/09/16 09/16/16 09/23/16 09/30/16 10/07/16 10/14/16 10/21/16 10/28/16 11/04/16 11/11/16 11/18/16 11/25/16 12/02/16 12/09/16 12/16/16 12/23/16 12/30/16 01/06/17 01/13/17 01/20/17 01/27/17 02/03/17 02/10/17 02/17/17 02/24/17 03/03/17 03/10/17 03/17/17 03/24/17 03/31/17 04/07/17 04/14/17 Philippines: Weekly Stats** Bullseye --- Page 2 *Source: PSE PER (Price/Earnings Ratio) data uses four-quarter trailing financial data Net Foreign Flows (PHP Billions) Net Outflows of P-8.12-B

Philippines: PSEi & Peso Bullseye --- Page 3 Recommendation: Hold or buy into dips Support: 7,252 7,123 Resistance: 7,402-7,720 The PSEi was up 45-pts for the week effectively breaking out of its

would be its previous high of 8,118 Short term signals see some over-extension (overbought) and may prod better buys after a slight pullback Weekly and Daily MACD reads are still alright which can

3 Philippines: PSEi & Peso Bullseye --- Page 3 Recommendation: Hold or buy into dips Support: 7,252 7,123 Resistance: 7,402-7,720 The PSEi was up 45-pts for the week effectively breaking out of its consolidation range resistance (7,402-7,417) This restores its rally trend and proposes a possible swing back to next resistance zones (7,720-7,780) If these supply areas can break, the next target would be its previous high of 8,118 Short term signals see some over-extension (overbought) and may prod better buys after a slight pullback Weekly and Daily MACD reads are still alright which can engender a hold Recommendation: Buy the Dollar on wider support dips Support: Resistance: The Peso (at P49.43) was stronger against the Dollar finally breaking below the P50.-$1.00 This swerve in short term trend may have caused a temporary top and may allow for a wider pullback Its weekly MACD leans more on corrective action which may inhibit depreciation threats for the meantime next support is seen at (hit) followed by (Fibo 38.2% retracement level) The last two are better buy zones for the Dollar

4 Tech Map Bullseye --- Page 4 Some Key Stocks and Trend Calls Legend: (Note: Trends are cast in the short term) AGI 2GO ABS PHA CAL AT BLOOM AC AEV PIZZA^ CHP COSCO CEB BDO ALCO PNB^ COAL DIZ MWC BEL ALI PSE CPG ELI MWIDE BPI ANI^ PSPC CROWN FGEN PIP CHIB ANS^ RCB^ DAVIN NI SECB CIC AP RFM DMC NIKL SMC EDC APC RLC EMP PGOLD TEL EEI AR RRHI HLCM SHLPH URC EW AUB SBS HOUSE VLL GLO BHI SGI ION ICT CNPF^ STI IS IMI DD* TECH LC JGS DMPL TUGS MARC LTG DNL UBP MAXS MBT FDC UNI ORE MCP FLI VITA PCOR PLC FNI PHEN PNX FOOD PX ROCK FPH PXP SCC GERI RWM SM GTCAP SLI SMPH HVN SSI X JFC TAPET LPZ LR MA MEG^ MER MPI MRSGI^ NOW OV Total Issues (change from last report) 11 (+4) 24 (+8) 50 (+4) 24 (+12) 9 (-28) Stock Code Color Guide: GREEN RED BLACK Up trends: These issues show continuing if not strong up trends. Look for trading buys now if risk-reward measures are appealing or if not, buy into slight dips. Up trends needy of reactions or are reacting: These issues show continuing up trends but are showing some reactive adjustments due to profit taking. Look for pullbacks to short term support or a rally from such support to cast fresh buy trades. Consolidations (Sideward trends): These issues are running through consolidation phases. Either wait for key range breaks or range trade and buy into a support bounce. Keep watch of possible range break bias in the following direction [~-up/down, ^-up, *-down). Down trends needy of rallies or are rallying: These issues show continuing down trends but are undergoing a temporary/oversold rally. Lighten or sell into rebounds to resistance for now. Down trends: These issues show continuing down trends. Stay out for now until better demand patterns appear. -These issues improved their technical condition for the week (moving to the left of their column category on the Tech Map) -These issues deteriorated on their technical condition for the week (moving to the right of their column category on the Tech Map) -These issues carried the same technical condition for the week (standing on the same column category on the Tech Map)

5 US indices slide & threaten next support US markets were lower for the week and have softened to the point of threatening next support levels. The Dow and Sp500 s 65-day Moving Averages have broken while that of the Nasdaq may come to test this support shelf. All three are coming to test the lows they have showed in March and still depict tenderness Short term Support and Resistance estimates for US indices are shown below: Dow: 20,412-19,911 (R) 20,800-21,200 SP500: 2,322-2,280 (R) 2,390-2,400 Nasdaq: 5,769-5,587 (R) 5,928-6,000 Euro-zone indices were mostly lower led down by Spain (-1.93%) and France (-1.25%). Germany and England were lower as well. The Spanish Ibex broke its short term up trendline support while the DAX and CAC are now testing their trendline support. The British FTSE is in a sideways pattern after breaking its up trendline late in March The US 10-Yr Bond Yield ($tnx) was lower for the week breaking down from its sidewards pattern. The support breach of (2.30%) may send Yields closer to (2.12%) or (2.0%) after showing a double top pattern reversal at US and European Markets * Simple Moving Averages: 20-Period 50-Period Support Threat Bullseye --- Page 5 Breakdown

Asia was mostly lower; Philippines & Thailand up: Asian markets were mostly lower led down by Japan. The Nikkei broke support after the Yen continued to rally against the Dollar s weakness.

6 Asia was mostly lower; Philippines & Thailand up: Asian markets were mostly lower led down by Japan. The Nikkei broke support after the Yen continued to rally against the Dollar s weakness. Some other part of Asia are still feeling corrective pressure Asian Markets * Simple Moving Averages: 20-Period 50-Period Breakout Bullseye --- Page 6 Trendline Break Asian Indices (for the week) YTD RSI Philippines 0.61% 11.53% 71.16% Thailand 0.38% 3.36% 65.07% Hong Kong -0.02% 11.58% 53.84% S Korea -0.14% 5.06% 47.89% Singapore -0.25% 10.27% 54.27% Malaysia -0.26% 8.80% 56.86% China -0.32% 5.74% 56.23% India -0.83% 12.43% 51.71% Indonesia -0.89% 6.44% 55.65% Japan -1.27% -3.09% 33.59% Malaysia ($MYDOW) & Indonesia ($IDDOW) represented by their ETFs The PSEi (7, % WoW) rallied 45-pts for the short week but did break free off of its consolidation resistance (7,402-7,417). This may drive it first to recoup closer to 7,720-7,780 and if strong enough perhaps try to swing towards 8,118. However short term overbought levels are now showing which may cause some choppiness into prices. Its MACD still looks good and may limit corrections to slight pullbacks unless of course heavy momentum is lost in the process. Divergence Breakdown

Dollar index still weak, Oil nearly oversold: The US Dollar index (100.46-0.65% WoW) was lower for the week after failing its attempt at resistance.

7 Dollar index still weak, Oil nearly oversold: The US Dollar index ( % WoW) was lower for the week after failing its attempt at resistance. A reactive channel remains into the Dollar index framed between & (Sup /Res ) The Euro index ( % WoW) rallied for the week after bouncing over its up trendline a recovery channel still holds prices between and (Sup / Res ) The Yen index ( % WoW) [$ ] rallied for the week given the weak Dollar. A recovery channel is till open between (Sup / Res ) Gold ($1, % WoW) rallied well after breaking out of its $1264 resistance. This after the Dollar failed its resistance run. (Sup 1,258-1,231 /Res 1,309-1,338) Copper ($ % WoW) fell hard after breaking its $2.55 support. Consolidating trends persist (Sup /Res ) Oil ($ % WoW) rallied back over its $50 zone and may try to work back to its recent highs of $55.24 or perhaps even extend to $ A recovery channel ($47.50-$59.60) still carries the wide swings of Oil. (Sup / Res ) Currencies & Commodities * Simple Moving Averages: 20-Period 50-Period Bullseye --- Page 7

Bullseye Report Weekly Overview

Bullseye Report Weekly Overview Issue Last Wk Current Wk Chg Wk Chg % YTD % Philippines 6,355 6,346 (8.78) (0.14) 9.18 Peso-$ 43.210 43.660 0.450 1.04 6.36 DJIA 15,762 15,962 199.92 1.27 21.81 SP500 1,771