F RI 19 MAY 2017

CEBU LANDMASTERS, INC:

A Southern Growth Play

Company background

Cebu Landmasters, Inc.(CLI) is a real estate development company based in Cebu. It is owned by
the Soberano family, headed by Jose R. Soberano III, who is a local of Cebu. He put up CLI upon
retirement in 2000, after working forthe Ayala Group of Companies for over 23 years.

After 12 years of operations, the company has become one of the top real estate players in the
Visayas region with a growing mix of residential, commercial, hospitality, and mixed-used projects.
CLIs residential segment caters to multiple market segments. However, the companys strength lies
in the economic and mid-income residential categories, which can be seen in its residential revenue
mix: 44% economic, 38% mid-market, 16% high-end, and 2% socialized. Measured in terms of total
sales value, the companys project mix (including projects in different stages of development) is
composed of 80% residential projects, 17% commercial/office developments, and 3% hotel projects.
CLI currently has 13 projects completed and 15 projects in different stages of development.

Exhibit 1: Project Mix Exhibit 2: Residential Revenue Mix

3% 2%
16%
17%

44%

38%
80%

Residential Office/Commericial Hotel High-End Mid-Market Economic Socialized

Source: CLI Source: CLI

Raising Php2.0Bil from IPO to fuel expansion

Assuming that the overallotment option is exercised, Cebu Landmasters will be offering 430Mil primary
shares and 150Mil secondary shares to local investors at Php5.00/sh. Post-IPO, the Soberano family
will own 66.2%, while the public will own the remaining 33.8%. The shares will be offered from May19
to May 26 and will be listed in the PSE on June 2. The company will be trading under the ticker CLI
with a market capitalization of Php8.6Bil.

John Martin Luciano

Research Analyst
john.luciano@colfinancial.com

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside of
the COL Financial website as these may be subject to tampering or unauthorized alterations.
 C o m p an y U p d at e I E ag l e C ement C or por ati on

F R I 19 MAY 2017

Exhibit 3: IPO Details

Stock Symbol CLI
Offer Price Php5.00/sh
Total Shares Offered
Primary 430Mil
Secondary 75Mil
Overallotment 75Mil
Gross Proceeds Php2.2Bil
Estimated Net Proceeds ~Php2.0Bil
Total Shares Outstanding Post IPO 1.7Bil
Offer Period May 19 to May 26
Listing Date June 2
Source: CLI, COL Estimates

Exhibit 4: Shareholder structure

Pre-IPO Post-IPO Post-IPO (Over-allotment)
# of shares % # of shares % # of shares %
Soberano 1,284,000,000 100.0% 1,209,000,000 70.5% 1,134,000,000 66.2%
Public - - 505,000,000 29.5% 580,000,000 33.8%
Total 1,284,000,000 100.0% 1,714,000,000 100.0% 1,714,000,000 100.0%
Source: CLI

CLI will use the proceeds of the offer to partially finance key land acquisitions and investments
in joint ventures. The company is looking to expand its footprint in the VisMin regions, allocating
52% or Php1.1Bil of the proceeds to acquire strategic sites in CDO, Davao City, Bacolod, Iloilo
and Dumaguete. CLI will primarily roll out its mid-market residential format (the Garden-series) and
economic housing brand (Casa Mira) in these areas. Meanwhile, the company will allocate 36% or
Php730Mil of the proceeds to acquire various properties to increase its market share in the office,
retail, and hospitality segments. The remaining funds will be used for capital investments in its joint
ventures and associates.

Exhibit 5: Use of Proceeds

Use of Proceeds Est. Amount (Php) Estimated Amount (%) Est. Timing of Disbursement
Land acquisitions VisMin (Ex-Cebu)
Davao City 120,000,000 5.9% 2H17
Davao City 300,000,000 14.9% 1H18
Bacolod City 150,000,000 7.4% 2H17
Bacolod City 120,000,000 5.9% 2H17
Jaro, Iloilo 60,000,000 3.0% 2H17
Dumaguete City 50,000,000 2.5% 2H17
Cagayan de Oro 150,000,000 7.4% 2H17
Bohol 100,000,000 5.0% 1H18
1,050,000,000 52.0%
Land acquisitions Cebu -
Guadalupe, Cebu 180,000,000 8.9% 2H17
Mactan, Cebu 400,000,000 19.8% 2H17
Bogo City, Cebu 30,000,000 1.5% 2H17
Minglanilla/Talisay 120,000,000 5.9% 1H18
730,000,000 36.1%
Investment in JV and associates 240,000,000 11.9% 2H17 1H18
Total 2,020,000,000 100.0%

Source: CLI

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 C o m p an y U p d at e I E ag l e Cement C or por ati on

FR I 19 MA Y 2017

Key Investment Highlights

Beneficiary of the fast growth in Vis-Min

CLI is well-positioned to capitalize on the favorable growth prospects of the Vis-Min region. Note
that during the past four years, the GDP CAGR of Western Visayas, Central Visayas, Northern
Mindanao, and Davao Region was quite fast, with the growth of Central Visayas and Davao
exceeding the average growth of the whole Philippines. The governments plan to increase
infrastructure spending outside the NCR should also help ensure the continuous growth of the
said regions.

Based on CLIs pipeline of projects, most of its projects are located in Cebu (Central Visayas).
However, it also plans to launch projects in other rapid growth areas such as Cagayan de Oro
(Northern Mindanao), Davao City (Davao Region), Bacolod (Western Visayas), Iloilo (Western
Visayas) and Dumaguete (Central Visayas), in the next few years. Given the background of Mr.
Jose R. Soberano III, he has both the expertise and connections in the local market to successfully
expand in the said areas.

Exhibit 6: Real gross regional domestic product 4-year CAGR of Vis-Min vs PH

9% 8.4% 9%

8% 8%
7.2%
7% 6.5% 7%
6.1% PH
5.8% 5.8% 5.7%
6% 6.5% 6%

5% 4.7% 5%

4% 4%

3% 3%

2% 1.7% 2%

1% 1%

- -

Source: PSA, COL Estimates

Steady OFW remittances growth to drive demand

The steady growth of OFW remittances in the Philippines (8% CAGR from 2011 to 2016) will remain
a significant driver and support the companys future growth. Note that sales to overseas Filipino
workers account for 39% of total sales and 60%-70% of horizontal residential sales. Moreover, the
regions where CLI is planning to expand (Western Visayas, Central Visayas, Northern Mindanao,
and Davao Region) account for 21% of the total OFWs in 2015.

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of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 C o m p an y U p d at e I E ag l e C ement C or por ati on

F R I 19 MAY 2017

Exhibit 7: Steady OFW remittances growth

1,400 14%

1,200 12.1% 12%

1,000 10%
9.5%
800 7.9% 8%
6.7%
600 6%

400 3.7% 4%

200 2%

- -
2011 2012 2013 2014 2015 2016

OFW Remittances* (In Php Bil) y/y Growth

Source: BSP, COL Estimates

*converted using average USDPHP of year

Exhibit 8: OFW distribution by region in 2015

20%
18%
18%
16% 15%
14%
12% 11%
10%
10% 9%
8% 6% 6%
6% 4%
4% 3% 3% 3% 3%
2% 2% 2% 2% 1%
2%
-

Source: PSA

Excellent track record in project execution

CLI has an excellent track record in executing its projects based on the companys high project
absorption rate and fast project turnover. Given the companys strategy of selling better quality
residential projects at a slight discount to its peers, CLI has successfully sold around 97% of its
13 completed projects. In fact, CLI boasts that most projects are fully sold in less than a year of
launch, with the fastest record at three weeks for its Casa Mira Linao project.

CLI also has a strategy of immediately developing a property once acquired and quickly turning
over the property to buyers once completed. On average, the company is able to convert raw land
to a fully developed project in 2 to 3 years. This is another reason why CLIs projects are attractive
to buyers.

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of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 C o m p an y U p d at e I E ag l e Cement C or por ati on

FR I 19 MA Y 2017

Exhibit 9:High Project Absorption Rate

Project Type Use No. of Units Sold Units % Sold
San Jose Maria Village - Balamban Horizontal Mid-Market Housing 231 191 82.7%
San Jose Maria Village - Minglanilla Horizontal Mid-Market Housing 145 145 100.0%
San Jose Maria Village - Talisay Horizontal Mid-Market Housing 96 96 100.0%
San Jose Maria Village - Toledo Horizontal Mid-Market Housing 144 84 58.3%
Villa Casita Horizontal Socialized Housing 101 101 100.0%
Midori Plains Horizontal Mid-Market Housing 370 369 99.7%
Asia Premier Residences Vertical Residential Condo 88 88 100.0%
Base Line Residences Vertical Residential Condo 201 201 100.0%
Midori Residences Vertical Residential Condo 396 393 99.2%
Park Centrale Tower Vertical Office Condo/BPO 50 50 100.0%
Mivesa Garden Residences (Phase 1) Vertical Residential Condo 479 479 100.0%
Velmiro Heights (Phase 1) Horizontal Mid-Market Housing 347 342 98.6%
Casa Mira Linao Horizontal Economic Housing 725 725 100.0%
3,373 3,264 96.8%
Source: CLI, COL estimates

Given its excellent track record, CLI has managed to become one of the top real estate developers
in Metro Cebu despite being a new comer. According to Santos Knight Frank, CLI has an 11%
market share in residential condominium units in Metro Cebu, second only to Ayala Land, Inc. (ALI)
and followed by Filinvest Land, Inc. (FLI) at 17% and 8%, respectively. For the housing market
in Metro Cebu, CLI has 10% market share, second only to Primary Homes and followed by 8990
Development Corp. at 12% and 8%, respectively. For 2017, the company is targeting to grow its
revenues and net income by 64% y/y and 78% y/y to Php3.57Bil and Php1.25Bil, respectively.

Exhibit 10: Vertical residential market share in Metro Cebu (In terms of supply)

Ayala Land, Inc.

17%
Cebu Landasters, Inc.

Filinvest Land, Inc.

44% 11%
LandTraders World
Properties Corporation
8% Taft Properties

Primary Homes
7%
7% 7% Others

Source: CLI, Santos Knight Frank

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 5
of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 C o m p an y U p d at e I E ag l e C ement C or por ati on

F R I 19 MAY 2017

Exhibit 11: Horizontal residential market share in Metro Cebu (In terms of units available)

12%

10% Primary Homes

Cebu Landmasters

8990 Development Corp.

8%
56% Aboitiz Land

Vista Land
8%
Others
6%

Source: CLI, Santos Knight Frank

Visible pipeline of projects

CLI is currently developing 15 projects, which are in various stages of development (see Exhibit
12). Despite having sold a significant portion of these projects, most of these are not yet booked as
revenues due to the companys conservative revenue recognition policy wherein it only recognizes
revenues upon completing 80% of the project.

Exhibit 12: Projects under construction

Project Type Use No. of Units Sold Units % Sold % Completed
Base Line Center* Vertical Mixed-Used
Base Line Premier Vertical Resdiential Condo 379 318 84% 31%
Base Line HQ Vertical Office Condo/BPO 52 26 50% 80%
Citadines Cebu City Vertical Hotel 92 76 83% 30%
Casa Mira Towers Labangon Vertical Resdiential Condo 686 683 100%
Tower 1 38%
Tower 2 12%
MesaVerte Residences (Phase 1) Vertical Resdiential Condo 504 482 96%
Tower 1 33%
Tower 2 27%
Mivesa Garden Residences (Phase 2) Vertical Resdiential Condo 459 433 94% 98%
MesaVerte Residences (Phase 2) Tower 3 Vertical Residential Condo 294 73 25% -
Casa Mira South (Phase 1) Horizontal Economic Housing 1,007 623 62% 5%
Casa Mira South (Phase 2) Horizontal Economic Housing 962 - - -
Casa Mira South (Phase 3) Horizontal Economic Housing 1,273 - - -
Mivesa Garden Residences (6-7) (Phase 3) Vertical Residential Condo 502 - - -
Velmiro Heights (Phase 2) Horizontal Mid-Market Housing 81 - - 92%
Latitude Corporate Center, Cebu Business Park Vertical Office Condo 83 63 76% -
38 Park Avenue at the Cebu IT Park Vertical Residential 744 - - -
MesaTierra Garden Residences Davao Vertical Residential Condo 650 - - -

Source: CLI

For 2017, the company is also set to launch several projects in Metro Cebu such as the AS Fortuna
Center Mandaue, a mixed used project in Cebu. In addition, it also intends to launch Base Line
Center (Phase 2) and Casa Mira Towers this year, both of which are vertical residential projects.
Meanwhile, in the next two years, the company is looking to launch projects in key areas in VisMin
such as Casa Mira Coast in Dumaguete, Velmiro Heights in CDO, and Casa Mira Bacolod.

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 6
of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 C o m p an y U p d at e I E ag l e Cement C or por ati on

FR I 19 MA Y 2017

Exhibit 13: Visible Pipeline of Projects

Project Type Use Location
AS Fortuna Center Mandaue Vertical Mixed-Used Mandaue, Cebu
Casa Mira Coast Horizontal Residential Sibulan, Dumaguete
Base Line Center (Phase 2) Vertical Residential Cebu City
Velmiro Heights CDO Horizontal Residential CDO
Casa Mira Towers - Guadalupe Vertical Residential Cebu City
Casa Mira Bacolod Vertical Residential Bacolod City
Source: CLI

Superior financials relative to peers

From 2014 to 2016, CLI was able to grow its earnings by a CAGR of 27%. This is significantly
faster than the earnings growth of its peers, which only ranges from 7% to 13%. Given its rich
pipeline of projects, CLI is targeting to grow revenues from Php2.2Bil in 2016 to Php10.0Bil in
2020, translating to a four-year CAGR of 46%. It is also targeting to earn Php1.25Bil in 2017,
up 78% y/y. Ability to achieve its 2017 profit target is quite strong given the companys strong
reservation sales. CLIs 1Q17 reservation sales already reached Php2.2Bil. This is ~76% of last
years full-year reservation sale which amounted to Php2.9Bil.

Because of its asset light model, CLI also enjoys a very high ROE of ~50%. This is also significantly
higher compared to the ROE of its peers of 9% to 11%.

Exhibit 14: CLIs fast growth and high return vs peers

60%
50.5%
50%

40%
30.3%
30% 27.3%

20%
13.3%
11.0% 10.9% 10.8%9.1%10.0%
10% 7.5% 7.3%
5.5%

-
Revenues Growth Net Income Growth 2016 ROE

CLI VLL FLI HOUSE*

Source: CLI, Bloomberg

*Estimated ROE

Trading at a discount to peers

Based on its IPO price of Php5.00/sh, we estimate that CLI will be trading at 6.1X 2017E P/E
assuming the company will reach its Php1.25Bil 2017 net income target. This is a discount
compared to the 6.8X average 2017E P/E of its peers (HOUSE, FLI, and VLL) notwithstanding its
attractive growth prospects.

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 7
of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 C o m p an y U p d at e I E ag l e C ement C or por ati on

F R I 19 MAY 2017

Exhibit 15:Relative valuation of peers

2017 P/E
FLI 6.5
HOUSE 6.3
VLL 7.7
Average 6.8

Source: Bloomberg

Key Risks:

Interest rate risk. Demand for residential properties could weaken given the expected rise in
interest rates. As interest rates increase, banks could also raise mortgage rates, which will make
purchases less affordable for home buyers.CLI is also highly leveraged with a D/E ratio of 1.6x as
of end 2016.

Nevertheless, we are of the view that interest rate increases will only be minimal given ample
liquidity and the governments strong finances. The Php2.0Bil net proceeds from the IPO should
also help provide funding for future requirements.

Limited recurring income. As of end 2016, the companys rental income was only ~2% of total
revenues. The companys recurring income assets include BPO floor space, executive office
space, residential units, and commercial units. According to CLI, these are currently delivering
an annual lease income of Php50Mil with a combined net leasable area of around 6,200 sqm.
Nevertheless, we continue to like the companys plan to expand its recurring income segment as
it aims to grow its annual recurring income to Php120Mil by 2019 with the completion of Base Line
Center (Phase 1), 38 Park Avenue, and AS Fortuna Center Mandaue.

Exhibit 16:Leasing assets

Project Type Lease Area (In sqm)
Asia Premier Residences Commercial 287
Base Line Residences 1 Commercial 184
Midori Residences Commercial 12
Mivesa Garden Residences Commercial 186
Park Centrale Tower Commercial 4,930
Residential Units Residential 574
Residential Parking Space Residential 75
Total 6,248
Source: CLI

Limited land bank. CLI has a limited land bank (630,824 sqm as of end-2016). Although this
asset-light strategy has allowed the company to enjoy high margins and ROEs, it could also put
future earnings growth at risk. Note that the company might encounter difficulties in acquiring land
at reasonable prices in the future due to increasing competition in Visayas and Mindanao and
rising inflation rates. Delays in acquiring land could put the companys expansion plans on hold,
while acquiring land at a premium may lead to margin pressure.

However, CLI said that acquiring land is not a challenge at this point. Given the companys strong
brand name and track record in Cebu, it currently has more than enough joint venture project
proposals that will provide it with a steady stream of projects in the next few years.

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 8
of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 C o m p an y U p d at e I E ag l e Cement C or por ati on

FR I 19 MA Y 2017

Cebu Landmasters, Inc. INCOME STATEMENT (PHPMIL)

2014 2015 2016
(CLI) Revenues
Sale of real estate 1,279 1,533 2,139
Rental 4 13 39
1,284 1,545 2,178
% growth 20.4% 40.9%
Cost of sales and rental 578 672 1,010
Gross profit 705 874 1,168
% growth 23.9% 33.7%
Operating expenses (235) (269) (336)
Other operating income 17 13 18
Operating Profit 487 618 850
% growth 27.1% 37.5%
Finance costs (10) (10) (17)
Finance income 1 0 0
Others 1 - (6)
Profit before tax 478 609 829
Tax expense 45 71 126
Net income 434 538 703
% growth 24.0% 30.8%
BALANCE SHEET (IN PHPMIL)
2014 2015 2016
Current Assets
Cash and cash equivalents 114 124 91
Receivables - net 795 1,206 2,069
Real Estate Inventory 1,474 1,440 1,831
Depsots on land for future development 45 78 260
Advances to related parties - net 188 172 27
Prepayments and other current assets 68 98 103
2,684 3,117 4,381
Non-current Assets
Receivables - net 1 56 184
Available-for-Sale financial assets 41 50 54
Investment in associates and joint ventures - 13 243
Property and equipment net 25 75 164
Investment properties net 67 328 298
Other noncurrent assets 9 12 23
141 534 966

Total Assets 2,825 3,651 5,347

Current Liabilities
Interest-bearing loans 569 533 788
Trade and other payables 382 357 487
Customers deposits 306 424 457
Reserve for property development 157 206 327
1,414 1,519 2,060
Non-Current Liabilities
Interest-bearing loans 431 802 1,604
Trade and other payables 43 22 17
Post-employment defined benefit obligation 3 5 2
Deferred tax liability - net 23 60 126
500 888 1,749

Total Liabilities 1,914 2,407 3,809

Equity
Capital stock 538 838 1,284
Revaluation reserves (0) (3) (1)
Retained earnings 373 409 255
911 1,244 1,538

Total Liabilities and Equity 2,825 3,651 5,347

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 9
of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 C o m p an y U p d at e I E ag l e C ement C or por ati on

F R I 19 MAY 2017

CASH FLOW STATEMENT (IN PHPMIL)

2014 2015 2016
Cash Flow From Operating Activities
Profit before tax 478 608 828
Adjustments for: - - -
Depreciation and amortization 12 13 31
Interest expense on loans 10 7 14
Share in net losses of associates and joint ventures - - 10
Net gains on sale of investment properties (1) - (5)
Day one loss net of amortization - 2 2
Interest income (1) (0) (0)
Operating profit before working capital changes 498 630 881
Increase in receivables (338) (471) (994)
Increase in real estate inventory (606) (270) (394)
Increase in deposits on land for future development (45) (33) (182)
Increase in prepayments and other current assets (42) (33) (4)
Decrease (increase) in other non-current assets 0 (4) (11)
Increase (decrease) in trade and other payables 278 (47) 65
Increase (decrease) in customers' deposits (72) 118 33
Increase in reserve for property development 118 48 122
Increase (decrease) in post-employment
defined benefit obligation 0 (5) (3)
Cash used in operations (210) (67) (488)
Cash paid for taxes (32) (30) (0)
Net Cash Used in Operating Activities (243) (97) (488)

Cash Flow From Investing Activities

Collections of advances to related parties 68 185 260
Acquisitions of equity interest in associates and joint ventures - (2) (241)
Advances to related parties (220) (176) (113)
Acquisitions of property and equipment (11) (18) (108)
Proceeds from sale and disposal of investment properties 6 - 32
Acquisitions of investment properties (8) - (7)
Acquisitions of available-for-sale financial assets (36) (6) (1)
Acquisitions of computer software (1) (0) (1)
Interest received 1 0 0
Net Cash Used in Investing Activities (200) (16) (176)

Cash Flow From Operating Activities

Proceeds of interest-bearing loans 773 1,579 1,604
Cash dividends paid (48) (202) (856)
Repayments of interest-bearing loans (312) (1,244) (546)
Proceeds from share issuance - - 400
Collection of subscriptions receivable 38 - 46
Interest paid (10) (7) (14)
Repayments of advances from related parties (8) (5) (3)
Advances from related parties 14 1 -
Net Cash From Financing Activities 448 121 631

Net Increase (Decrease) in Cash and Cash Equivalents 5 9 (33)

Cash and cash equivalents at beginning of year 110 114 124
Cash and cash equivalents at end of year 114 124 91

KEY RATIOS (IN PHPMIL)

2014 2015 2016
Gross Profit Margins 54.9% 56.5% 53.6%
Operating Margins 37.9% 40.0% 39.0%
Net Income Margins 33.8% 34.8% 32.3%
Return on Equity 49.9% 50.5%
Return on Assets 16.6% 15.6%
Current Ratio 1.90 2.05 2.13
Debt to Equity 1.10 1.07 1.56

Disclaimer: All content provided in COL Reports are meant to be read in the COL Financial website. Accuracy and completeness of content cannot be guaranteed if reports are viewed outside 10
of the COL Financial website as these may be subject to tampering or unauthorized alterations.
 C o m p an y U p d at e I E ag l e Cement C or por ati on

FR I 19 MA Y 2017

Important Rating Definitions

BUY
Stocks that have a BUY rating have attractive fundamentals and valuations based on our analysis. We expect the share price to outperform the market in the
next six to 12 months.

HOLD
Stocks that have a HOLD rating have either 1) attractive fundamentals but expensive valuations 2) attractive valuations but near-term earnings outlook might
be poor or vulnerable to numerous risks. Given the said factors, the share price of the stock may perform merely in line or underperform in the market in the
next six to twelve months.

SELL
We dislike both the valuations and fundamentals of stocks with a SELL rating. We expect the share price to underperform in the next six to12 months.

Important Disclaimer

Securities recommended, offered or sold by COL Financial Group, Inc. are subject to investment risks, including the possible loss of the principal amount
invested. Although information has been obtained from and is based upon sources we believe to be reliable, we do not guarantee its accuracy and said
information may be incomplete or condensed. All opinions and estimates constitute the judgment of COLs Equity Research Department as of the date of the
report and are subject to change without prior notice. This report is for informational purposes only and is not intended as an offer or solicitation for the purchase
or sale of a security. COL Financial and/or its employees not involved in the preparation of this report may have investments in securities of derivatives of the
companies mentioned in this report and may trade them in ways different from those discussed in this report.

COL Research Team

April Lynn Tan, CFA

VP & Head of Research
april.tan@colfinancial.com

Charles William Ang, CFA George Ching Richard Laeda, CFA

Deputy Head of Research Senior Research Manager Senior Research Manager
charles.ang@colfinancial.com george.ching@colfinancial.com richard.laneda@colfinancial.com

Frances Rolfa Nicolas Andy Dela Cruz Justin Richmond Cheng

Research Analyst Research Analyst Research Analyst
rolfa.nicolas@colfinancial.com andy.delacruz@colfinancial.com justin.cheng@colfinancial.com

Kyle Velasco John Martin Luciano

Research Analyst Research Analyst
kyle.velasco@colfinancial.com john.luciano@colfinancial.com

Contact

COL Financial Group, Inc.

2402-D East Tower, Philippine Stock Exchange Centre,
Exchange Road, Ortigas Center, Pasig City
1605 Philippines
Tel No. +632 636-5411
Fax No. +632 635-4632
Website: www.colfinancial.com

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of the COL Financial website as these may be subject to tampering or unauthorized alterations.