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 20_TD95_May 17, 2011_Tuesday
source: www.pse.com.ph

EARNINGS:

GMA NETWORK, INC. [pse: GMA7]

Disc. No. 3735 s. 2011 AD REVENUES POST 18% GROWTH, NET INCOME
DIPS
First Quarter net income dropped -37.5% to php534 million compared to the
php855 million posted in the same quarter last year. The Company attributes
the drop mainly to a “high-base” at the topline, driven by political ads – 2010
was an election year. This, despite an 18% growth in consolidated revenue to
php3.138 billion. However, inclusive of political ads, revenue actually dipped
-13.43%. Radio and TV regular advertisers, contributing roughly 90% to gross
revenue, registered a 21% improvement to php2.865 billion. The international
businesses added php230 million. The Network, citing results from Nielsen TV
Audience Measurement, continues to lead its major rival and growing third
player in the ratings game.

The share price action apparently reflects the “poor” operating results for the
first quarter results. Volume today grew almost 8.5x the prior day's total,
although price was left unchanged. It is trading below all Exponential Moving
Averages (EMAs) magnifying the weakness. All other followed technical
indications are not encouraging, pointed as they are downwards. SELL ON
STRENGTH

ETON PROPERTIES PHILIPPINES, INC. [pse: ETON]

Disc. No. 3738 s. 2011 2011 NET INCOME AT PHP199 M
The LucioTan property developer reported Q1 2011 net income improvement
of 7.4% to php199M with margins inching higher by 1.0%age point to 21%.
Higher recognition of sales in its various ongoing constructions and increased
rental incomes from its BPO offices, paced growth. Reservation sales grew
30% compared to the same quarter last year.

Today's volume spike, which nevertheless left the share price unchanged at
php3.30, may present some momentum driven trades over the short term.
Volume movement draws a bias for accumulation although the rest of the
indicators considered show a neutral, sideways movement on a very narrow
range. STO(14,3,3) however, raises the possibility of a downside as it breaks
under the trigger line. Such a slump however may be limited given the present
level of the said indicator at slightly above the bullish 50-mark. As mentioned,
there is not enough range being presented by the stock and quick term trades
may be limited. Immediate resistance at php3.50, coinciding with the 50pd
EMA. MOMENTUM (TRADING) BUY

ALLIANCE GLOBAL GROUP, INC. [pse: AGI]

Disc. No. 3755 s. 2011 Q1 2011 NET INCOME SETS RECORD
The Andrew Tan-led holding firm posted a record php6..19 billion consolidated
net income in the first three months of the current year, 179% more than the
php2.22 billion in the same quarter a year ago. Netting out a one-time, non-
recurring gain of php3.35 billion, net income growth remains an impressive
28%, keeping the firm on a strong growth trajectory. Revenue reached php17
billion, php10.5 billion or 62% above 2010 Q1 total, driven largely by its
operating units, listed Megaworld Corporation [pse: MEG], liquor-business
Emperador Distillers, Inc. (EDI), quick-service restaurant franchise holder
Golden Arches Development Corporation (GADC) and tourism and gaming
operator Travellers, Inc. MEG was the largest contributor, accounting for 33%
of total revenue.

AGI's price movement has, on the whole or year-to-date, drawn a very slight,
almost indiscernible negative bias. Again, this is limited to the price
movement, without regard, yet, to the underlying, and more important,
suggestions of the indicators. The observed bias of the price is supported by
(or maybe results from) the almost flat direction of the Accumulation-
Distribution Line, positing that investors have taken a more conservative
stance on the issue, despite the promising forward fundamental prospects,

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 20_TD95_May 17, 2011_Tuesday
source: www.pse.com.ph

driven by its foray into the gaming and tourism businesses. On a positive note, both the MACD (12,29,6) and STO(14,3,3) lend additional validity to the gradual build-
up of momentum as shown by the rising RSI(14) line. The issue presents more of a buy on the back of improving fundamentals even as the technical signals
suggests a bit of patience in terms of pricing one's entry. At today's closing price of php11.56, immediate support is at the php11.00-php11.30 range with an initial
resistance at php11.75 to php12.00 mark, leaving investors little margins for a quick pop. LONG-TERM BUY.

VISTA LAND AND LIFESCAPES, INC. [pse: VLL]

Disc. No. 3747 s. 2011 Q1 NET INCOME JUMPS 26%; CASH DIVIDEND
Marginal improvement in net profit margin to 26.6% from 25.9% in Q1 2011
year-on-year, VLL's 22% expansion of revenue to php3.28 billion translated to
a net income of php873 million, 26% more than the same quarter last year.
Over the same comparative period, total assets grew by php1.0 billion to
php61.5 billion, as the Company launched five (5) major subdivision projects
across the major islands, with a total project value of php3.4 billion. In addition,
it also commenced work on four (4) mid-rise buildings valued at roughly php2.6
billion. Overseas workers remain VLL's principal target market for its project
accounting for nearly 60% of the total sales. With these results, the Board of
Directors declared a special cash dividend to its shareholders as follows:
Dividend Amount : php0.035 per share
Ex-Dividend Date : 27 May 2011
Record Date : 01 June 2011
Payment Date : 28 June 2011

All technical indicators point to a BUY on the issue even as it has already risen
by an aggregate of php1.00 or 43.5% since resting at a bottom of php2.30 in
late February to today's close at php3.30. It has recently passed the final
recovery line at php3.15, opening up the possibility of a full restoration of the
php3.60-3.68 range. Support currently at the php3.15-3.20 range. BUY.

CORPORATE DEVELOPMENTS:

ROBINSONS LAND CORPORATION [pse: RLC]

Disc. No. 3779 s. 2011 INCREASE IN AUTHORIZED CAPITAL STOCK
The Company has gained the approval of the Securities and Exchange
Commission to increase its authorized capital stock by php5.2 billion , as ratified
by the Board of Directors and soon after, the stockholders last November 19,
2010 and February 23, 2011, respectively. In the process, an amendment in its
Articles of Incorporation reflecting such change was also approved. The par
value of the shares remains php1.00.

Last month, RLC completed its 1-for-2 Stock Rights Offering for 1,364,610,228
common shares which was priced at php10.00 a piece. The listing date for the
SRO shares, originally scheduled for May 18, Wednesday, was moved to
Friday, May 20. (reference: PSE Memorandum No. 2011-0201)

Further, last May 11, 2011, the Board of Directors of the Company declared a
php0.36 per share cash dividends to shareholders as of record date May 31,
2011 (ex-date May 26) and payable on June 27, 2011.

RLC share price has gradually risen in the last six (6) sessions off an intra-day low of php12.10 last May 9 to close at an interim intraday peak of php12.98 today. It
has generally traded within the php12.00-php12.50 on the low side and php13.40-php14.00 on the high side for much of the last four months. Price momentum is
building up, with the 10pdEMA seemingly poised to break above the 50pdEMA, with an initial price target of between php13.75 and php14.00. (+5.9% to +7.86%
gross margin.) Volume turnover has been basically steady averaging over half million shares in the last three days with share price rising php0.06 or 0.47%. On a
positive note, the volume bias is practically neutral, drawing an accumulation phase. The underlying technical measures posits possible flat or upward bias moving
forward. RSI(14) has crossed over the 50-line, while both MACD(12,26,9) and STO(14,3,3) show a build-up of bullish momentum. BUY.

PRIMETOWN PROPERTY GROUP, INC [pse: PMT]

Disc. No. 3774 s. 2011 APPOINTMENT OF REHABILITATION RECEIVER
The Regional Trial Court (RTC) Branch 138, Makati City has appointed Atty. Antonio A. Navarro III as the new Rehabilitation Receiver, in lieu of Atty. Rodolfo Romero
who recently resigned. PMT was one of the aggressive property developers in Makati City prior to the 1997 Asian Financial Crisis. Since then, the Company has
undertaken various efforts to reduce its debts, including the present rehabilitation scheme.

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