Investing in the Philippine Stock Market 2.0

The PLDT Ownership

2011-07-13T07:01:00.000-07:00

I lose interest in the stock market every couple of months. Once in a while though, something tickles me back. Lately, it was the PLDT ownership issue. Despite MVP's panicked predictions, I'm not sure why the decision is being questioned. To a non-lawyer, it seems simple to me. The Constitution lays out the onwership requirements. The spirit of the law is for locals to retain ownership of crucial industries. So even if PLDT's structure has been like that for decades, it's still questionable. The only possible interpretation is that voting shares should be considered in computing for the ownership ratio. It's not about source of capital at all; it's about control. Anyone who claims that it's not (like MVP) is just trying to run circles around the law. It's pilosopo. Control will be with common share holders, preferred shareholders with voting rights and preferred shareholders or debtors with an option to convert to common stocks (or similar instruments).

Is the constitution outdated? I've no judgment about that, but it's simply irrelevant for this case. That's it! See you in a few months!

Oh speaking of preferred shares, I got a couple of few months back (Petron Preferred and AC Preferred). They yield over 7% at the time so it's cool.

Two Year High

2010-08-11T17:19:00.000-07:00

Since my post just over a week ago, the market has performed well. Most shares have since hit their two year highs. On my part, I sold almost all my shares already.

MEG at P1.74
HLCIM at P7.78
BDO at P48.85
ABS at P45.15
JGS at 18.28

Was selling a wise choice? We'll see. But I know when I see RSIs over 65, I'll be selling. I'm giving myself until end of September to buy back most of the shares I want in time for the year end window dressing. I was too late for it last year. If not, that's fine too. I'm shifting most of my shares to fixed income securities for now.

Assessing Past Picks

2010-08-01T18:34:00.000-07:00

If you recall a couple of months ago, I chose my personal Phisix and called it Nisix.   Today, I decided to check out how it has done over the past eight months versus the real index. I won't bother to fix the table (I'm low on aesthetics you see), but it would seem that 4/7 of the stocks in my index outperformed the Phisix.    If I had placed equal weights on each stock, the next appreciation (including dividends) is 28% compared to the Phisix' 18%. Note though that I've not been able to place dividend gains on the Phisix stocks so let's assume a 3% improvement for the Phisix at 21%. Not bad. My index would still be competitive. I really got hit with the property stocks though as they sorely underperformed.

As for my technical and fundamental picks, it's about half and half. My fundamental calls were quite accurate, but my technical calls were a bit "optimistic". I was hoping for a major correction in October in preparation for the traditional end of year window dressing but it didn't really happen. Tsk. Well, I think it's time to play again (I get bored for long stretches). Let's see what's going on with this market, shall we?

Nov 4 Open    July 31 Open    Gain    Dividend    Gain with Dividend
JFC    49.5    76.9    155%    1.43    158%
SMB    8.9    9.8    110%    0.27    113%
UBP    35    46.5    133%    2.2    139%
BDO    34    42.5    125%    0    125%
MEG    1.48    1.56    105%    0.019    107%
SMPH    9.8    10.76    110%    0.25    112%
ABS    30    40.5    135%    1.11    139%
Phisix    2908.5    3426.96    118%

Pag-IBIG Bonds - Pro-Bank? Anti-Small Investor?

2010-01-11T06:09:00.000-08:00

Hey, why isn't there any indication that the Pag-IBIG bonds will be issued to small investors? Tsk tsk

In March 2009, the bicameral conference committee amended the Pag-IBIG Fund Charter which includes a key provision for Pag-IBIG to invest no less than 70% of its investible funds to housing. According to principal sponsor Sen. Miguel Zubiri, “The new Pag-IBIG Fund Law provides for an integrated nationwide mutual provident savings system primarily for shelter finance.” I'm not sure what that means. I think in essence that means improving real estate financing to poor people. Economists?

Investing in the bonds will be a proxy for banks lending to the agricultural sector and socialized housing? Unless I'm mistaken, isn't Pag-IBIG effectively acting as guarantor then? All the losses will go to Pag-IBIG, none to the banks. Hmmm...I wonder who wrote that provision.

Lastly, check out the companies in bold. They'll be issuing corporate bonds this year. In my eyes, these are the sexiest investments. ;-)

Pag-IBIG’s P12-billion offer may be 2010’s first major bond sale

Written by Erik de la Cruz / Reporter
Monday, 04 January 2010 19:58
PREPARATIONS are underway for what may be the first major corporate bond offer this year—the P12-billion issue of state-administered Home Development Mutual Fund, also known as Pag-IBIG Fund.

Pag-IBIG will sell bonds with a five-year maturity, with the country’s two state lenders—Development Bank of the Philippines and Land Bank of the Philippines—and First Metro Investment Corp., the investment banking arm of the Metrobank Group, arranging the transaction.

An auction will be undertaken by Bureau of Treasury for pricing the bonds, which may be offered to investors “in the last week of January or early February,” according to Emma Linda Faria, Pag-IBIG deputy chief executive officer.

In a phone interview, she said P5 billion of the proceeds will be used for lending and P7 billion will be used to pay off the Fund’s obligations maturing in May.

Faria said the Department of Finance (DOF) has endorsed the bond issue for approval by the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board.

“We were told that our proposed bond issue has been calendared for Monetary Board approval next week,” she said.

The bond offer was originally scheduled for launching in October last year but was delayed as the Fund had sought to change features of the deal, which required it to go back to the DOF and BSP to seek approval.

Pag-IBIG had decided to drop the initial plan to offer the bonds in two tranches and instead raise the whole amount in a single transaction. The original plan included a debt-swap offer to its creditors.

Faria said Pag-IBIG was seeking to make the bonds more attractive to investors, particularly banks.

Under the proposal, investing in Pag-IBIG bonds will be an alternative mode of compliance with laws requiring banks to allocate a portion of their loan portfolio for the agriculture and agrarian reform sectors and socialized housing.

Members and nonmembers of the Fund, Filipinos and foreign nationals, corporations, developers and insurance companies may also invest in the bonds.

A number of local companies are set to raise fresh capital through the domestic debt market this year, according to investment bankers. Prospective issuers include BDO Leasing and Finance Corp., Philippine Savings Bank, Rizal Commercial Banking Corp, Planters Development Bank and Filinvest Land Inc.

Last year local companies raised around P300 billion through debt sales in the domestic market, a record figure and twice the size of the previous year’s volume, as they took advantage of the prevailing low-interest rates and the abundantly liquid market.

Pag-IBIG is also seeking to augment its loanable funds this year through other options.

Vice President Noli de Castro, chairman of Pag-IBIG, last month said for the first 10 months of 2009 the Fund had assisted over 1.5 million members by extending P29 billion in “multipurpose” loans.

As of December 7, he said the Fund had also approved P11.67 billion in calamity loans servicing almost 700,000 members, up by a hefty 174 percent over the previous year’s figure of P4.26 billion—making the Fund the biggest calamity loan provider in the country.

The housing provident fund had a budget of P84.5 billion for lending in 2009, 20-percent higher than the previous year’s total of P71 billion. Its housing loan portfolio reached P156 billion as of end-March, representing about two-thirds of its total assets of P233 billion.

De Castro said the Fund had released nearly P37 billion in housing loans to more than 61,000 members as of early December.

The figure for 2009 might reach as high as P44.17 billion benefiting over 73,000 borrowers, and he said this would be the highest total loan amount and the biggest number of borrowers for a single year in the Fund’s entire history.

De Castro, however, said the Fund was expected to face challenges in the implementation of its new charter under Republic Act 9679 or the Home Development Mutual Fund Law of 2009.

Beginning this year, he said the Fund is to implement the universal coverage, with all workers earning P1,000 and above now covered by the new law.

But the “major” challenge, he said, is the increase in membership contribution rates, “which needs to be done to further improve the delivery of services to our members.”

Still, de Castro believes “Pag-IBIG is now in a better position to meet the growing demand for affordable housing.”

Investing in the Philippine Stock Market Seminar

2009-12-08T05:58:00.000-08:00

I'm thinking of conducting an "Investing in the Philippine Stock Market" Seminar. I'm just not convinced that there are enough people aware of the stock market. I'd probably focus on basic How To (process wise), Fundamental Analysis and very little Technical Analysis (since that's not my gig). I guess the market is more for people who want to be long term investors rather than daily traders.

If you think this is to your liking, please e-mail me at cianoy@yahoo.com so I can provide you with updates.

Just to be OC about it, make your e-mail subject header, "Philippine Stock Market Seminar".

See you soon!

Investment Performance Measurement (Frank J. Fabozzi Series) (Hardcover)

2009-12-01T00:18:00.000-08:00

No, I haven't read this, but it's very highly rated in Amazon so I figured I'd share it with all of you.

Investment performance measurement is the quantification of the results achieved by an investment program. Understanding performance measurement is vital for anyone who participates in the investment process. Investment Performance Measurement is a comprehensive and integrated survey of the steps taken to measure performance as well as a reference guide to the calculation and interpretation of the various risk and return statistics commonly encountered by anyone responsible for selecting, monitoring, and evaluating the performance of investment managers.
Written in a clear and accessible style, with each concept developed through fully worked examples, this book is a valuable guide that provides you with critical insights into many areas of this important step in the investment management cycle.

This straightforward and well-rounded resource provides a step-by-step guide to the processes used by practitioners to analyze the performance of an investment portfolio.

Topics include:

Calculation of the returns earned by portfolios and portfolio managers
Measurement of the risks taken to earn these returns
Measurement of the risk and return efficiency of a portfolio
Attribution of value added over the benchmark to management decisions
Presentation and interpretation of returns calculated using industry standards
Filled with in-depth spreadsheet examples, Investment Performance Measurement gives you all the information you’ll need to understand and implement the techniques used to measure the performance of an investment.

Fixed Income Securities for the Retail Filipino Investor 2.0

2009-11-24T04:43:00.000-08:00

Wow! I've been really busy with my new store. I missed the market action again. Anyway, as of the last episode, I've been cashing out a bit since the market's been on the rise for most part of 2009. And I talked about the concept of corporate bonds. So where do you get them?

I called RCBC since they're my stock broker and got a few referrals to RCBC Capital and eventually to the Investment Banking Group. Well the banker was friendly enough and he provided me with the information about the three listings (JG Summit, EDC and FLI).

I wanted to get FLI since it had the highest effective interest rate but he told me that he wasn't sure about the allocation. Apparently, BDO was prepared to take on the entire issuance. So much for retail customers. So I had myself lined up for FLI, but then I also reserved JG Summit.

I have to apologize to the banker though since I opted not to take JG Summit anyway. It's not because of the rate or my hesitation with the company. I got turned off by the forms! When I buy stocks, I just call my broker and tell him what I want. For bonds, there are like five different forms that you need to fill out. I'm just not fond of admin stuff. So I let it go.

I talked to my local BDO branch in Congressional avenue at about the same time, but I got the usual response that they didn't have any. So I'll scratch off that branch from my corporate bond suppliers.

About a week ago, I also got to talk to one of the managers of BPI Visayas. Well, she said she could hook me up with EDC. However, I was tentative since I had another soure from another BDO (I'm not sure if it was from a branch).

Oh by the way, from what I hear, the corporate bonds are not insured. Well, higher risk, higher rate. Right?

Where does this take us? There are different possible routes to getting your hands on corporate bonds. Explore all of them. Try branches, banks' capital groups, and investment banking groups. Someone's bound to know.

Note: I read earlier that the FLI bonds were 3x oversubscribed. Wow.

Any questions?

Globe Telecom - Pre 3Q09 Look

2009-11-04T14:08:00.000-08:00

GLO, at P920, is technically providing mixed signals. RSI indicates that the shares are already oversold, but then again history has shown a prolonged period of being oversold. MACD and the lack of a formation leaves GLO shares still bearish. It looks like we need a couple more days to see where it goes.

The Globe site is not really helpful. Unless I'm searching blind, the reports are still from 2008. Are they lacking people from investor relations or what? Tsk. I could only find the press briefing, but not the SEC submission.

The PSE website indicates that GLO PER is at 10.8x. And since 2008, Wireless revenues have really flattened out. While income has been improving, that upside is limited if revenues don't improve. It remains to be seen if wireline and wireless broadband can carry the growth load. In such a case, Globe becomes more a dividend play than a growth one. For 2007 and 2008, the company has given over P100 / year in terms of dividends. For 2009, the company has given out P64. Could that be an indicator of a coming declaration? Maybe. Maybe not. The company's dividend policy is to pay out 75% of its net income.

Wait a couple of days before buying. 3Q09 results will be out on the 9th. Maybe that will coincide with an MACD turnaround.

Here's the financial info from Reuters:

(in billion pesos unless stated)
Q2 YR-AGO
Net income 3.25 vs 2.79
Core net income 3.23 vs 3.17
Service revenue 15.73 vs 15.58
EBITDA 9.34 vs 9.38

(in billion pesos unless stated) (Q1)
Net income 3.99 vs 3.42
Core net income 3.67 vs 3.51
Service revenue 15.96 vs 15.54
EBITDA 9.75 vs 9.89

Fixed Income Securities for the Retail Filipino Investor

2009-11-04T07:46:00.000-08:00

Are you familiar with debt securities? From my own interactions with people, what are usually discussed as investments? Survey says! Stocks, Time Deposit and Real Estate. Once in a while, someone will talk about a business or a franchise. Is this true for you and your friends too? If so, then you are the market for this post.

Inevitably in my circles, when we talk stocks, either someone will ask me what is good to buy (since I was in the industry) or some noisy guy will talk the entire night (babangka) about this stock and the gossip related to it. If we do end up talking about time deposits, naturally we'll complain about the interest rate (did someone say 2%?).

Now, I'm not sure if I have blinders on but I really think debt securities are not being given enough airtime / advertising. I don't feel like we talk about it enough. Why not? The push from the government or corporations is not there I guess. Why not? It's only a guess and I've read it somewhere too; if you can borrow wholesale, why borrow retail? The latter has much more administrative costs.

Every week, the government auctions off billions of Pesos of T-bills / bonds that have rates better than time deposits. As small investors, it would be great to get a slice of the action, right? A slice of what exactly? In essence T-bills and T-bonds are like bank deposits. The bank borrows your money and pays you for interest. In the case of T-bills, it's the government that borrows your money. To answer the question, it's a slice of the government-borrowing-money-from-consumers.

In some cases, companies borrow money from investors. We usually call these corporate bonds.

Are Treasury & corporate bonds exactly the same as bank deposits? Not really. With deposits, you can demand payment (demand deposits); bonds are like stocks in the sense that they can be bought or sold. The old retail treasury bonds (RTBs) were listed in the Stock Exchange and can be traded there. And like stocks, they also have a market price (although not as volatile).

Anyway, what can we gather so far? Treasury or corporate bonds usually have higher interest rates than bank deposits, their prices fluctuate somewhat and can be bought and sold.

How is it different from stocks? With stocks, you own the company. The value of your investment is very directly related to the value of the company. With bonds, you are a creditor. You have a defined claim (how much you paid for and the interest). Your investment, while less exciting, is more secure. If everything goes awry, the bond holder will get paid ahead of the stock owners.

For my next post, I'll talk a little about how and where to get government or corporate bonds...

Fund Strategy - My Personal PHISIX

2009-11-03T23:09:00.001-08:00

As a small investor, it's hard to keep track of all the different stocks. To be true to my investment philosophy, my trades need to have fundamental and technical backing. For that to happen, I need to define my own basket of stocks and follow their performance. I then foresee trading them during the technical cycles (months to years).

As an aside, I'm also planning to pull out some funds from equities and shift them to fixed income. I'm still looking for fixed income investment outlets.

What is my own little index? Any suggestions guys? Instead of Philippine Stock Index (PHISIX), I'll call my Nonoy Index, NISIX ;-) . These are the ones I penciled in because of my own biases, but I still have to study a couple of them:

- Banking - UBP & BDO
- Property - MEG & SMPH
- Telecom - GLO
- Food - JFC & SMB
- Power - None yet
- Media - ABS

I was checking the stock market page on the Philippine Star. Their table includes PERs of the stocks. It doesn't say what year the earnings are, but it's cool to have an indicator.

Sold MEG at P1.5, MBT at P40.5

2009-11-03T23:08:00.001-08:00

Tried selling ABS at P30

Sold SMC at P66

2009-11-03T03:07:00.001-08:00

Attempted to sell Meg at P1.50 and ABS at P30

Henry Sy's Meralco Foray

2009-11-02T17:32:00.000-08:00

Over the weekend, news about the Henry Sy bid for the Lopez shares in Meralco came out. As the market opened today, we see the public reacting immediately, jumping from P188 last session to P216. This much can be expected, although it's a wonder why the public would trade it up. It's a nice speculative play if you're into that but the stock remains overpriced.

ABS-CBN sees brighter year as H1 profits rise

2009-11-02T16:15:00.000-08:00

ABS has not released 3Q09 earnings yet. 1H09 earnings reached P813M, showing an 8% period-on-period increase. However the company expects FY09 income to increase by 10% from last year's P1.39B. That translates to P1.529B. At 1.803 EPS in 2008, that means 2009E EPS should reach P1.9833. At P30 in its last trade, ABS is roughly trading at 15.12 2009E PER, making it already fully valued.

Technical indicators show that MACD is bearish, while RSI shows ABS at near overbought levels. The stock is also just a hair below its 52-week high. Sell.

BPI reports net income of P2.1B for Q3

2009-11-02T06:52:00.000-08:00

The BPI disclosures are not very helpful. They release quarter, but not YTD data. Tsk. Let me try to summarize (below commentary)

At P47 with a little ratio and proportion 2009E EPS of around 3.02 is trading at about 15.5X, making it fully valued but not necessarily expensive. Plug in some premium for being a market biggie, and we could see some technical upside. However, consider that the stock is very near its 52-week high and technical indicators show correction due at best. I don't foresee any major movements for BPI anytime soon.

----------

Net Income 09 08 Var

Q1 P2.9B P1.5B 193%

Q2 P2.4B P2.3B 104%

Q2YTD P5.3B P3.8B 139%

Q3 P2.1B P1.55B 135%

Q3 YTD P7.4B P5.35B 138%

EPS

Q1 P.89 P.57

Q2YTD P1.63 P1.42

Q3 YTD P2.27 P1.99 140%

Net income 3Q09 - +35% factors in P100M typhoon related impairments

Revenues - +11%

Net Interest Income - +6% (asset expansion, better spread)

Non-Interest Income - +19% (powered by forex and securities trading)

Economic Impact of a Price Ceiling

2009-10-31T15:49:00.000-07:00

A quickie on EO 389. The economy is efficient when a product is at equilibrium price and quantity level of supply and demand. Compared to equilibrium level, in a price ceiling scenario, suppliers will supply less since the selling price is too low and consumers will demand more for the same reason. The difference between the optimal and price ceiling scenario represents inefficiency in the economy. This also results in a supply shortage. At that price, consumers are willing to buy more than sellers are willing to sell. That inefficiency also represents opportunity for some black market selling.

Technical Readings: SMC, MER, PLDT

2009-10-31T15:33:00.000-07:00

A couple of days ago, I wrote about the participants in the Race for Meralco. In the course of doing so, I also asked Aldrich Sevilla of PSEPICKs if he could also issue technical opinions for these stocks since investors would probably be interested in these particular stocks. He was nice enough to oblige. Check out his reviews for MER, TEL and SMC.

Petron sees P1.5-billion loss in fourth quarter due to EO 839

2009-10-30T10:43:00.000-07:00

First, let's check the technical side. Correct me if I'm mistaken, but that looks like a descending channel and it's nearing a break in support. That's kinda bearish. Eek.

The fundamental story for PCOR is that it lost money in 2008 due to the collapse in oil prices sometime July 2008. Comparing it with the year prior, gross profit rate declined from around 7% to just 1%. Not to mention that interest expense jumped from P1.8B to P4.1B. If I read the annual report notes right, the additional interest expense was brought about by short term loans used to finance oil inventory purchase. Looking at the cash flow statement, cash flow from operations is negative too. In story terms, because crude prices increased and dropped within the year, Petron was left with high priced inventory and had to sell at a lower price in the second half of the year. That led to losses and a cash shortage, forcing the company to borrow short term to continue its inventory buildup. That led to higher interest expenses, widening the net loss. Vicious.

So that's 2008. 2009 (based on 2Q) looks unusual. Revenues through June 2009 are almost half of last year. That is one major contraction! However, gross profit margin improved to over 9%. Is that a result of a pricing / marketing decision? I'm not sure. So let's add in the Gloria price ceiling. P1.8B net in 6mo09, assume P.9 in 3Q09 and the P1.5B loss in 4Q09. That's potentially P1.2B net income for 2009. If the P1.8B translates to a P0.19 EPS, the P1.2B should translate to P0.13. With a current price of P5.0, that would be 38.4X 2009E earnings. Expensive.

So storywise, where does this leave us. Well, income can easily double in 2010 provided the EO is repealed. For October, crude prices have increased by about $10 from 65 to 75. For about half that increase, PCOR has not been able to adjust (that's how I understand it). And since margins are thin to begin with, well...

The price control will make or break PCOR share prices in 2010. Then again, while reading the EO, I didn't see a provision on pricing if crude prices fall below the Oct 15 levels. Nope, PCOR will not be in my basket for a while even though there could be some potential trading gains once the stock hits the support of the downward channel.

BDO net profit surges 159% - Correction

2009-10-29T02:50:00.000-07:00

I tracked down the past performance of BDO. The 2008 dip was primarily due to losses with its exposure to Lehman Brothers. 2009 profit target is at P5.5B and most revenue signals are up. Anyway, long story short, considering the stock's historical valuation, once we see technical signs, BDO should be a good buy. Now let's look for signs of the typhoon impact on 4Q earnings since that will determine valuation as well.

YEAR PROFIT

2007 6.5
2008 2.2
2009 5.5

YEAR EPS PRICE PER

2005 2.70
2006 3.03
2007 2.85 67 23.5
2008 0.90 29.5 32.7
2009 2.25 34.5 15.3

Unionbank net profit up 73%

2009-10-28T11:01:00.000-07:00

3Q09 results are out for UBP. Salient points include +40% in loans, +14% income from investments, +171% forex trading. Apart from the last, it looks like revenue sources are sustainable. UBP share prices have just completed a tremendous run and the stock is a bit overbought already. However, we don't expect significant weakness from the stock. For 2008 earnings, the stock is trading at just 10.55X PE. With 2009, it's trading at just 6.18X. Well, well, here's a stock with more upside. If you look at the two-year chart, you can clearly see there's still room. I'd probably go for a trading sell right now, but I'd buy this if RSI hits around 30 or maybe a little higher. Hopefully, it happens before the 4Q run. Then I'll keep this for the long haul.

I'm a beginner and I want to know how to invest in the Philippine Stock Market

2009-10-27T22:09:00.000-07:00

Don't worry. It only hurts the first time. In a nutshell, it's just like opening an account in a bank. Then when you want to buy or sell, you just call your broker and say, "I want to buy / sell X number of stock so-and-so at this price." At the end of the trading day, talk to your broker agai to confirm if the transaction pushed through (just because you're willing to buy doesn't mean someone's willing to sell at that price). How much? I wouldn't recommend transacting under P10K per. There are fixed costs and it's harder to profit with a small transaction. That's the short of it.

There are a couple of good sources you can read so I will not reinvent what any of them said. I'll just point you in the right direction. In any case, if you read my short paragraph, you'll have an idea already. When you read stuff from other sites, don't stray too much from my paragraph. It's not that hard.

Try these out:

http://www.pse.org.ph/html/InvestingInPSE/investing_pse.html
http://www.bdo.com.ph/Promos/invest_SM.htm
http://fglinc.tripod.com/knowinvest.htm
http://www.zdiaz.com/2007/12/how-to-invest-in-the-philippine-stock-market-part-3/

Now, what I find missing in most sites is a list of brokers that you can contact. I have a directory in my old site and I'll paste it here but I really think a lot of the contact details are outdated. Try them out anyway until I can find a new one. Or better yet, find a friend who has a broker so there's at least some trust already.

http://cianoyinthephilippinestockmarket.blogspot.com/2009/09/philippine-stock-market-stock-brokers.html

If you want on-line brokers, check out the list on the sidebar (under Stock Brokerage).

BDO net profit surges 159%

2009-10-27T19:32:00.000-07:00

So for 9mo09, net income improved 159% on the back of stronger interest income: more loans and better funding mix. The article talked about fee-based income improvements as well, but I didn't really find details.

BDO is at its 52-week high, so it's a little pricey. It's tradin at 39x 2008 earnings. Assuming the current earnings improvement, it's trading at around 25x 2009E earnings. It's still expensive.

Technical indicators likewise say the stock has limited upside at this point. I'd sell it if I have it.

What should investors like us do with Meralco, San Miguel and PLDT

2009-10-27T09:20:00.000-07:00

SMB looks bearish so hold or sell it. MACD is negative and declining. RSI is mid ground. So I don't see it going anywhere interesting.

Fundamentally, at 13.8x PE, it's fairly valued. However, December is coming and we expect to see some fund manager window dressing. As soon as the technical signals turn, this should be a nice trading or long term buy.

SMB has the brewery assets so we should expect to see consistent cash flows. Check the disclosures, that's exactly what you'd see. On a slightly disappointing note though, in the process of moving around assets, SMC actually drained SMB resources. The latter raised P32B and paid it to the mother company when the assets were moved. That would eat up some profit (in the form of interest expense) that could be used for dividends, but overall I don't doubt the consistency in performance that we should expect from SMB. I'd pick it over SMC, which is still finding its way.

What should investors like us do with Meralco, San Miguel and PLDT

2009-10-26T09:53:00.001-07:00

This is where I disclaim that you do your own due diligence. This is an opinion only.

So this is Meralco's two year chart. It looks like technical hold to me (although I am out of practice!). You also know how I feel about its fundamental valuation, takeover story notwithstanding. It's overpriced.

MACD is declining but not below 0 so it's not totally bearish. RSI is at 55 which is closer to being overbought but there's no conclusive bear either.

More to come...

WHY MERALCO?

2009-10-25T12:01:00.000-07:00

Why sell Meralco?

From my readings, when GSIS sold its 27% to SMC, it was at a major premium (almost double I believe). For whatever reasons the government will use the money for (hello budget deficit), on face value it was a good profitable sale for GSIS.

Why would the Lopezes sell? I didn't gather much but it seems like the Lopezes would want to pay off debt. I quickly checked the 2Q09 results of Benpres. It does have a P41B debt and a 2.36 debt/equity ratio. FPH has P13B debt as well. So that reason seems plausible. There was also some analyst speculation that the regulatory headaches caused the intent to sell. I don't know about that. They've been dealing with this for decades. Why now?

Let me paste a couple of things from the PSE website about MER

52 Week High 302.50

52 Week Low 43.00

Last Sale 203.00

Current P/E Ratio 80.01576665

As has been said many times, MER is extremely overvalued. That's a really good reason to sell. Heck the Lopezes can sell now and just buy back from the open Market once MER prices come back down to reality. But this just in...the Lopezes are actually waiting for MER prices to "improve" before selling. Imagine that.

Why buy Meralco? -- San Miguel

So I've been out of whack for a while and have not seen what the companies are doing. Hahaha...I didn't even know the brewing business of SMC is separately listed now. SMC supposedly wants to buy Meralco as part of its diversification strategy.

I'll read up on the SMC divestment of a big chunk of its brewery business, but I'm not sure why they needed a strategic partner when the company is cash rich the divestment object is a cash cow. Why??? Just declare dividends to your shareholders and improve your minority stockholders' ROI on the stock.

Anyway, Meralco is supposed to be part of the investments in high growth industries like mining, power, infrastructure, utilities and property. Hmmm...telecom is not on the list although another report says that SMC is also buying Liberty Telecoms in its foray into the telecom industries. And there's also Petron. Before I go into synergies, let me just say that being cash rich can also make companies a little more haphazard and up not investing in ventures that have good potential ROE. Give it back to your shareholders...

A report cites that SMC has over 100 plants and is a huge user of electricity. How that translates, I don't know. Preferred pricing? As for Petron, the 1,600 outlets can be used for selling beer and ice cream. My question is this. Aren't those stores already carrying SMC products? C'mon. What self respecting retail store will not have SMC products to begin with. Wholesale gas discount? Yeah, maybe.

The most common fear I've seen is that SMC is no expert in the fields it wants to shift to. I tend to buy that. There's just no leveraging of its manpower. "Mr. Beer Manager, I will reassign you to head the Power Distribution department." Could be a lot of firing and hiring. But that's just my speculation.

Why buy Meralco? -- PLDT

One theory is that it's defensive: to prevent SMC from entering the telecom field. Seems to be a very expensive block on an unproven theory.

Let me outline the list of synergies I read: Power line broadband, fiber optic backbone network, electric power poles, easements and rights of way, prepaid electricity service, business offices, ICT or data center, bill statement printing and enveloping and subscriber base.

Well, the theory seems to hold water. Meralco lines being used for telecom purposes seems to be very compatible. I read a little about power line broadband. Good plan so far. And it's also one direction from the company (as compared to SMC).

There's also talk about cross selling (two utilities). Again, that's perfectly sensible. New products /features could include "prepaid electricity as well as wireless bill payments and meter readings. "

What I can't put my finger on though is why this never happened for Meralco and Bayantel (or did it?)

Anyway, those are the "whys" in the issue as far as I've seen. Next time, let's look at what you should do Mr. Small Investor. What's in this for you?

RACE FOR MERALCO

2009-10-24T00:23:00.000-07:00

Ok Mr. Layman, if you've been out of the loop with everything going on in the country, then we're in the same boat. And for this site, I will always try to take that perspective. I'll have back to basics discussions even as I personally try to understand what's going on. Nothing high brow. Is that good?

I figure the biggest action in the Philippine Stock Market has to do with the Race for Meralco. Who will emerge as the controlling group? First Pacific or San Miguel. But it's not that simple. If you read the news reports, there seem to be a lot more characters involved. So let's start there.

Meralco
First Philippine Union Fenosa Inc. with 22.7 percent,
First Philippine Holdings Corp.—the Lopez group’s flagship firm for power generation investments—with 10.68%

San Miguel
- GSIS sells 27% Meralco stake to SMC for about P83 / share (over the P58 closing price) - November 2008

PLDT
- Piltel acquires a 20% stake in Meralco from the Lopez group at P90 / share bringing down the latter's ownership to 13.4%. - March 2009
- BTF aquires a 10% stake in Meralco - March 2009
- Metro Pacific Investments Corp (MPIC) acquires 13% stake owned by the PLDT Beneficial Trust Fund (BTF), New Gallant and Crogan - July 2009
- - MPIC is majority owned by Metro Pacific Holdings Inc (MPHI)
- - The purchase involves share issuance by MPIC, thereby giving BTF a 14.5% in the former

to be continued...

Investing in the Philippine Stock Market 2.0

2009-10-23T13:06:00.000-07:00

It's sad that Geocities --the home of the original Investing in the Philippine Stock Market -- is closing. Nonetheless, it gives me a chance to recreate the site. Up to know, I still don't see any authoritative site with stock recommendations that is open to the public. As you may or may not know, brokers generally send their research reports only to account holders. Let's walk through the learning process of investment. Besides, I have a couple of thousands I need to place as well (read: P2,000). Take that journey with me.

I also would like this to be your starting page. It would be great if we have all the tools we'll need on a daily basis all in one page, right? It helps us become more methodical at the very least.

Lastly, I'd have you know that I customized the search so that relevant sources will be searched first. That is such a cool feature. You gotta love Google sometimes.

Philippine Stock Market -- Stock Brokers

2009-09-27T23:22:00.000-07:00

Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5126
Exchange Tel. No.: 848-5133 to 39
FAX No.: 848-5151
E-Mail: ace@portalinc.com
URL: http://asiancapital.com

ASIASEC EQUITIES, INC.
Anastasia Y. Dy
8/F Chatham House
116 Valero corner Herrera Streets
Salcedo Village, Makati City
Office Tel. No.: 845-3421 to 26
Exchange Tel. No.: 891-9370 to 75
FAX No.: 845-3418
E-Mail: asiasec@philonline.com.ph

ASTRA SECURITIES CORPORATION
Benito B.H. Ang
Units 1204-1205, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-6421 to 27
Exchange Tel. No.: 891-9126 to 28
FAX No.: 848-6428

AURORA SECURITIES, INC.
Emmanuel Edward C. Co
Unit 2405A West Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 634-8321 to 24
Exchange Tel. No.: 634-8321 to 24
FAX No.: 634-8321
E-Mail: ausecinc@skyinet.net

ALPHA SECURITIES CORPORATION
Alberto L. Yu
23/F Orient Square Building
Emerald Avenue, Pasig City
Office Tel. No.: 638-2388 to 93; 638-3764
Exchange Tel. No.: 638-6692 to 95; 638-6689
FAX No.: 636-5108
E-Mail: alphsec@pworld.net.ph

ANGPING & ASSOCIATES SECURITIES INC.
Jerry C. Angping
Suite 2002-2004, The Peak
107 Alfaro Street
Salcedo Village, Makati City
Office Tel. No.: 848-2915 to 28
Exchange Tel. No.: 891-9111 to 16
FAX No.: 848-2572; 811-3836
E-Mail: aasi20@i-manila.com.ph
URL: http://www.angping.net

ANSALDO, GODINEZ & COMPANY, INC.
Mariano U. Godinez
340 Nueva Street
Binondo, Manila
Office Tel. No.: 242-5125 to 31
Exchange Tel. No.: 634-5160 & 63; 634-6232 to 34; 634-6521 to 22
FAX No.: 242-5121

AB CAPITAL SECURITIES, INC.
Filomeno G. Francisco
3/F AsianBank Center
Sen. Gil Puyat Ave. corner Tordesillas St.
Makati City
Office Tel. No.: 819-3151 to 65; 819-0611 to 22
Exchange Tel. No.: 891-9134 to 39; 891-9129
FAX No.: 810-3797; 810-7015
E-Mail: acsasian@info.com.ph

APEX PHILS. EQUITIES CORPORATION
Jose Roberto Delgado
2/F Mary Bachrach Building
Port Area, Manila
Office Tel. No.: 527-8888 loc. 249, 219
Exchange Tel. No.: 891-9911
FAX No.: 527-5291

ARMSTRONG SECURITIES, INC.
Tony O. King
Unit 2205B East Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 637-6127 to 29; 637-4581
Exchange Tel. No.: 634-5210 to 11; 634-6530; 634-6154; 634-5191; 634-5193
FAX No.: 637-6126

ASIA PACIFIC CAPITAL EQUITIES & SECURITIES CORP.
Benjamin Chua, Jr.
24/F Galleria Corporate Center
EDSA cor. Ortigas Avenue
Quezon City
Office Tel. No.: 634-5621; 635-4550 & 51
Exchange Tel. No.: 891-9550 to 60
FAX No.: 634-5813
E-Mail: apc_edp@apc.com.ph
URL: http://www.apc.com.ph

ASIAMERIT SECURITIES, INC.
Unit 1512, 15/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5076 to 80; 848-5233
Exchange Tel. No.: 891-9810 to 15
FAX No.: 848-5234
E-Mail: asiamerit@netasia.net

A & A SECURITIES, INC.
Shirley Y. Bangayan
1906 Ayala Avenue Condominium
6776 Ayala Avenue
Makati City
Office Tel. No.: 891-1355 to 57; 891-1008 to 10
Exchange Tel. No.: 848-6438
FAX No.: 891-1179
E-Mail: aasec@pacific.net.ph

AAA SOUTHEAST EQUITIES, INC.
D. Alfred A. Cabangon
G/F Fortune Life Building
162 Legaspi Street
Legaspi Village, Makati City
Office Tel. No.: 816-2918; 892-9841 to 49 local 13
Exchange Tel. No.: 891-9570 to 74
FAX No.: 812-1831

A.T. DE CASTRO SECURITIES CORP.
Alejandro T. de Castro
Suite 701, 7/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-7160 to 65
FAX No.: 848-6261
E-Mail: atcastro@info.com.ph

ATC SECURITIES, INC.
Anselmo Trinidad, Jr.
Units 1015-1016, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5060 to 64
Exchange Tel. No.: 891-9336 to 38; 891-9425 to 26
FAX No.: 848-5062

ATR-KIM ENG SECURITIES, INC.
Ramon B. Arnaiz
17/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5298; 849-8888; 848-5288
Exchange Tel. No.: 891-9120 to 25
FAX No.: 848-5738; 848-5286

ABACUS SECURITIES CORPORATION
Paulino S. Soo
Unit E 2904-A PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 634-5104 to 11
Exchange Tel. No.: 634-5212 to 17; 634-6842; 634-6241 to 42; 634-6993; 634-6329
FAX No.: 634-5205; 634-5206
E-Mail: abacusis@mozcom.com

ABN AMRO ASIA SECURITIES (PHILS.), INC.
Gregorio U. Kilayko
19/F The LKG Tower
6801 Ayala Avenue
Makati City
Office Tel. No.: 867-7800; 884-1000
Exchange Tel. No.: 891-9851 to 53
FAX No.: 884-1040 to 43

ALAKOR SECURITIES CORPORATION
Gerard Anton S. Ramos
9/F Quad Alpha Centrum
125 Pioneer Street
Mandaluyong City
Office Tel. No.: 631-8041 to 42
Exchange Tel. No.: 634-6928 to 29
FAX No.: 631-3870

ALL ASIASECURITIES MANAGEMENT CORPORATION
Don Calderon
7/F SyCip Law-All Asia Capital Center
105 Paseo de Roxas Avenues
Makati City
Office Tel. No.: 813-0188; 818-3211; 817-4201; 817-4418
Exchange Tel. No.: 891-9250 to 55
FAX No.: 817-1728; 817-1832
E-Mail: allasia@allasiacapital.com.ph
URL: http://www.allasiacapital.com.ph

BPI SECURITIES CORPORATION
Senen L. Matoto
Unit 911, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 759-4604 to 08; 750-7670 to 73; 891-9262; 891-9264
Exchange Tel. No.: 891-9930 to 31; 891-9260
FAX No.: 759-4605; 891-9263
E-Mail: bpitrade@bpi.com.ph
URL: http://www.bpitrade.com

BNP PARIBAS PEREGRINE SECURITIES, INC.
Ma. Annabelle M. Bautista
30/F Philamlife Tower
8767 Paseo de Roxas Ave.
Makati City
Office Tel. No.: 885-0262
Exchange Tel. No.: 891-9790 to 97
FAX No.: 885-7024
E-Mail: bnpprime@skyinet.net

B.H. CHUA SECURITIES CORPORATION
Michael Li Chua
872 G. Araneta Avenue
Quezon City
Office Tel. No.: 412-3448; 412-3444 to 45
Exchange Tel. No.: 891-9770 to 75
FAX No.: 412-3446

B.A. SECURITIES, INC.
Ang Biao
Rm. 401-403 CLMC Building
259-267 EDSA
Mandaluyong City
Office Tel. No.: 727-5374
Exchange Tel. No.: 891-9672 to 75
FAX No.: 722-0132
E-Mail: baseccom@info.com.ph

BELSON SECURITIES, INC.
Federico C. Lim
4/F Belson House
271 EDSA
Mandaluyong City
Office Tel. No.: 724-7586 to 90; 724-7580
Exchange Tel. No.: 891-9860 to 68
FAX No.: 721-9238

BENJAMIN CO CA & COMPANY, INC.
Benjamin Co Ca
Rm. 301 Downtown Center Bldg.
516 Quintin Paredes St.
Binondo, Manila
Office Tel. No.: 241-1261; 241-1345
Exchange Tel. No.: 634-5186 to 90
FAX No.: 241-1261

BERNAD SECURITIES, INC.
Elphege Wong
1057 M.H. del Pilar Street
Ermita, Manila
Office Tel. No.: 521-1125; 524-5186; 524-5388; 524-5267; 524-3897; 524-5326
Exchange Tel. No.: 635-6756 to 60; 635-5665; 633-9409; 633-9841
FAX No.: 523-7907

CITYTRUST SECURITIES CORPORATION
Alberto S. Villarosa
4/F BPI Head Office
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 845-5725; 845-5733; 759-4607
Exchange Tel. No.: 891-9260 to 64
FAX No.: 759-4605

CLSA PHILIPPINES, INC.
David A. Bouckley
18/F Tower 1
The Enterprise Center
6766 Ayala Avenue, Makati City
Office Tel. No.: 886-5637 to 46; 886-5647
Exchange Tel. No.: 891-9229; 891-9386 to 87
FAX No.: 886-5692

CUALOPING SECURITIES CORPORATION
Victor Say Hipek
Suite 1801 Tytana Centre
Plaza Lorenzo Ruiz
Binondo, Manila
Office Tel. No.: 242-4001 to 03; 241-0262
Exchange Tel. No.: 634-5745 to 46; 634-5180; 634-5755
FAX No.: 241-0352

CAMPOS, LANUZA & COMPANY, INC.
Gerardo O. Lanuza, Jr.
Unit 2003-B, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 634-6881 to 87
Exchange Tel. No.: 636-3001 to 05
FAX No.: 636-1167

CDIB VENTURE INVESTMENT (ASIA) LIMITED
Joseph T. G. Tseng
Unit 1002, Antel Corporate Center
139 Valero Street, Salcedo Village
Makati City
Office Tel. No.: 867-2181
FAX No.: 867-2349

CENTURY SECURITIES CORPORATION
Chan Kok Bin
Rm. 1105 Galleria Corporate Center
EDSA corner Ortigas Avenue
Quezon City
Office Tel. No.: 633-7044 to 46
Exchange Tel. No.: 891-9880 to 83
FAX No.: 633-7047

CHRISTFUND SECURITIES (PHILS.), INC.
Esteban Peña Sy
603 Diamond Building
EDSA, Cubao
Quezon City
Office Tel. No.: 721-4612

CITICORP SECURITIES INERNATIONAL (RP), INC.
Omar T. Cruz
5/F Citibank Centre
8741 Paseo de Roxas Avenue
Makati City
Office Tel. No.: 894-7690; 894-7692; 894-7693 to 99
Exchange Tel. No.: 891-9561 to 62
FAX No.: 894-7014
E-Mail: brian.custodio@citicorp.com

CITISECURITIES, INC.
Edward K. Lee
Unit 2701-B East Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 635-5735 to 40
Exchange Tel. No.: 634-6976 to 80
FAX No.: 634-6696
E-Mail: jgb@citisec.com
URL: http://www.citiseconline.com

COHERCO SECURITIES, INC.
Wilfred T. Co
240 Banawe corner Panalturan Sts.
Manresa, Quezon City
Office Tel. No.: 363-7602
Exchange Tel. No.: 634-1832; 634-1840; 634-1846; 634-1873; 634-1986; 634-1993; 632-0869; 631-9555; 634-9716
FAX No.: 361-2599

DA MARKET SECURITIES, INC.
Nestor S. Aguila
Unit 2402-B West Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 637-3629; 637-3631; 637-3633 to 35
Exchange Tel. No.: 891-9143 to 44
FAX No.: 891-9140; 637-4242
E-Mail: mktcap@pworld.net.ph

DIVERSIFIED SECURITIES, INC.
Ramon C. Garcia, Jr.
5/F PDCP Bank Centre
Herrera corner Alfaro Streets
Salcedo Village, Makati City
Office Tel. No.: 892-2890; 892-4330; 753-5250 to 53
Exchange Tel. No.: 633-9733; 633-9708; 636-0814; 634-6630 to 31
FAX No.: 892-4330
E-Mail: div888@evoserve.com
URL: http://www.dtrade.net

DAVID GO SECURITIES CORPORATION
David C. Go
Rm. 309 Federation Center Bldg.
Muelle de Binondo
Manila
Office Tel. No.: 242-2352; 242-2375 & 79; 242-2297; 242-2467
Exchange Tel. No.: 634-5048 to 49; 634-5417; 634-5178 & 82; 634-6201
FAX No.: 242-2375; 242-2379

DBP-DAIWA SECURITIES SB CAPITAL MARKETS PHILS., INC.
Hiroyuki Kaneko
18/F Citibank Tower
8741 Paseo de Roxas Avenue
Makati City
Office Tel. No.: 813-7344; 813-7454; 813-7467
Exchange Tel. No.: 891-9096 to 98; 891-9107 to 09
FAX No.: 848-0105
E-Mail: dbp.daiwa.sbsm@daiwa.com.ph
URL: http://www.daiwa.com.ph

DBS SECURITIES PHILS., INC.
Harold Yeo Eng Swee
10/F-11/F Sage House Bldg.
110 Herrera Street
Legaspi Village, Makati City
Office Tel. No.: 812-8361 to 68; 750-5866 to 69; 815-1138; 893-4287 to 89; 817-6201; 817-6371
Exchange Tel. No.: 891-9131 to 33
FAX No.: 815-1113; 815-1141
E-Mail: dbssph@philcom.com.ph

E. CHUA CHIACO SECURITIES, INC.
Ernesto Chua Chiaco
115 Renta corner Juan Luna Streets
Binondo, Manila
Office Tel. No.: 242-5145; 241-9291 & 93
Exchange Tel. No.: 891-9238 to 39; 891-9246 to 49
FAX No.: 243-3232

EAGLE EQUITIES, INC.
Joseph Y. Roxas
779 Harvard Street
Mandaluyong City
Office Tel. No.: 724-1584; 725-2777
Exchange Tel. No.: 634-6684; 634-6659; 634-6283
E-Mail: eagle@skyinet.net

EASTERN SECURITIES DEVELOPMENT CORP.
Marian P. Leong
Rm. 703, 7/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5491 to 98
Exchange Tel. No.: 891-9340 to 46
FAX No.: 848-5501
E-Mail: esdc@i-manila.com.ph

EASTWEST CAPITAL CORPORATION
Edilberto B. Bravo
1331 Angono Street
Makati City
Office Tel. No.: 897-6807; 897-6819 loc. 39
Exchange Tel. No.: 891-9801 to 04
FAX No.: 897-6807; 897-6805

EBC SECURITIES CORPORATION
Genevieve W.J. Go
Rm. 401 EBC Building
262 Juan Luna Street
Binondo, Manila
Office Tel. No.: 241-5959; 241-6051 & 79
Exchange Tel. No.: 891-9290 to 94

EQUITIWORLD SECURITIES, INC.
Antonio A. Lopa
Suites 807-809, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5401 to 06; 848-5408 to 10
Exchange Tel. No.: 891-9755 to 59
FAX No.: 848-5423
E-Mail: eqworld@tri-isys.com

EVERGREEN STOCK BROKERAGE & SECURITIES, INC.
Francisco S. Gaisano
6/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 891-9451 to 58
Exchange Tel. No.: 891-9451 to 58
FAX No.: 891-9459 to 60

FEB STOCK BROKERS, INC.
Emilio S. de Quiros, Jr.
3/F Far East Bank Center
Sen. Gil Puyat Avenue
Makati City
Office Tel. No.: 891-4442 to 44; 845-9888 loc. 9277
Exchange Tel. No.: 891-9084 to 87
FAX No.: 891-4878

FIDELITY SECURITIES, INC.
Ben C. Tiu
2/F JTKC Centre
2155 Pasong Tamo
Makati City
Office Tel. No.: 818-6774; 812-6267
Exchange Tel. No.: 634-7110; 633-9707 & 09; 633-9711
FAX No.: 810-3536

FINVEST SECURITIES COMPANY, INC.
Rm. 602 Sage House
110 Herrera Street
Legaspi Village, Makati City
Office Tel. No.: 817-0249; 816-1011; 813-3010 & 16; 816-1250
Exchange Tel. No.: 891-9650 to 56
FAX No.: 817-4475

FIRST INTEGRATED CAPITAL SEC., INC.
Manuel M. Mañalac, Jr.
Units 1211-1212, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 759-4320 to 23; 891-9418 to 19
Exchange Tel. No.: 759-4320 to 23; 891-9418 to 19
FAX No.: 759-4326
E-Mail: fincap@info.com.ph
URL: http://www.fincap.net

FIRST ORIENT SECURITIES, INC.
Trinidad Y. Kalaw
Suite 1201, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 891-9240 to 45
Exchange Tel. No.: 891-9240 to 45
FAX No.: 848-6175

FORTUNE SECURITIES, INC.
Alberto Gotuaco
Greenfield Building I
750 Shaw Boulevard
Mandaluyong City
Office Tel. No.: 631-5432; 631-8651 locals 134, 135 & 137
Exchange Tel. No.: 891-9330 to 36
FAX No.: 631-4716

FRANCISCO ORTIGAS SECURITIES, INC.
Francisco M. Ortigas III
Rm. 815 Ortigas Building
Ortigas Avenue
Pasig City
Office Tel. No.: 631-2674; 631-2733; 635-4952; 631-1231 loc. 67
Exchange Tel. No.: 634-5149 to 53
FAX No.: 631-2668

F.YAP SECURITIES, INC.
Felipe U. Yap
Unit 2301-2302 23/F PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 635-4141 to 42; 635-4125 to 30
Exchange Tel. No.: 634-5171; 634-5390 to 91; 634-6217 to 18; 634-6917
FAX No.: 635-2911 to 12
E-Mail: fysi@mindgate.net
URL: http://www.2tradeasia.com

GLOBALINKS SECURITIES & STOCKS, INC.
David L. Wuson
Rm. 706, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-6341 to 43; 759-4136 to 37
Exchange Tel. No.: 891-9920 to 26
E-Mail: globlink@i-manila.com.ph

GOLDEN TOWER SEC. & HOLDINGS, INC.
Andres Lao Hian Liong
4/F Vernida I Condominium
120 Amorsolo Street
Legaspi Village, Makati City
Office Tel. No.: 813-2839; 813-2945
Exchange Tel. No.: 891-9680 to 84
FAX No.: 813-0321

GOLDSTAR SECURITIES, INC.
Joseph K. Mancilla
Unit 2201-B, 22/F PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 636-0197; 633-7485 to 86
Exchange Tel. No.: 634-6765 & 69; 634-6983 & 87
FAX No.: 633-7487
E-Mail: goldstarsec2000@yahoo.com

GUILD SECURITIES, INC.
Antonio B. Alvarez
Unit 1215, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 891-9232 to 37; 891-9230
Exchange Tel. No.: 891-9232 to 37; 891-9230
FAX No.: 891-9231

GUOCO SECURITIES (PHILS.), INC.
Micky Yong
15/F BA Lepanto Building
8747 Paseo de Roxas Avenue
Makati City
Office Tel. No.: 810-6801 to 06
Exchange Tel. No.: 891-9256 to 58
FAX No.: 810-8113
E-Mail: nobledb@bloomberg.net

G. D. TAN & COMPANY, INC.
Gilbert Tan
Unit 2203-A East Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 634-6256; 637-6253 to 55; 637-5682 to 87
Exchange Tel. No.: 634-5408 to 09; 634-5405 to 06; 634-6254 to 55; 634-5402; 633-9989
FAX No.: 637-6256

G. K. GOH SECURITIES (PHILS.), INC.
Joseph Gregson A. Castillo
36/F C/D Rufino Pacific Tower
6784 Ayala Avenue
Makati City
Office Tel. No.: 811-0930 to 33; 848-9968 to 69; 811-0009; 848-9971 to 72; 811-0061; 811-0203; 811-0289
Exchange Tel. No.: 891-8582 to 83
FAX No.: 811-1150 or 52

HSBC SECURITIES(PHILS.), INC.
Lorenzo S. Lichauco
8/F The Enterprise Center, Tower 1
6766 Ayala Avenue
Makati City
Office Tel. No.: 886-5980
Exchange Tel. No.: 891-9195 to 96
FAX No.: 886-5979
E-Mail: hjcp@philcom.com.ph
URL: http://www.ib.hsbc.com

H.E. BENNETT SECURITIES, INC.
Jesus M. de la Peña
Room 207, Fil-Am Resources Bldg.
231 Juan Luna Street
Binondo, Manila
Office Tel. No.: 242-5733; 241-6284; 241-6458
Exchange Tel. No.: 634-5030 & 87; 634-6235; 634-9833
FAX No.: 244-6181
E-Mail: hebsi@info.com.ph

HDI SECURITIES, INC.
Chia Kim Teck
11/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 891-9597 to 98; 891-9607 to 09; 891-9614 to 17
Exchange Tel. No.: 891-9502 to 10
FAX No.: 891-9597

HIGHLAND SECURITIES PHILS., INC.
Vicente Jayme, Jr.
Unit 1604-A, 16/F PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 634-7401 to 07; 634-7411 to 13
Exchange Tel. No.: 891-9519; 891-9106; 891-9478
FAX No.: 634-7414
E-Mail: planethighland@go.com

HK SECURITIES, INC.
Rodolfo V. Cruz
Suite 102, Columbia Tower
Ortigas Avenue
Mandaluyong City
Office Tel. No.: 725-6356 to 57; 724-9967 & 69; 724-6336; 724-6325
Exchange Tel. No.: 891-9521 to 25
FAX No.: 725-6360
E-Mail: hksi@worldtelphil.com

INVESTORS SECURITIES, INC.
Edward Go
Unit M-VI-A Gallery Bldg.
Amorsolo Street
Makati City
Office Tel. No.: 843-1877; 843-1210
Exchange Tel. No.: 891-9440 to 46
FAX No.: 817-9989

I. ACKERMAN & COMPANY, INC.
Irving I. Ackerman
Suite 705, 7/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 891-9070 to 72; 891-9074 to 75
Exchange Tel. No.: 891-9070 to 76
FAX No.: 891-9353
E-Mail: i.ackerman@eudoramail.com

I. B. GIMENEZ SECURITIES, INC.
Ignacio B. Gimenez
Unit 2703-A, 27/F PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 636-1121 to 35; 637-3849; 637-3824 to 43
Exchange Tel. No.: 634-6262 to 65
FAX No.: 634-2349
E-Mail: ibgsi_ph@yahoo.com

IGC SECURITIES, INC.
Ismael G. Cruz
Suite 1006, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 759-4802 to 04; 891-9190 to 94
Exchange Tel. No.: 891-9190 to 94
FAX No.: 891-9194
E-Mail: igcsec@i-manila.com.ph

IMPERIAL DE GUZMAN, ABALOS & CO., INC.
Leonides C. Tiotuico
Greenfield Building I
750 Shaw Boulevard
Mandaluyong City
Office Tel. No.: 633-2680 & 86; 631-8651 loc 144 to 146, 148
Exchange Tel. No.: 634-5161 & 66; 634-5739; 634-5716 to 18
FAX No.: 633-4716

INDOSUEZ W.I. CARR SECURITIES (PHILS.), INC.
Emmanuel L. Samson
17/F Citibank Tower
8741 Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-0906; 848-0881 to 82; 750-1117 to 18
Exchange Tel. No.: 848-0906
FAX No.: 750-5610; 750-5618
E-Mail: iwics.manila@ph.indocarrsec.com
URL: http://www.indocarrsec.com

ING BARING SECURITIES (PHILS.), INC.
Cesar Luis F. Bate
20/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 840-8400; 891-9898
Exchange Tel. No.: 848-5213; 848-5228; 840-8480; 840-8483
FAX No.: 891-9777; 891-9797
URL: http://www.ingbarings.com

INTRA-INVEST SECURITIES, INC.
Edgardo V. Guevara
11/F ACT Tower
135 Sen. Gil J. Puyat Avenues
Salcedo Village, Makati City
Office Tel. No.: 893-4107; 813-8293; 813-8295; 893-4114; 813-7863 to 64; 893-4114; 813-8294
Exchange Tel. No.: 891-9206 to 08; 891-9197 to 98
FAX No.: 892-1290

J. M. BARCELON & COMPANY, INC.
Amparo V. Barcelon
Rm. 301 3/F Pako Building
Pedro Gil corner Dart & Gen. Luna Streets
Paco, Manila
Office Tel. No.: 523-6808
Exchange Tel. No.: 635-0235 to 36; 635-5134
FAX No.: 725-1004

JAKA SECURITIES CORPORATION
Katrina C. Ponce-Enrile
Unit 814 Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-7122 to 24
Exchange Tel. No.: 848-6413 to 15
FAX No.: 848-7121

JARDINE FLEMING EXCHANGE CAPITAL SECURITIES, INC.
Conrado F. Bate
22/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 841-9800
Exchange Tel. No.: 891-9310 to 15
FAX No.: 841-9802
URL: http://www.jfleming.com

JOCRISON SECURITIES, INC.
Jose Chong
Unit 3003D East Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 635-5156 to 59
FAX No.: 635-5160

JSG SECURITIES, INC.
Jorge S. Go
4/F A & T Building
244 Escolta Street
Binondo, Manila
Office Tel. No.: 241-0594 to 98; 242-9424
Exchange Tel. No.: 631-8887; 633-0285; 637-3159 to 61
FAX No.: 242-9392

KEPPEL SECURITIES PHILIPPINES, INC.
Chan Yee Liang
9/F Units 9A & 9B, Country Space I Bldg.
Sen. Gil Puyat Avenue
Makati City
Office Tel. No.: 812-2956 to 58; 813-3116 to 18; 812-2966 to 67
Exchange Tel. No.: 891-9470 to 74
FAX No.: 813-8938
E-Mail: kivi@info.com.ph

KERRY SECURITIES (PHILS.), INC.

KEY SECURITIES, INC.
Koo Kiao-Go
Unit 1410, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 891-9320
Exchange Tel. No.: 891-9320 to 22
FAX No.: 848-6179

KGI SECURITIES(PHILS.), INC.
Sulficio O. Tagud, Jr.
31/F West Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 637-0844; 631-6915; 637-3156
Exchange Tel. No.: 634-6282
FAX No.: 631-7064
E-Mail: cs1main@mail.info.com.ph

KING'S POWER SECURITIES, INC.
Carlos J. Ching
Rm. 704 Federal Tower
Dasmariñas St.
Binondo, Manila
Office Tel. No.: 242-3048 to 49; 242-3055
Exchange Tel. No.: 848-7180 to 85
FAX No.: 244-0813

LITONJUA SECURITIES, INC.
Eduardo V. Litonjua, Jr.
Rm. 205 DITZ Building
444 T. M. Kalaw Street
Manila
Office Tel. No.: 521-1951 to 57
Exchange Tel. No.: 634-7178; 634-7478 to 79; 634-5713; 632-7525
FAX No.: 521-7692
E-Mail: litionjua@skyinet.net

LOPEZ, LOCSIN, LEDESMA & COMPANY, INC.
Dionisio Lopez
Unit 702, 7/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 891-9642 to 43
Exchange Tel. No.: 891-9640 to 41
FAX No.: 848-6651

LUCKY SECURITIES, INC.
Eddie T. Gobing
Unit 1402-B PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 634-6826; 634-6747 & 60; 634-6786
Exchange Tel. No.: 634-5382 to 84; 634-5411; 634-5750 to 51; 634-5707
FAX No.: 634-6826

LUY'S SECURITIES COMPANY, INC.
Enrique Luy
1000 A. Mabini Street
Ermita, Manila
Office Tel. No.: 525-1011; 523-5991; 523-1040; 523-8311 to 19
Exchange Tel. No.: 634-5175 to 76; 634-6523 to 24; 634-6850 to 51
FAX No.: 521-2098; 521-2104

LARRGO SECURITIES COMPANY, INC.
Maria Paz R. Laurel
2/F Rufino Building
6784 Ayala Avenue
Makati City
Office Tel. No.: 810-1183; 810-1353 & 54; 810-1440 & 46
Exchange Tel. No.: 891-9530 to 33
FAX No.: 817-2486

MARK SECURITIES CORPORATION
Mark S. Dayrit
14/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-7137
Exchange Tel. No.: 891-9210 to 14
FAX No.: 848-5150
E-Mail: marksec@pworld.net.ph

MDR SECURITIES, INC.
Manuel D. Recto
Unit 1806, 18/F Medical Plaza Ortigas Bldg.
San Miguel Avenue, Ortigas Centre
Pasig City
Office Tel. No.: 910-3124 to 25; 638-3899; 636-4788
Exchange Tel. No.: 891-9224 to 28
FAX No.: 638-3899

MERCANTILE SECURITIES CORP.
Astrid Melody Lim
20/F PDCP Bank Centre
8737 Paseo de Roxas Avenue
Makati City
Office Tel. No.: 819-7415 to 20; 813-3131; 813-3151 & 56
Exchange Tel. No.: 891-9350 to 58
FAX No.: 818-6930

MERIDIAN SECURITIES, INC.
Ronaldo S. Salonga
Unit 2702-B & 2702-C, 27/F PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 635-6261 to 65
Exchange Tel. No.: 634-6931 to 36
FAX No.: 634-6937

MERRILL LYNCH SECURITIES PHILIPPINES, INC.
Joseph R. Madrid
Unit 19C, Citibank Tower, Citibank Plaza
8741 Paseo de Roxas Avenue
Makati City
Office Tel. No.: 814-5700
Exchange Tel. No.: 891-9162; 891-9222
FAX No.: 814-5768
E-Mail: joseph_madrid@ph.ml.com
URL: http://www.ml.com

MOUNT PEAK SECURITIES, INC.
William Gaweco
748 C. K. Building
Juan Luna Street
Binondo, Manila
Office Tel. No.: 241-7990 & 92; 241-8043; 243-1953
Exchange Tel. No.: 891-9601 to 05
FAX No.: 241-8042
E-Mail: mpeak@sfi.com.ph

MULTI-GRADE SECURITIES CORP.
Nolan M. Dapul
Unit 1515, 15/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 759-4133 to 34; 759-4371
Exchange Tel. No.: 891-9514 to 17
FAX No.: 759-4135
E-Mail: multig@glinesnx.com.ph

MAGNUM INTERNATIONAL SECURITIES, INC.
Cheah Yoke Phow
Unit 2403 West Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 637-0721 to 40
FAX No.: 637-3724; 637-3729
E-Mail: magnumsearch@mindgate.net

MANDARIN SECURITIES CORPORATION
Charles H. Shih
1000 A. Mabini Street
Ermita, Manila
Office Tel. No.: 525-1011; 523-5991; 523-1040; 523-8311 to 19
Exchange Tel. No.: 634-6517 to 20
FAX No.: 521-2098; 521-2104

MARIAN SECURITIES, INC.
Richard L. Lee
Universal Family Center Building
2232 Pasong Tamo Extension
Makati City
Office Tel. No.: 819-1134
Exchange Tel. No.: 891-9309; 891-9315 to 18

MARINO OLONDRIZ Y CIA
Marino Jose Olondriz
Unit 2305-A, 23/F PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 633-2829 to 32; 633-2833; 634-5170 & 77
Exchange Tel. No.: 634-6219 to 21
FAX No.: 633-2835

NIEVES SANCHEZ, INC.
Nieves Sanchez
Rm. 400 Fil-Am Resources Building
231 Juan Luna St.
Binondo, Manila
Office Tel. No.: 241-7142; 241-6890
Exchange Tel. No.: 891-9306 to 08
FAX No.: 241-6890

NOMURA SECURITIES PHILS., INC.
James H. Slade
18/F Tower 2, The Enterprise Center
6766 Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 886-5240
FAX No.: 886-5250

NEW WORLD SECURITIES, INC.
Joan Chai Chu
Rm. 202 Fil-Am Resources Building
231 Juan Luna St.
Binondo, Manila
Office Tel. No.: 242-1743 & 59; 242-1767
Exchange Tel. No.: 634-6950 to 51; 634-5711 to 12; 634-5721
FAX No.: 242-1743
E-Mail: newsec@iname.com

OCBC SECURITIES PHILS., INC.
Eileen Au
Unit 2502-A West Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 635-5765
FAX No.: 635-5766
E-Mail: ocbcphil@globe.com.ph

OPTIMUM SECURITIES CORPORATION
Eddie S. Jose
No. 11 E.O. Building
United corner 2nd Sts., Bo. Kapitolyo
Pasig City
Office Tel. No.: 631-7831 to 36; 631-3989; 633-2629
Exchange Tel. No.: 891-9580 to 87
FAX No.: 631-8834
E-Mail: vso@mozcom.com

ORION-SQUIRE CAPITAL, INC.
Chong Hyun Park
18/F Chatham House Condominium
116 Valero corner Herrera Streets
Salcedo Village, Makati City
Office Tel. No.: 887-1201 to 12; 887-5092 to 97
Exchange Tel. No.: 891-9324 to 28
FAX No.: 887-1221
E-Mail: orionadmin@oriondealing.com
URL: http://www.oriondealing.com

PLATINUM SECURITIES, INC.
Rodolfo V. Feliciano
Unit 801 Antel 2000 Corporate Centre
121 Valero Street
Salcedo Village, Makati City
Office Tel. No.: 887-1178; 887-1179
Exchange Tel. No.: 891-9301 to 05

PNB SECURITIES, INC.
Augusto Cosio, Jr.
3/F PNB Financial Center
Roxas Boulevard
Pasay Road
Office Tel. No.: 526-3510; 526-3678; 526-3463; 526-3555 to 58; 526-3478
Exchange Tel. No.: 891-9840 to 50
FAX No.: 526-3477
E-Mail: cosioam@pnb.com.ph

PREMIUM SECURITIES, INC.
Antonio Y. Tee
Unit 1415, 14/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5915 to 17
Exchange Tel. No.: 891-9590 to 95
FAX No.: 848-5917

PROBITY SECURITIES MANAGEMENT CORP.
Virgilio De Silva
Unit 2304A West Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 634-6925; 637-3352
Exchange Tel. No.: 634-6921; 634-6923 & 24; 633-9732; 633-9835; 634-6927
FAX No.: 634-6926

PRYCE SECURITIES, INC.
Salvador P. Escano
18/F Pryce Centre
1179 Chino Roces Ave. corner Bagtikan St.
Makati City
Office Tel. No.: 899-9141
Exchange Tel. No.: 891-9940 to 49
FAX No.: 899-6024
E-Mail: psi.makati@pryce.com.ph
URL: http://www.pryce.com.ph

PUBLIC SECURITIES CORPORATION
Reynaldo V. Reyes
Unit 1214, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 891-9175; 891-9494 to 95
Exchange Tel. No.: 891-9490 to 93
FAX No.: 891-9495

PCCI SECURITIES BROKERS CORP.
Federico C. Galang
3/F PCCI Corporate Center
118 Alfaro Street, Salcedo Village
Makati City
Office Tel. No.: 893-3920; 893-3923 to 24; 893-4340 to 41
Exchange Tel. No.: 891-9952 to 55
FAX No.: 893-4340
E-Mail: pccisbc4@info.com.ph

PCIB SECURITIES, INC.
Erlaster C. Sotto
20/F PCIB Tower I
Makati Ave. corner H.V. dela Costa St.
Makati City
Office Tel. No.: 891-2026; 891-2082 to 89; 891-2028; 840-7000 loc. 2427, 2475, 2497
Exchange Tel. No.: 891-9008 to 09; 891-9039; 891-9045 & 49; 891-9079; 891-9084 to 87
E-Mail: pcibsec@amanet.net

PEARLBANK SECURITIES, INC.
Juanita U. Tan
Suite 1003 Tytana Plaza Building
Plaza Lorenzo Ruiz
Binondo, Manila
Office Tel. No.: 241-0076 to 77; 241-0267; 817-2095 to 96; 817-2089; 817-2080
Exchange Tel. No.: 891-9408
FAX No.: 241-0139

PHIL-PROGRESS SECURITIES CORP.
Francisca S. Martin
G/F PPL Building
United Nations Ave. corner San Marcelino St.
Manila
Office Tel. No.: 526-4207 to 10
Exchange Tel. No.: 891-8579 to 80; 891-8506
FAX No.: 526-4202

PHILEOALLIED SECURITIES (PHILIPPINES), INC.
Wong Theng Kwai
Unit 906, 9/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5539; 848-5540
Exchange Tel. No.: 891-9281 to 83; 759-4035
FAX No.: 848-5541
E-Mail: wongtk@unet.net.ph

PHILIPPINE TA SECURITIES, INC.
Yeoh Yong Woi
E-1203 PSE Centre
Exchange Road, Ortigas Centre
Pasig City
Office Tel. No.: 636-0856
Exchange Tel. No.: 891-9265 to 69; 891-9276 to 79
FAX No.: 631-7942
E-Mail: esatapdi@pacific.net.ph

PIERCE INTERLINK SECURITIES, INC.
Luciano P. Ong, Sr.
Unit 1412, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 891-9436; 891-9529; 891-9534 to 36
Exchange Tel. No.: 891-9436; 891-9529; 891-9534 to 36
FAX No.: 891-9429

PJB PACIFIC SECURITIES (PHILS.), INC.
Salwah Hassan
7/F World Centre
330 Sen. Gil Puyat Avenue
Makati City
Office Tel. No.: 867-8727 to 38
Exchange Tel. No.: 891-9781 to 84
FAX No.: 867-8571 to 72
E-Mail: pjbadmin@pjb.com.ph

PAN ASIA SECURITIES CORPORATION
Mariano Tanenglian
Rm. 910, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5153 to 54
Exchange Tel. No.: 891-9170 to 74
FAX No.: 848-5154

PAPA SECURITIES CORPORATION
Myron C. Papa
6/F S & L Building
Dela Rosa corner Esteban Streets
Legaspi Village, Makati City
Office Tel. No.: 817-8433 & 79; 817-8454; 815-1307 & 08
Exchange Tel. No.: 891-9630 to 34
FAX No.: 815-1308

PARAGON STRATEGIC HOLDINGS, INC.
Peter Kan
c/o Grand Plaza Hotel Corporation
10th Floor, The Heritage Hotel Manila
Roxas Blvd. corner EDSA Extension, Pasay City
Office Tel. No.: 891-8838
FAX No.: 891-8825

PARIBAS ASIA EQUITY (PHILS.), INC.
Matthew Sutherland
25/F Pacific Star Building
Sen. Gil Puyat corner Makati Avenues
Makati City
Office Tel. No.: 816-3471 to 76; 810-4671 to 74
Exchange Tel. No.: 891-9790 to 97
FAX No.: 819-2653 & 54
E-Mail: pbnpparibas.manila@asia.pbnparibas.com
URL: http://www.paribas.com

QUALITY INVESTMENT & SECURITIES CORP.
Alfred Cu
Suite 1602 Tytana Plaza Building
Oriente St. corner Plaza Lorenzo Ruiz
Binondo, Manila
Office Tel. No.: 241-0072; 241-0486; 241-4238; 241-0547; 241-6781; 241-7530; 241-7539
Exchange Tel. No.: 891-9180 to 88
FAX No.: 241-0166
E-Mail: qualsec@webquest.com

R & L INVESTMENTS, INC.
Rene R. Lee
675 Lee Street
Mandaluyong City
Office Tel. No.: 724-5207
Exchange Tel. No.: 891-9201 to 05
FAX No.: 724-7210
E-Mail: rlinvest@sfi.com.ph

R. COYIUTO SECURITIES, INC.
Robert Coyiuto, Jr.
5/F Corinthian Plaza
Paseo de Roxas Avenue
Legaspi Village, Makati City
Office Tel. No.: 811-3064 to 67; 811-3190
Exchange Tel. No.: 634-5035; 634-6204 to 07; 634-6697; 634-6669
FAX No.: 811-3073

REGIS PARTNERS, INC.
Emmanuel O. Bautista
23/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 894-6600; 894-6650 to 60; 894-6623 to 35
Exchange Tel. No.: 811-0076 to 79; 811-0073
FAX No.: 894-6605; 894-6622

R. NUBLA SECURITIES, INC.
Ralph Nubla, Jr.
Rm.300 3/F Fil-Am Resources Bldg.
231 Juan Luna Street
Binondo, Manila
Office Tel. No.: 242-1595 to 96; 242-1770
Exchange Tel. No.: 634-6525 to 27; 634-6326; 634-5936
FAX No.: 242-1666

R.S. LIM & COMPANY, INC.
Alejandro T. Yu
1509 Galvani Street
Makati City
Office Tel. No.: 843-4313; 844-7235; 844-2245
Exchange Tel. No.: 891-9660 to 71
FAX No.: 844-2245
E-Mail: rslim@i-manila.com.ph

RASHID HUSSAIN SECURITIES (PHILS.), INC.
Tan Hak Yek
33/F Rufino Pacific Tower
6784 Ayala Avenue
Makati City
Office Tel. No.: 811-0855; 811-0860
Exchange Tel. No.: 891-9005 to 07
FAX No.: 811-0866; 811-0302

RCBC SECURITIES, INC.
Alicia Rita M. Arroyo
Unit 1008, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5183 to 87
Exchange Tel. No.: 891-9101 to 05
FAX No.: 848-5279
E-Mail: aarroyo@ibm.net

REGINA CAPITAL DEVELOPMENT CORP.
Marita A. Limlingan
Unit 806, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5482 to 84; 891-9415 to 17
Exchange Tel. No.: 891-9410 to 17
FAX No.: 848-5482 to 84

RIZAL EQUITIES, INC.
Alberto L. Monreal
Suite 2302B West Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 634-8808 to 11
Exchange Tel. No.: 631-5231; 631-5237; 631-5242
FAX No.: 634-8813

RTG & COMPANY, INC.
Unit 602, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5455; 891-9480 to 85
Exchange Tel. No.: 891-9480 to 82; 891-9484 to 85
FAX No.: 891-9483

SINCERE SECURITIES CORP.
John Kenneth L. Ocampo
1203-A East Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 638-3548 to 50
Exchange Tel. No.: 634-6664; 634-6668
FAX No.: 638-3570

S.J. ROXAS & COMPANY, INC.
Simplicio J. Roxas
Unit 612, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5065 to 69
Exchange Tel. No.: 891-9708 to 09; 891-9714 to 16; 891-9439
FAX No.: 891-9447

SANTANDER INVESTMENT SECURITIES (PHILS.), INC.
Vicente B. Castillo
27/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5847
Exchange Tel. No.: 848-5836 to 38
FAX No.: 848-6554; 759-4190

SAPPHIRE SECURITIES, INC.

SARANGANI SECURITIES, INC.
Arthur W. Antonino
5/F APMC Building
136 Amorsolo corner Gamboa Streets
Legaspi Village, Makati City
Office Tel. No.: 817-5806; 817-5815; 817-5834
Exchange Tel. No.: 891-9176 to 79

SB EQUITIES, INC.
Remy Tigulo
18/F Security Bank Centre
6776 Ayala Avenues
Makati City
Office Tel. No.: 891-1021
Exchange Tel. No.: 891-9677 to 79; 891-9685 to 86
FAX No.: 813-3349
E-Mail: sbequities@securitybank.com.ph

SECURITIES 2000, INC.
Charles C. Ngan
Unit 2203-B West Tower, PSE Centre
Exchange Road, Ortigas Centre
Pasig City
Office Tel. No.: 638-0700 to 19
Exchange Tel. No.: 636-0805; 633-9832
FAX No.: 637-9404
URL: http://www.sec2000.com.ph

SECURITIES PLUS, INC.
Eduardo L. Gaspar
27/F East Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 632-0905
Exchange Tel. No.: 634-5412 to 16; 634-8616 & 70

SECURITIES SPECIALISTS, INC.
Francisco Villaroman
Casa Blanca
1447 M. Adriatico Street
Ermita, Manila
Office Tel. No.: 523-5595; 523-8251 local 751, 762; 526-6832; 524-6238
Exchange Tel. No.: 891-9701 to 03
FAX No.: 526-0466
E-Mail: secspec@poboxes.com

SG SECURITIES (PHILIPPINES), INC.
Claude Touitou
21/F Antel Corporate Centre
139 Valero Street
Salcedo Village, Makati City
Office Tel. No.: 841-0777
Exchange Tel. No.: 848-5542 to 44; 848-5074
FAX No.: 849-2900

SOLAR SECURITIES, INC.
Johnny S. Yap
Unit 3002 East Tower, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 636-6302; 637-0952; 636-6302; 637-0952
Exchange Tel. No.: 636-6302; 637-0952; 634-6869; 634-6878; 634-6898
FAX No.: 634-6715; 635-2466

STANDARD SECURITIES CORPORATION
Domingo Herrera
Rm. 1202, 12/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-6149 to 51
Exchange Tel. No.: 891-9760 to 66
FAX No.: 848-5609

STRATEGIC EQUITIES CORPORATION
Roberto Z. Lorayes
Units 603, 610-611 Tower I & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5159
Exchange Tel. No.: 891-9620 to 21
FAX No.: 848-5164 to 65

SUMMIT SECURITIES, INC
Harry Liu
Unit 2102-B 21/F PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 631-1032 to 37; 631-8335 & 37; 631-8339 to 40
Exchange Tel. No.: 634-6230 to 31; 634-5992; 634-6955 to 57
FAX No.: 631-1033
E-Mail: hgl@mozcom.com

SUN HUNG KAI SECURITIES (PHILS.),INC.
Lim Seow Ngee
15/F Citibank Tower
Paseo de Roxas Avenue
Makati City
Office Tel. No.: 813-2041 to 52
Exchange Tel. No.: 891-9215 to 18
FAX No.: 813-2059
E-Mail: sunhk@skyinet.net

SUPREME STOCKBROKER, INC.
Eduardo C. Arroyo, Jr.
15/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 891-9403 to 07
Exchange Tel. No.: 891-9401 to 05
FAX No.: 891-9404

TANSENGCO & COMPANY, INC.
Francisco O. Tansengco
Rm. 208 Padilla de los Reyes Bldg.
232 Juan Luna Street
Binondo, Manila
Office Tel. No.: 241-6887
Exchange Tel. No.: 634-6675 & 85; 633-1310; 634-8230
FAX No.: 241-7155

THE FIRST RESOURCES MANAGEMENT & SECURITIES CORPORATION
Ma. Vivian Yuchengco
Rms. 801-802, 8/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-6311 to 18
Exchange Tel. No.: 848-6311 to 18
FAX No.: 848-6272
E-Mail: vivian@i-next.net

THING ON SECURITIES LTD. PHILIPPINES, INC.
Betty Ngo Wong
1136 Soler Street
Binondo, Manila
Office Tel. No.: 245-3093 to 95
Exchange Tel. No.: 636-5793 to 97
FAX No.: 245-2785

TIR SECURITIES (PHILIPPINES) CORPORATION
Unit 1007 PSBank Tower
Sen. Gil Puyat Ave. corner Tindalo St.
Makati City
Office Tel. No.: 759-3500 to 03
FAX No.: 759-3503

TOWER SECURITIES, INC.
Raymond Peter Liao Unlay
Unit 1802-C, PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 635-4448 to 49; 635-4144; 634-6726
Exchange Tel. No.: 633-9411; 634-5146 to 48
FAX No.: 635-4145
E-Mail: tower@compass.com.ph

TRANS-ASIA SECURITIES, INC.
Eugene Ong
Rm. 601-S State Centre Building
333 Juan Luna St.
Binondo, Manila
Office Tel. No.: 242-2823; 242-3031; 242-1031
Exchange Tel. No.: 634-5725 to 27; 634-5752 to 54
FAX No.: 242-3031

TRENDLINE SECURITIES CORPORATION
Rm. 503 Tytana Building
Plaza Lorenzo Ruiz
Binondo, Manila
Office Tel. No.: 241-0142; 241-0054; 241-0387
Exchange Tel. No.: 891-9430 to 35
FAX No.: 241-0591

TRI-STATE SECURITIES, INC.
Gregorio T. Chan
Unit 1007, 10/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5044 to 46
Exchange Tel. No.: 891-9361 to 65
FAX No.: 848-5047

TRITON SECURITIES CORPORATION
Edwin L. Luy
7/F 1000 A. Mabini Street
Ermita, Manila
Office Tel. No.: 523-8311 to 25
Exchange Tel. No.: 635-5531 to 35
FAX No.: 526-0906

TOPWIN SECURITIES, INC.
Lawrence Low-Nang
31/F Rufino Pacific Tower
6784 Ayala Avenue corner Herrera Street
Makati City
Office Tel. No.: 811-0947 to 49; 811-0261 to 65
Exchange Tel. No.: 891-9080 to 83
FAX No.: 811-0520

UCPB SECURITIES, INC.
Joseph N. Pineda
Suite 1612, 16/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-5678 to 81
Exchange Tel. No.: 891-9730 to 37
FAX No.: 848-5682

UNICAPITAL SECURITIES, INC.
Rogildo Lara
4/F Majalco Bldg.
Trasierra corner Benavidez Streets
Legaspi Village, Makati City
Office Tel. No.: 750-2030; 812-2514
Exchange Tel. No.: 638-4046 to 47
FAX No.: 750-2033; 750-8293
URL: http://www.unicapsec.com

UOB SECURITIES (PHILIPPINES), INC..
Michael Huang
Unit 9-C, Chatham House Condominium
116 Valero corner Herrera Streets
Salcedo Village, Makati City
Office Tel. No.: 887-1066 to 69; 887-1170; 887-1866
Exchange Tel. No.: 634-6257 to 58
FAX No.: 887-7972

UPCC SECURITIES CORPORATION
Edgardo A. Kalaw
Unit 94, 9/F Legaspi Suites
178 Salcedo Street
Legaspi Village, Makati City
Office Tel. No.: 892-8855
FAX No.: 892-0215
E-Mail: upcc_mla@i-manila.com.ph

URBANCORP SECURITIES, INC.
Teodoro C. Borlongan
23/F Urban Bank Square
Urban corner Sen. Gil Puyat Avenues
Makati City
Office Tel. No.: 878-0576; 878-0570
Exchange Tel. No.: 891-9610
FAX No.: 887-9900 to 01
E-Mail: ui@urbanbank.com

UBS WARBURG SECURITIES (PHILS.), INC.
Lip Teng Seet
19/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 754-8888
Exchange Tel. No.: 634-6662; 634-6909; 634-6210
FAX No.: 754-8810

VENTURE SECURITIES, INC.
Eusebio Tanco
Unit 811, 8/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-6503 to 05
Exchange Tel. No.: 891-9420 to 24
FAX No.: 848-6503

VICKERS BALLAS SECURITIES (PHILS.), INC.
Edwin Villanueva
5/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 759-4488; 848-5726 to 31
Exchange Tel. No.: 891-9933 to 38
FAX No.: 759-4556
E-Mail: vbsdial@skyinet.net

VICSAL SECURITIES & STOCK BROKERAGE, INC.
Frank Sy Gaisano
658 Carlos Palanca Street
Quiapo, Manila
Office Tel. No.: 734-9771 to 75; 734-9526
Exchange Tel. No.: 891-9710 to 13
FAX No.: 734-9501

VISA SECURITIES CORPORATION
Vichelli Churchill Say
Suite 1822 Tytana Centre
Plaza Lorenzo Ruiz
Binondo, Manila
Office Tel. No.: 241-0352
Exchange Tel. No.: 634-5734; 634-5729
FAX No.: 241-0352

WISE SECURITIES PHILS., INC.
Ramon L. Mapa
16/F Tower I, The Enterprise Center
6766 Ayala Avenue
Makati City
Office Tel. No.: 886-5844
Exchange Tel. No.: 891-9870 to 78
FAX No.: 886-5618
E-Mail: wspi@wiseholdings.com

WEALTH SECURITIES, INC.
Wilson Sy
21/F PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 634-5038 to 42; 637-3048 to 50
Exchange Tel. No.: 634-6222 to 29; 633-9707; 633-9710 to 11
FAX No.: 634-5043
E-Mail: wealth@mindgate.net

WELLEX GLOBAL EQUITIES, INC.
Rhoderick R. Santos
6/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-6231
Exchange Tel. No.: 891-9380 to 85
FAX No.: 848-6229
E-Mail: wgei@skyinet.net

WINCORP SECURITIES, INC.
John Anthony B. Espiritu
Unit 1605, Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 891-9645 to 49
Exchange Tel. No.: 891-9288 to 89; 891-9295 to 98

WONG SECURITIES CORPORATION
Eden Wong
1402-B A. Mabini cor. Sta. Monica Sts.
Ermita, Manila
Office Tel. No.: 521-7794; 521-2774; 521-2245
Exchange Tel. No.: 634-5728; 634-5735 to 37
FAX No.: 521-6862

WORLDSEC INTERNATIONAL SEC. (PHILS.) INC.
Cecilia Dolendo Suarez
10/F Tower 1 & Exchange Plaza
Ayala corner Paseo de Roxas Avenues
Makati City
Office Tel. No.: 848-6360; 848-6363
Exchange Tel. No.: 891-9915 to 19
FAX No.: 848-6373
URL: http://www.worldsec.com

YAO & ZIALCITA, INC.
Carmelita C. Yao
Yao Building
577 A. Bonifacio Drive
Port Area, Manila
Office Tel. No.: 527-4019 to 21; 527-3924; 527-8986 to 90
Exchange Tel. No.: 634-5172 & 81; 634-6944 to 46; 634-6284 to 86
FAX No.: 527-4025

YAPTINCHAY SECURITIES CORP.
Ma. Juanita E. Cueto
Suite 2001-A 20/F PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 634-8682; 634-6701; 634-8671
Exchange Tel. No.: 634-8682; 634-6701; 634-8669; 634-8671
FAX No.: 634-8669

YU & COMPANY, INC.
Johnny Yu
Unit-E 1606-B PSE Centre
Exchange Road, Ortigas Center
Pasig City
Office Tel. No.: 634-7577; 634-6611 & 18
Exchange Tel. No.: 634-6248 to 50; 634-6679 & 83
FAX No.: 634-5918
E-Mail: yunc@sfi.com.ph

Useful Stock Market References

2009-09-01T07:19:00.000-07:00