ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
UPDATE_Week 10_TD46_March 7, 2011_Monday
source: www.pse.com.ph

INDUSTRIAL SECTOR

Food, Beverage & Tobacco

SAN MIGUEL CORPORATION [pse: SMC]

Disc. No. 2011-1795 BIDDING FOR RPN-9 & IBC-13
As it confirmed a report that was published in a national daily regarding its interest in bidding
for government-owned/sequestered channels RPN-9 and IBC-13, the Company affirmed and reiterated
an advisory through a disclosure made in November last year that it “intends to participate in
other public biddings conducted by the government for infrastructure, power and tourism
projects.”

SMC has been in the news for much of the year over its various plans including (1) a San Miguel
City in North Harbor; (2) a php250 billion share sale; (3) the acquisition of a 310MW gas turbine
plant in Navotas; (4) a US$1.0 billion investment for the upgrade of the Limay Plant in Bataan;
(5) putting up a php1-B power subsidiary; and (6) deals with Indon mining firms, among others.
Obviously, these are all part of the conglomerates continuing drive towards diversification and
refocusing its core businesses from the traditional food and beverage industry.

Except for five sessions in the last week of

January, SMC share price has generally traded
between a low of php168.00 and a high of
php186.50 – an php18.50 or a 9.0% to 11.0%
band, sufficient for short-term profits. The
consolidation trend continues with the stock
closing at php170 yesterday. RSI(14) drops
back to 46.67, near its weakest point for the
year, as it trends lower indicating a loss of
positive momentum. This is the measure's
lowest level since it fell to 39.36 in August
last year coinciding with a share price of
php67.05. STO(14,3,3) draws a slight
positive bias, with the line rising off
oversold territory even as price action was
contained in the earlier cited band.
Furthermore, it has managed to stay marginally
above the trigger line while locating current
price at just a little over the lower third of the 14pd price range. Meanwhile, the AccDist Line
shows an almost even pressure, confirming the present range-boung movement. BUY & HOLD.

Electricity, Energy, Power & Water

PETRON CORPORATION [pse: PCOR]

Disc. No. 2011-1756 SHARE SALE, TREATS
TRANSFER TO PF
The Company confirms reports it is considering
a share sale to raise US$2 billion for its
expansion efforts over the next three to four
years. PCOR is seen as eventually becoming
the SMC group's flagship unit. In another
development, PCOR is ready to give up its
Treats retail store in favor of sister-company
San Miguel Purefoods Company [pse: PF].

After taking back more than half of the

php13.04 [94.6%] late-November to December

DISCLAIMER: 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 3
ACCORD CAPITAL EQUITIES CORPORATION
GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
UPDATE_Week 10_TD46_March 7, 2011_Monday
source: www.pse.com.ph

advance to php19.74, price has begun to pick up again, drawing a rising wedge from end-January to
yesterday's close at php15.60. The rising, but narrowing, trading band raises concerns on the
sustainability of the increase. Alternatively, investors are quicker at both ends of the trade,
with buyers emerging at the slightest drop while profit-taking becoming more dominant a marginal
breaks of preceding high closes. STO(14,3,3) has vaulted to overbought levels even as
MACD(12,26,9) still posits a slight upward bias. The AccDist Line is practically flat,
indicating an almost even pressure from both ends. Anticipation over the share sale may continue
to draw investors' interest in the counter. However, we are inclined to adopt a wait-and-see
stance, with specific focus on whether price will be able to hold above the immediate trough of
php15.08. HOLD.

HOLDING FIRMS SECTOR

SOUTH CHINA RESOURCES, INC [pse: SOC]

Disc. No. 2011-1758 TRANSFER OF PROPERTY TO SUBSIDIARY
The Company's 2.4 hectare “Buli Property” located along the East Service Road of the South Luzon
Expressway (SLEX), Muntinlupa City has been transferred to its wholly-owned subsidiary, SOC Land
Development Corporation. In consideration therefor, SOC Land transferred to parent SOC its
shares equivalent to php312.298 million. The property unit's initial project is the php2-billion
“Anuva MRB (mid-rise building) composed of four (4) tandem buildings, with the first building
seen to be completed at end-2013.

Although the stock has not been a “favorite”

of the market as shown by the thin volume
turnover, there are some details that point to
a possible near-term positive price action to
test two resistance marks at php1.55 and
php1.63. First, price has broken an almost
month-long downtrend even as it continues to
hold generally between php1.43 and php1.55
since early December last year. Second, the
most significant of the underlying indicators,
AccDist Line (bottom chart) show an
unmistakable bias for accumulation. In fact,
in the day prior to yesterday, volume turnover
spiked to nearly 600k from less than 100k in
the prior sessions. As price retreated
yesterday by -0.7% to php1.44, volume turnover
thinned to only 13k. STO(14,3,3) shows a
rising trend (positive momentum) and
MACD(12,26,9) confirms this with the negative
gap narrowing. TRADING BUY.

MARCVENTURES HOLDINGS, INC [pse: MARC]

Disc. No. 2011-1762 ECC FOR CONSTRUCTION OF CAUSEWAY
Marcventures Mining and Development Corporation (MMDC), a wholly-owned subsidiary, has been
granted by the Environmental Management Bureau CARAGA an ECC (Environmental Compliance
Certificate) for the construction of its causeway in its project in Surigao del Sur, paving the
way for a jetty from which it can ship its nickel ore to its buyers in China, Japan and other
markets beginning June 2011. The Company projects shipments to reach 500k wet metric tons of
high grade nickel ore this year. It signed an MOA with the Noble Group of Singapore for the sale
of 250k wmt from June to November this year. The balance of an equal amount is still being
negotiated.

DISCLAIMER: 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 3
ACCORD CAPITAL EQUITIES CORPORATION
GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
UPDATE_Week 10_TD46_March 7, 2011_Monday
source: www.pse.com.ph

PROPERTY SECTOR

STA. LUCIA LAND, INC [pse: SLI]

Disc. No. 2011-1798 FOLLOW-ON OFFERING
The Company confirms reported plans to conduct a follow-on offering to raise between US$100
million to US$150 million the proceeds of which will be used to expand it real estate business as
well as to widen its public float to 15-30% by Q4 2011 or Q1 2012.

DIVIDENDS

ABS-CBN CORPORATION [pse: ABS]

Disc. No. 2011-1764 CASH DIVIDEND
Amount : php2.10 per share
Ex-Date: March 22, 2011_Tuesday
Record Date: March 25, 2011_Friday
Payment Due: on or before April 19, 2011_Tuesday

MEETINGS SCHEDULES

PHILIPPINE SAVINGS BANK [pse: PSB]

Disc. No. 2011-1766 ANNUAL STOCKHOLDERS' MEETING
Date : April 1, 2011
Time : 1600H
Venue : 19th Floor, PSBank Center
777 Paseo de Roxas cor Sedeno St.,
Makati City
Record Date: March 9, 2011

SM DEVELOPMENT CORPORATION [pse: SMDC]

Disc. No. 2011-1775 ANNUAL STOCKHOLDERS MEETING
Date : April 26, 2011
Time : 1430H
Venue : Function Rm 1, SMX Convention Center
Seashell Drive, JW Diokno Blvd
MOA Complex, Pasay City
Record Date March 28, 2011

SEMIRARA MINING CORPORATION [pse: SCC]

Disc. No. 2011-1790 ANNUAL STOCKHOLDERS' MEETING
Date : May 2, 2011
Time : 1000H
Venue : Fairways Room, Manila Golf & Country Club
Harvard Road, Forbes Park, Makati City
Record Date: March 21, 2011

i-RIPPLE, INC. [pse: RPL]

Disc. No. 2011-1785 ANNUAL STOCKHOLDERS' MEETING
Date : April 12, 2011
Time : 0830H
Venue : Dasmarinas Room, Makati Sports Club
LP Leviste cor Gallardo Sts.,
122F Salcedo Village, Makati City
Record Date: March 15, 2011

DISCLAIMER: 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 3 of 3