ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DAILY REVIEW & OUTLOOK_ TD027-28_February 8-9, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,878.48 -1.55 -0.04% 1,736.20 3,647.13 64 59 49

Daily Wrap PHILIPPINE MARKET, DAILY STATS

SECTOR INDEX Pts Change % CHANGE
ALL 3,071.76 3.99 0.13%
LOCAL share prices were practically flat, with the FINANCIAL 875.39 2.87 0.33%
PSE Index slipping by a mere point-and-a-half to INDUSTRIAL 6,819.71 19.56 0.29%
3,878.48. This, despite an almost 70 points rise HOLDING FIRMS 3,102.60 -23.32 -0.75%
PROPERTY 1,477.67 1.01 0.07%
in the Dow overnight, an equal rise in European
SERVICES 1,519.64 5.32 0.35%
stocks and a general uptick in markets across Asia MINING & OIL 13,957.22 92.51 0.67%
today. As of 1210H End of Day
ASIAN MARKETS LATEST UPDATE
COUNTRY INDEX LAST % CHANGE
Nevertheless, there is a discernible shift in ASIAN REGION MSCI APEX 50 887.37 -0.22%
sentiments from extreme bearishness to a wait-and- JAPAN TOPIX 944.34 0.42%
see stance with a developing bias for JAPAN NIKKEI 225 10,636.74 0.42%
CHINA HANGSENG 23,516.57 -0.16%
accumulation. This shows in today's trades
CHINA SHANGHAI 2,798.96 0.30%
resulting in sectoral indexes generally posting TAIWAN TAIEX 9,133.24 -0.13%
gains, except for Holding Firms which gave up SOUTH KOREA KOSPI 2,081.58 -0.01%
-23.32 points or -0.75%. The broader All Shares AUSTRALIA S&P/ASX 200 4,888.40 0.41%
AUSTRALIA ALLORINDARIES 4,980.80 0.33%
Index rose 0.13%. NEW ZEALAND NZ50 3,385.41 -0.06%
PAKISTAN KARACHI 100 12,427.36 0.10%
Furthermore, at least for today's trades, the SRI LANKA Sri Lanka Colombo 7,381.29 0.47%
market's breadth is at a positive +5 (64 advancers THAILAND SET 983.00 -0.27%
INDONESIA JKSE 3,483.04 -0.16%
vs. 59 decliners) with the number of unchanged INDIA BSESN 18,022.45 -0.08%
counters increasing to 49. Ranged against their SINGAPORE Straits Times 3,186.52 -0.18%
averages, gainers today is 13 less than last MALAYSIA KLSE 1,540.79 0.34%
VIETNAM HO CHI MINH 520.69 1.98%
week's average, losers -14 and unchanged +4. BANGLADESH DSE General Index 6,394.53 -10.26%
MONGOLIA MSE Top 20 25,420.80 2.44%
Volume and value of trades were likewise slower LAOS Laos Composite 1,693.76 -4.81%
than the average last week. Today's volume AS OF 1223H End of Day

turnover of 1.736 billion shares is 40% below its 2.965 billion average. Value turnover of php3.647
billion falls 22% less than the php4.674 billion average of last week. The same is observed when
the average from 2010 up to Feb 4, 2011 is applied for comparison.

Sustained signs of global economic recovery and the easing of tensions in Egypt, together with
positive corporate earnings pushed Asian indexes higher.

PRELIMINARY OUTLOOK FOR WEDNESDAY,_February 9, 2011

TRADES will continue to be slow as evidenced by the below-average volume and value turnover figures.
Coming as it does at the heels of the index' significant drop bodes well for the forward outlook
however. We can at the moment proffer that the selling pressure has greatly dissipated thus
minimizing the probability of another massive slide – of course given the current scenario and not
discounting unanticipated developments here and abroad. The ceteris paribus argument proposes the
market continuing to move slowly sideways with a developing upward bias. As such, it may be a good
opportunity for funds to begin a selective re-accumulation of equities.

Today's trading band expanded to 42.35 points, 10 points more than the average over the three prior
sessions. Although it was not able to hold the breach of the 3,900-line, it managed to raise the
low decently above the 3,860-mark. The expanded trading band accompanying an observable rise of the
said range is another positive.

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 COMPLETE 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, just sl
ACCORD CAPITAL EQUITIES CORPORATION
GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DAILY REVIEW & OUTLOOK_ TD027-28_February 8-9, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,878.48 -1.55 -0.04% 1,736.20 3,647.13 64 59 49

The market is caught in-between good developments overseas and the lack of fresh leads at home. The
onset of the earnings season should provide some fodder to light up the board in the coming
sessions.

We see improvements in the market's technical conditions as highlighted above. As we have

mentioned, there is a growing stability in the 3,860-3,900 band, although the critical support lies
below at 3,830. The trading band has narrowed to 34 points compared to the year-to-date's and
January's almost 50 points and the current month's 44 points.

STO (10,6,6) has marginally rise above the 20-oversold line, suggesting a possible pick-up of
positive momentum – a proposition strengthened further by a positive crossover of the trigger line.
MACD (12,26,9) remains in the negative but, the spread has narrowed and is poised to move to
positive, indicating a near-term bullish cross of the signal line. Lending confidence that the
current levels will hold is the AccDist Line showing volume has almost leveled off in a seeming
balance between the bears and the bulls.

DISCLOSURES HIGHLIGHTS:

MANILA WATER CORPORATION [pse: MWC] MEDIUM-TERM BUY

Disc No. 2011-1119
SUBMISSION OF BID FOR BANGALORE WATER SUPPLY PROJECT
The Company seeks to establish a foothold in India via its bid for the six-year Unaccounted for
Water Reduction and Operation and Management Project to the Bangalore Water Supply and Sewerage
Board. The bid is being pursued as a sole participant. The BWSSB supplies approximately 900 million
liters of water daily, versus an over-all demand of roughly 1.3 billion liters. Bangalore is the
third largest city in India with a population of 6.5 million.

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 COMPLETE 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, just sl
ACCORD CAPITAL EQUITIES CORPORATION
GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DAILY REVIEW & OUTLOOK_ TD027-28_February 8-9, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,878.48 -1.55 -0.04% 1,736.20 3,647.13 64 59 49

PHILIPPINE REALTY AND HOLDINGS CORPORATION [pse: RLT] TRADING BUY

Disc. No. 2011-1120
TERMINATION OF REHABILITATION PROCEEDINGS
The Company's lawyers have filed a Motion to Terminate the Rehabilitation Proceedings before QC RTC
Branch 93 in view of the successful implementation of the court-approved rehabilitation plan.

As expounded in Note 2 of its 2008 Annual Report, the Rehab Plan was mainly aimed at paying all its
creditors and to complete and deliver the Andrea North Skyline Tower condominium to all its existing
buyers; further to keep the business viable and profitable. The Plan covered both debt
restructuring and dacion en pago.

FIL-ESTATE LAND, INC. [pse: LND] SELL ON STRENGTH

Disc. No. 2011-1121
REDEMPTION OF CONVERTIBLE BONDS, PAYMENT OF OBLIGATIONS
The Company has redeemed in full the US$25 million, 5-yr and 1 day fixed rate convertible bonds
issued on November 8, 2007 and January 18, 2008 under a Convertible Bond Facility Agreement. It has
likewise paid in full its outstanding obligations under a revolving credit facility extended on
March 5, 2007 to a 100%-owned subsidiary. This leaves a term-loan of a wholly-owned subsidiary from
a local bank as the only debt outstanding. Proceeds from AGI's php5.0 billion subscription were
used to retire the obligations.

GMA NETWORK, INC [pse: GMA7] BUY ON WEAKNESS

Disc. No. 2011-1122
PERFORMANCE, PLANS AND OUTLOOK
The Company has relaunched QTV Channel 11 into GMA News TV (GNTV), whose smaller programmings costs
will hopefully turn QTV's losses into profits. Channel 11 posted losses of php100M in 2010. GMA
increased its ad rates for 2011 which will take effect in February/March. This is on top of the
2010 hike. It recently signed an MOU with the Manila Jockey Club, Inc (MJCI) wherein it will
provide technical expertise to the gaming operators. The venture is seen to generate substantial
incomes with its market extending worldwide.

** DISCLOSURES downloaded from www.pse.com.ph as of 1421H, February 8, 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 COMPLETE 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, just sl