ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
MARKET NOTES_Week 18_TD84_May 2, 2011_Monday
source: www.pse.com.ph

DISCLOSURES:

ETON PROPERTIES PHILIPPINES, INC. [pse: ETON]

Disc. No. 2011-3194 2010 RESULT
The Company's 2010 Net Income reached php732 million, more than double the prior year's php288 million, as
revenue grew 126% to php4.5 billion over the same comparative period. This translates to an improved net
margin of 16.3% from 14.4%. Growth drivers were residential sales, BPO space leases and mall operations.
The completion of several projects also contributed to the increased earnings. Assets expanded by 11% from
php11 billion in 2009 to php12.2 billion last year. Aside from the Eton City (Sta. Rosa) and the Eton Centris
(Quezon Ave cor EDSA), the Company is planning
tourism-related and oriented projects this year in key
destinations, in line with the Government's thrust.

ETON stock price remains under its four-month

downtrend. Nevertheless, we see some positive
signal developing suggesting a possible near-term
rally. First, MACD is poised to break the signal line,
a similar pattern presented by STO. Second, the RSI
has registered a slight pick up in momentum, almost
indiscernible. And even though the chart is not
shown here, volume turnover has picked up over the
last three sessions. Yesterday, the stock closed at
php3.26, marginally above the 10-pd EMA of
php3.25845. Near-term price targets are php3.44-
3.54, presenting a potential upside of between 5.5%
to 8.6%. TRADING BUY

BANCO DE ORO UNIBANK, INC. [pse: BDO]

Disc. No. 2011-3195 Q1 UNAUDITED RESULTS
The country's largest bank by assets ended the first quarter with php0.37 billion more profits year-on-year.
This represents and 18% increase to php2.44 billion achieved through controlled operating expenses and
conservative provisioning supplementing its diversified revenue stream. Expanded earning assets and lower
funding costs translated to a 2% rise in net interest
income to php8.5 billion. Deposits registered growth
of 10% to php746.2 billion with loans across all
customer segments increasing to php542.3 billion. It
increased it NPL provision to 100% from 92% as at
the end of Q4 2010. CAR remained at a healthy
14.4%. Return on Common Equity (annualized)
settled at 11.4%.

BDO has managed to reverse the downtrend that

marked its trades at the beginning of the year
through February. The change in sentiments (boxed
portion) may have resulted from anticipations of the
Q1 numbers, or at that time, full year 2010 results.
Having said that, the stock has since rallied by as
much as 20% while meeting resistance at the
php54.75 to php55.00 range. The underlying
technical conditions suggests either on oncoming
sideways, consolidation movement or a possible
pullback to interim support defined at php51.60
thereabouts. As focus shifts aways from banking
issues, trading in the stock may slow, putting the
stock on “idle” gear. Nevertheless, as the numbers for Q1 shows, the prospects for the rest of the year
remains bright. HOLD / BUY ON WEAKNESS

itsDISCLAIMER: THE MATERIAL CONTAINED IN THIS PUBLICATION IS FOR INFORMATION PURPOSES ONLY. IT IS NOT TO BE REPRODUCED OR COPIED OR MADE
AVAILABLE TO OTHERS. UNDER NO CIRCUMSTANCES IS IT TO BE CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION TO BUY ANY SECURITY. WHILE THE
INFORMATION HEREIN IS FROM SOURCES WE BELIEVE RELIABLE, WE DO NOT REPRESENT THAT IT IS ACCURATE OR CO MPLETE AND IT SHOULD NOT BE RELIED UPON
AS SUCH. IN ADDITION, WE SHALL NOT BE RESPONSIBLE FOR AMENDING, CORRECTING OR UPDATING ANY INFORMATION OR OPINIONS CONTAINED HEREIN. SOME OF
THE VIEWS EXPRESSED IN THIS REPORT ARE NOT NECESSARILY OPINIONS OF ACCORD CAPITAL EQUITIES CORPORATION ON THE CREDIT-WORTHINESS OR
INVESTMENT PROFILE OF THE COMPANY OR THE INDUSTRIES MENTIONED.
DAILY Report Page 1 of 2
ACCORD CAPITAL EQUITIES CORPORATION
GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
MARKET NOTES_Week 18_TD84_May 2, 2011_Monday
source: www.pse.com.ph

LEPANTO CONSOLIDATED MINING COMPANY [pse: LC/LCB]

Disc. No. 2011-3197 VICTORIA MINE
The Company's Board-approved development program for the Victoria Mine will begin this month. The
program, intended to reverse operating losses sustained over the prior years, will take five-months during
which mining operations will be curtailed. It will
cost the Company an estimated php700 million,
inclusive of compensation for roughly 400
retrenched employees. Said amount will be sourced
from the proceeds of the Company's recent stock
rights offering and operating revenue. This program
should translate to ensuring an efficient mining
operation in the next two years.

THE steep climb in LC (and LCB) share price since

mid-April presents some worries. The technical
signals generally show sustained upside momentum,
but simultaneously warns of a possible snap on
heavy profit-taking. The extent of the advance since
mid-April, aggregating over 40%, raises the specter
of a sharp correction ahead. The risks have
exponentially increased relative to speculative price
targets. SELL on STRENGTH

BANK OF THE PHILIPPINE ISLANDS [pse: BPI]

Disc. No. 2011-3202 Q1 RESULTS
The Ayala-controlled Bank posted a decent 4.5% increase in its January-to-March Net Income to php2.8 billion
from the same period last year's php2.7 billion. ROE and ROA are at 14.4% and 1.5%, respectively. An 8%
growth in deposits helped expand total resources to
php761 billion, 9% higher year-on-year. Net loan
portfolio grew 13% to php360 billion while its assets
under management increased 40% to php626 billion,
aided by its recent acquisition of ING NV Manila's
trust and investment management business. CAR
remained healthy at 16.1%.

Although the stock has managed to keep the uptrend

originating from February valid, the near-term
action draws a symmetrical triangle pattern, which
suggest either a bullish continuation, or a bearish
reversal prospect. MACD and STO posits the stock
will continue to move sideways, even as RSI shows a
positive momentum bias. We are however inclined
to wait for confirmatory signals prior to taking
action-- defined as a breakout from either point of
the triangle. HOLD.

CITY & LAND DEVELOPERS, INC [pse: LAND]

Disc. No. 2011-3206 STOCK DIVIDEND DECLARATION
Dividend Amount : 20%
Ex-Dividend Date : 11 July 2011
Record Date : 14 July 2011
Payment Date : 09 August 2011

METROPOLITAN BANK AND TRUST COMPANY [pse: MBT]

Disc, No. 2011-3218 CASH DIVIDEND UPDATE
Dividend Amount : php1.00 per share
Ex-Cash Date : 11 May 2011
Record Date : 16 May 2011
Payment Date : 23 May 2011

itsDISCLAIMER: THE MATERIAL CONTAINED IN THIS PUBLICATION IS FOR INFORMATION PURPOSES ONLY. IT IS NOT TO BE REPRODUCED OR COPIED OR MADE
AVAILABLE TO OTHERS. UNDER NO CIRCUMSTANCES IS IT TO BE CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION TO BUY ANY SECURITY. WHILE THE
INFORMATION HEREIN IS FROM SOURCES WE BELIEVE RELIABLE, WE DO NOT REPRESENT THAT IT IS ACCURATE OR CO MPLETE AND IT SHOULD NOT BE RELIED UPON
AS SUCH. IN ADDITION, WE SHALL NOT BE RESPONSIBLE FOR AMENDING, CORRECTING OR UPDATING ANY INFORMATION OR OPINIONS CONTAINED HEREIN. SOME OF
THE VIEWS EXPRESSED IN THIS REPORT ARE NOT NECESSARILY OPINIONS OF ACCORD CAPITAL EQUITIES CORPORATION ON THE CREDIT-WORTHINESS OR
INVESTMENT PROFILE OF THE COMPANY OR THE INDUSTRIES MENTIONED.
DAILY Report Page 2 of 2