Dr. Andrew Stotz, CFA

A. Stotz Investment Research

Equity Bottom-Up

<ul>
<li>Good price momentum and strong net profit momentum relative to companies across its sector</li>
<li>PCOR is to expand by building around 200 retail fuel stations in 2016 and distributing products to small retailers who otherwise rely on imports</li>
<li>Profits are set to rise due to a granted seven-year tax holiday for the upgraded refinery; this will cut income tax from about 27% to 20%</li>
<li>PCOR trades at an attractive 16CE* 0.3 PEG ratio versus ASEAN Energy<br>at a PEG of 1.1</li>
<li>Risks: Further decline in gasoline crack…</li>
</ul>

Philippines

Petron Corporation refines crude oil and sells a full range of petroleum products. The Company transports its products by sea, using tankers and barges. Petron also retails gasoline, diesel, and kerosene to motorists, public transportation operators and households through its service stations. Petro also provides insurance & reinsurance service and leases property.

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