麦格理-菲律宾-投资策略-菲律宾策略：风化更高利率-20180212-7页

Pleaserefertopage5forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.PHILIPPINESPhilippinesectoralvaluationPE(x)EPSch(%)P/B(x)ROE(%)Yield(%)Sector2018E2018E2018E2018E2018EBanks16.323.41.811.91.2Consumer29.610.54.414.91.3Conglomerates21.215.22.512.61.0Property24.715.03.113.31.4Telecoms13.88.52.821.44.4Utilities15.25.32.818.33.2Philippines18.116.72.813.71.5Source:Companydata,MacquarieResearch,February2018;pricedasof9February2018Philippinetoppicksinorderofpreference-valuationsPE(x)EPSch(%)P/B(x)ROE(%)Yield(%)2018E2018E2018E2018E2018EBDOPM18.125.82.011.61.3SMPHPM31.7