COL Market Outlook 2020: Panel Discussion

[00:00:00] Speaker 1: All right, we shall now begin with the panel discussion. Sir Marvin. Hello. Hi. Thank you very much. Good morning to you all. So, one is really very interesting because the video that we saw earlier is that the U.S. market looks like it's not going to deteriorate, but it's not going to improve anyway because of the U.S. and China trade war. And June Trinidad explained that our economy is going to be resilient, it's going to handle that risk. And April also showed some downside risk in terms of the risk of the market. What I'm really interested to check is, can you just bring out that slide on the PSE scenarios? What I want to understand, do you have that slide where one is presented the probabilities of each scenario? The upside, the sideways and the, yeah. That one, that one, all of it. All three. Yeah. What I wanted to ask is, you have certain percentages there, Juan. 20%, 30%, upside, square 50%, and 6,820%. Yeah. Where did those numbers come from? And how confident are we that those numbers are really what we want to believe? [00:01:23] Speaker 2: First of all, my bias is to allow trends to follow the trend, right? Right now, the market's trend is still pointing downward. So, I cannot put a higher weight on a counter trend activity. That's the reason I don't put number one as my first or primary objective. Second is, as April pointed out, catalysts are still not showing. So, the catalysts are not there, the technicals are not married with it yet. And that's the reason I have to be a bit more biased with either very neutral to a more depressed situation rather than the first one. So, I put a 50% marker into it because that's really what I feel the market should do first. The consolidation will give you time for the catalyst to appear and might allow some other issues which have not completed their declines to finish it. Now, sorry. There are a few stocks already and there's some evidence that there are some stocks trying to make bottoms. That will provide counterweight into it. And that's why I'm thinking that the downside in the market may be limited in only a 20% situation. That's why the square root phenomenon is more likely the higher percentage bet. [00:02:38] Speaker 1: But, of course, we're worried also about the 20% can happen. April, you mentioned that you don't expect the worst to happen. But, what if you're wrong? So, the emerging markets are already up. The economy is strong but we're still down. Is it already in the price? At where we're trading now about 7,600. Is it already in the price? [00:03:07] Speaker 3: It's already in the price as I've shown earlier. We're already trading at two standard deviations below the mean. Meaning, in the past five years, we traded above the set levels more than 90% of the time. In fact, it's like 98%. Nagulad nga ako. And, well, just going to 6,800. Kanina, sabi ko, what if 6,800 nga? What would this imply? I think this would imply that instead of a 12% EPS growth in 2020, we would see flat year on year. And no growth. No growth. Which is very bearish, actually, if you think about it. Parang, paano kayong mangyari yun na walang growth? Ang expectation sa GDP ang lakas, no? So, my feeling is likelihood it's not gonna happen if the economic growth is really very strong. Or, if ever it does, I don't think it's something that can be sustained for a long period of time. Maybe just a little bit. [00:04:12] Speaker 1: So, in case it does, it's more of an opportunity for you to come in. I agree. You mentioned your favorite trends or favorite sectors. What are those sectors again? And what are the stocks that we can really look at just in case it happens? Diba? What are the more resilient ones? So that even if it goes down, okay pa, diba? [00:04:34] Speaker 3: Diba? Okay. So, I mentioned three sectors a while ago. The consumer sector, banking sector, and the property sector. So, of course, for the consumer sector, the topic, which is kinda new, I know, it's URC. So, what has changed? First of all, during the third quarter earnings results, the company convincingly showed that it was able to sustain the recovery of the coffee business, which was, you know, being attacked by the other players at medyo nagising na yung mga market leader. Hindi na. Kasi, diba? If you recall, the story of URC is one of the reasons why it went up strongly in the past was because of the strength of the three-in-one, the white coffee. So, finally, new management came in. I don't know if it's 2018, 2017, they did some restructuring, and they're now, instead of being reactive or very passive to competition, they are anticipating competition. And that, you know, the reason why we like it, aside from coffee, they're being more resilient and attacking to address other issues such as fill rates. Before Kasi, they could only serve the 70% of demand. Now they're doing 90%. And aside from that, they're looking at the overall picture and being more rather than passive and just reacting, they're more anticipatory and they're addressing the issue. So, looks like the turnaround is more sustainable, which is why people are more convinced that we've seen the worst in terms of URC. But, you know, after rallying so much, our feeling is let's wait for it to correct a little. We'll have a chance to buy it. But, yeah. So, CNPF, we like it because of the popularity of the new product, which is Birch Tree. It's actually, because of Birch Tree, it's now no longer a tuna company, if you think about it. Because before, people always thought of CNPF as Century Tuna and just Century Tuna. Even though it has milk, it has coconut, it has corned beef. But, would you like to use that? But, yeah. With the Birch Tree, at least, it will be a more diversified company. And SSI, of course, discretionary spending. Sabi nga ni Jun, pag umaman ka, hindi naman pwedeng puro tuna nalang kakainin mo. Or, kape-kape, three in one, syempre, konting luxury, di ba? So, yan, SSI. So, but then, you know, CNPF and SSI are less liquid. So, maybe this is not for those who would like to trade, baka mas longer term ang investment time horizon. And maybe just buy a little bit smaller, smaller portfolio. And then for the banks, Metro Bank, Security Bank. So, I'll focus on Security Bank na lang. Kasi Metro Bank is more like, you know, it would benefit from the general trend and it's very cheap trading below one times price to book value. Ang Security Bank, this bank has a very attractive story because although it's a smaller bank, what it's doing differently, it has successfully entered into the retail market and is actually growing the retail lending business by around 40%. So, per year, and hindi lang tsamba na isang quarter, 40, tapos biglang nawala. Which is why people are really so excited about this stock. So, yun na nga, medyo nag-rally rin. So, pag-pullback talagang opportunity to buy a security bank. Yeah. And finally, on the properties, you know, if you look at properties last year, they were actually very strong in the first half. The problem is, di ba nung August, there were talks about POGOs leaving the country. But, remember, our president said that China has committed not to interfere with our POGO policy and we need the POGOs. Okay. Okay. So, we're hoping that after these companies were sold down, ngayon nawala na yung mga POGO fears, it will be a catalyst for them to, you know, at least mean reversion. To recover, yeah. And aside from that, yung REIT listing, it's very important talaga that REIT listing, because I remember so many years ago, there was so much excitement because of this REIT listing. And for, among the three of them, Robinsons actually has the largest rental property, no? In terms of NAV, it's here in my list, beta. In terms of NAV, 85% of net asset value is rentals. So, offices, malls, predominantly malls, which might be the reason also why the stock is very popular. Aside from that, yung what makes Robinsons the more resilient stocks of today is the attractive bottom-up story. They've done a lot of restructuring in the past. So, if you look at the residential launches, nagiging exciting na rin siya. An example would be the joint venture with Shangri-La, the Aurelia Residences. More than 100 million per unit, by the way, but more than 50% sold in less than a year. Wow. So, I mean, you wouldn't imagine something like that from Robinsons in the past, but now they're doing it. So, parang nagiging exciting na siya kasi, uy, talagang may restructuring, may nangyaring iba. So, and then they have the Chengdu project, they're starting to book it. But very exciting for Robinsons land. So, yeah, Ali, Megaworld. Yung Ali naman, okay, let's talk about that UP Technohub. The reason why we're not so concerned is because that UP Technohub is 3%, I believe. [00:10:53] Speaker 1: Just 3%? [00:10:54] Speaker 3: 3% of profits. 1.7% of NAV. And objectively speaking, I don't think the contract is really onerous. Because I think what they're paying the government really is for the lease of the land. And, you know, they built the structure. The buildings, the infrastructure. So, syempre nung itinurn over naman yun sa kanila, talahib lang yun. So, that's very, I mean, 20 peso during that time for Roland and of course, you know, Ayala land. And it was sold through a bidding. Hindi naman na parang nagkaroon ng negotiation, di ba? So, how can it be onerous from, in that respect? So, hindi naman sya onerous. I don't think it is. I hope we hope. Well, yeah, hopefully. But yun na nga, if they will involve naman the mga technocrats and they will realize that it's not. Because a rate of 20 pesos during those days is very common. And from, if you look at the computations, parang may escalation sya every year. It's not straight, eh. [00:12:01] Speaker 1: Okay, okay. So, you have about eight stocks here. Before you leave that slide, maybe one is, did you look at the technicals of each of these stocks? And maybe if you want to buy this, what could be an entry point? Or should we wait or should we go down first? Did you look at the stocks, technically speaking? [00:12:24] Speaker 2: I think for URC, I would agree with her. If you have not bought this. URC. Yeah, URC first. The first issue she had. If you're looking at URC, it shot up only the last two days. So, I agree with her. You probably want to wait for it to settle down. Potentially that could climb back to 170, 180, maybe even slightly higher than that. So, just wait for it to pull back a little bit. But clearly a trend reversal has been shown in URC. The technicals look quite good for it. In terms of CNPF, like I said, right now it's actually in a big consolidation. A couple of days ago, it actually broke down from support. Two days after, it's back in the pattern trading only less than 30,000. So, it's very hard to trade that stock. So, as a trader, I tend to shy away from that. SSI looks like it's trying to bottom out, but probably needs a little bit more time to do so. So, if you guys are going to buy, just do it little by little. And then just be more aggressive when the breakout takes place for SSI. The banks, right now, to me, the safest bank is still BDO structurally, but she has Metrobank and Security Bank on that list. Both of them share almost a close similarity to the patterns. I'm just waiting for a bit more confirmation because if I buy that now and I'm wrong, I could be wrong in a very deep way. Because it's creating a pattern and it's trading your support. If that cracks now, we could see easily 5%, 6% drop. And I would rather wait for that to happen rather than buy it here. So, just let it wind a little bit more. In terms of the other three, Ally, Meg and Robinsons. Robinsons is the strongest of all three. Buy it into a pullback just like what you would do in URC. Where Ally and Meg world, I think you guys are long-term for her. I think you've already seen it drop quite tremendously. So, start there and just add along the way as it becomes more firm and its ability to rebound. [00:14:22] Speaker 1: Good, good. I wanted to talk to you about the others like the, if for example, the upside naman. You have a 30% upside on the index and 50% at least on consolidation. And these are the stocks that are more resilient. What you were mentioning about the other big cap issues like SM, SM Prime. You mentioned BDO. And if in case the foreign funds really come back. Is there a place for these big caps or like an index strategy, so to speak. Index strategy for portfolios for our investors to consider. And then probably add a little bit more of some of these stocks just for the kicker. Is there a place like that in the strategy for investors? Yeah. [00:15:10] Speaker 3: So, they could do a core satellite strategy where… Core satellite. [00:15:15] Speaker 1: Core is more of the… Core is index. Okay. [00:15:18] Speaker 3: They will buy an index fund or ETF like FM ETF which is listed. But yeah. If you have a big amount, mas bagay yata mag-index fund na lang. Yeah. Index fund. I think we have that in our platform still. Yes, yes. We have that also. Yeah. So, that's the good news. Mabibili nyo na yan. And then add a few kickers so that you could perform a little bit better than the index. So, I think yesterday we were talking about it. Eh kung ganon, bakit hindi na lang bili tayo ng SM, SM Prime, BDO, no? Yes. Yes. Rather than buy the index, at least I know who SM is, I know who BDO is, no? But, you know, I would just like to cite examples. Kasi earlier on I talked about the importance of diversification. Mm-hmm. So, some anecdotal examples lang, no? For example, in 2018, Jollibee was a very strong performing index issue. Mm-hmm. Earnings were perfect. And it's… But we always said it's expensive. And it… But it remained expensive, di ba? And then what happened in 2019? Di ba? Oh, wala. Binintahan. Kasi, you know, there is always a possibility that there could be a mistake. Mm-hmm. And Jollibee consolidated Smash Burger and it lost a little bit more than what people were anticipating. And then it bought coffee bean and tea leaf. And it's… It's also money losing. And people didn't like that. So, because of that, you know, the resiliency of Jollibee as a stock, as a, you know, stock market darling. Nawala rin. So… And especially you have the likes of SMS and Prime BDO being… Yeah, they look great. Earnings are also great. But that doesn't mean that they are immune to possible mistakes. So, mas mabuti na lang, index, where you have a… More diversified. Yeah, an exposure to 30 issues rather than you're stuck with… And I think not to mention, no, the… [00:17:21] Speaker 1: I think the performance of index funds versus the actively managed has been historically proven to outperform. Not just here, no. It's also in the US and the other countries. So, it's really a very good strategy to make for active managers. Yeah. [00:17:36] Speaker 3: Pwede naman kung talagang gusto nyo yung mga SAM, Jollibee, and what have you. You can buy them as kickers, like maybe 70%, 80% of your portfolio is your index fund. Then buy 5% or 10% in Jollibee, or SM, or yung mga talagang favorites ninyo. [00:17:54] Speaker 1: Great, great. So, ah, we have a few more minutes now. But we, at this point, we asked a survey to customers before you came here. And asked you what are the top stocks in mind that you would like to talk about, no? And I think we prepared some guidance platform to show you and to explain each of these stocks. At least in the top 10, no? The ones that are most… the ones that are most asked about. And I think we're going to show a video of how you can better analyze these stocks. And this video is an introduction of Call Advantage, you know, Call Advantage, a simpler analysis for each of the stocks. Maybe you can show the video how they can use it. It is going to come out maybe in the next few months for you to use. Let's watch this. [00:18:52] Speaker 4: Hi, I'm Jane, your premium partner. The stock market can be difficult and daunting sometimes. That's why the Call Premium team is here to help you out. Welcome to Call Advantage. Call Advantage is a guidance platform that is designed to bring the expertise of Call Financial to your fingertips in order for you to make smarter investment decisions. The key feature of this guidance platform is a proprietary Call Stoplight system, which uses the filters based on value, momentum, and sentiment. Like a stoplight, green means go, yellow means slow down, red means stop, and oh, grey if the light is busted or unavailable. Here's what the stoplight means. Value takes a look at the discount to fair value, company growth versus peers, and the analyst rating for the stock. Momentum, on the other hand, takes a look at the stock's trend, rallying power as shown by its MACD reading, and whether the stock is overbought or oversold as indicated by its RSI reading. Lastly, sentiment takes a look at the overall market trend as well as the foreign activity on the market and in the individual stock. Let's look at some examples. It doesn't get any better than this, but admittedly, these are exceedingly rare. This combination means that one, the company is cheap, growing, and rated a buy. Two, the stock is uptrending and has a strong rallying capacity while not being overbought. And three, there is positive net foreign activity in the stock and in the market as a whole. If you're particular about price, you may have to wait for the downtrend to stop before considering the buy. Now for some complex examples. This combination means that there are imperfect signals in value. Either it's not cheap anymore or its growth isn't outperforming the industry. Regardless, the company is enjoying strong trends and some positive foreign flows. I don't know about you, but I'll be watching this one closely. We have no visibility over its value. But the stock seems to be uptrending with a strong rallying potential. Hmm, perhaps short-term traders would like to look at this one. The journey to a richer life is easier with a little help. [00:21:44] Speaker 1: Okay, okay, let's go through the stocks one by one quickly lang. The first one, that's the most popular stock that you asked for is, can you just show using this VMS way, Metro Pacific. I don't know how many investors are investing here. April, do you have any plans for this? [00:22:06] Speaker 3: Yeah, so actually, we were surprised. We thought it was a rally, but not yet. Yeah, but in terms of valuation, I mean, it's really cheap to the point that even after you factor in the Manila water problem, it's still cheap, even if you write off that. Because I think even if we take out Manila water, MPI should, it's worth still 7 pesos. 7 bucks. The problem is, sentiment is really so bad because, I mean, all of the businesses are regulatory. Yeah. Meralco, toll roads, yun nga, ngayon pati LRT, di ba? Ine-investigate, so yun lang. [00:22:50] Speaker 1: So what's the catalyst? What's the catalyst here? Can we just buy it now, wait for it? You can also free, you're free to say, Juanis. [00:22:58] Speaker 3: Catalyst, I don't know, maybe improving regulatory environment. Kasi nga, it's in heavily regulated industry, so maybe favorable naman yung mga lumabas na developments on the regulatory side. That could help. [00:23:13] Speaker 2: I think injecting the technical view here, remember it takes time to turn a trend around. And here you've just had an avalanche of selling taking place, people are still worried about what could happen or what will happen. And it takes time. Now people are trying to buy this stock at this area. Imagine if you were to buy that at the low of 270 or 3 pesos and it rallies closer to 350, 370. Whoever bought that is already making quite a healthy amount of money. And so these are the people who are taking some of their profits and what's creating resistance for the stock. So anticipate that what will happen here more likely is that it will cascade, it will build a new pattern and hopefully after enough buying takes place and eventually the stock price will obviously reverse and turn up. Assuming of course that no other surprises come into play. [00:23:59] Speaker 1: So you have good value but wait, more or less wait for it. Next. Next, most popular, favorite, Jollibee. V, value is like yellow but the momentum and the sentiment is red. April. [00:24:15] Speaker 3: So for us, long term, it's okay. The problem is for us, we still see no visibility on the turnaround of Smashburger. We still don't know if the turnaround is this year or next year. Because when we talked to them, there's still a lot of stores. Because they explained to us that a lot of the Smashburger stores are in subpar locations. Therefore, you know, that's something that takes time to change. Yeah. And it may continue to lose money this year. And then plus, of course, you're consolidating full year's CBTL. CBTL is easy to turn around. But this year is the first full year of consolidation. So that could mean an earnings drag. [00:24:59] Speaker 1: So we have time to wait for this talk, huh? Yeah. I think we do have time. Next talk. [00:25:04] Speaker 2: May I make a comment? Okay. Sure. I actually like it already. It's starting to show some degree of basing. A higher low has been presented. A gradual pullback has been shown just recently. And it looks like somebody's taking a stake to try to buy it already. So I keep an eye on it already into the short term. I think you'll probably see a surprise. [00:25:23] Speaker 1: What's the price that you watch out for? $221? [00:25:25] Speaker 2: If you're daring enough, start to buy it now. Put a stop maybe below $200, the load that it makes. Yeah. And chance it. Because if it breaks out of that red line, you're probably not going to get a good chance to buy a good price. [00:25:40] Speaker 1: Good. Good. Next. Oh, I think we talked about this already. There's a good value but momentum is bad. Maybe... Ayan. Mega World. Oh, you also explained this na, no? About the Magpogo. Yeah, yeah. Next. SM Prime. Yeah. The... The land... Moa. Yeah. [00:26:01] Speaker 3: Well, Sa amin kasi parang... Maganda... If you think about it, it's the most resilient property company. Because they are predominantly a mall operator. And ever since I started analyzing my career as an analyst, never ko nakitang nag-down ng earnings ng SM Prime. Especially mall leasing. It's always pataas ng ng pataas. Okay. May crisis kay wala. It's always just going up. The problem is a little bit expensive for this stock. For example, our target... So our target is 42 pesos. 42. But that said, around 8 pesos is due to the value of the reclamation project. So we know that our president is not inclined. Sabi niya hindi raw niya type. Pero... We don't know if that means titigili niya or he will allow it to proceed. So yun lang naman. A little bit risky lang. [00:27:05] Speaker 1: One is, will you pick this up na? Pwede na ba? Maybe not. Considering it's a big cap na rin. [00:27:09] Speaker 2: It just broke a trend line. So that means it needs to undergo a corrective swing. So I would... Wind up a little bit more. Wind up a little bit more? Yeah. I don't think it's going to have too much downside activity here. Or maybe up to where the green line is. Which is, I think about... [00:27:25] Speaker ?: 38. [00:27:26] Speaker 2: Yeah, so I think maybe in this one, just wait a little bit longer. You might have a little better time to buy this later. But I don't think it's going to fall so much. [00:27:35] Speaker 1: Thank you. Next, please. Ayala Corp. Oh, this is a blue chip. That is not that blue in terms of the chart. But it still has value, but the momentum is... [00:27:45] Speaker 3: It's very cheap, but I understand. Maybe the reason why people are staying away from it is because... Una-una di ba the Manila water issue. So, later we'll be talking about Manila water, but I'll talk about it already. The reason why, for us, Manila water is more scared than the MPI and DMC is because for Manila water, 90% of the value comes from the water concession that is currently being investigated. Yeah. Pag hindi na extend yung water concession, may chance talaga ng bankruptcy of the whole company. Manila water. [00:28:24] Speaker 1: Manila water. [00:28:25] Speaker 3: Manila water. Manila water. Yes. But for Ayala Corp., at least it's just a small portion of the company. The problem is when I think the government said it would investigate the UP Technohub project. Tinamaan pati si Ayala land, which is 49% of the net asset value of AC. Yeah. So, parang dumami yung naging under investigation, which of course, hurts the sentiment very much. But that said, this stock is really very cheap. The current valuation is 2.4 standard deviations below the mean. Ganun na siya kadiscounted relative to historical averages. Yeah. [00:29:05] Speaker 1: And if I'm going to look at the chart, Juanes, it looks like we still have to wait. [00:29:08] Speaker 2: Well, this is an example of a trade called mean reversion. Mean reversion. So, in other words, you buy it in the low, you try to sell it when it rallies back to the red line. But, you know, it's only if I have nothing else to trade, would I trade this. Right now, the trend exists on the downside. [00:29:22] Speaker 1: Okay. Next. Oh, Manila water. You know that. Yeah. Explained that already. Next. Oh, the banks. The bank. Sideways, but still good value. Yeah. April. Any catalyst for this bank? [00:29:37] Speaker 3: In general, if we see the bank earnings recovering, I think Metro Bank will benefit. Siguro, hinihintay lang ng mga tao. Talagang may loan growth, may margin recovery. So, I think this will be earnings driven. [00:29:51] Speaker 1: Mm-hmm. [00:29:52] Speaker 3: Next. [00:29:53] Speaker 1: Thank you. Oh, another bank, BPI. Why? This bank has been trading before, no? At a premium, eh? To the market, to the industry. But now it's... [00:30:00] Speaker 3: Actually, you know, we think it's similar naman to, kung kwento-kwento, similar to Metro Bank naman. Both of them will benefit if, you know, loans pick up, margins improve. So, pareho sila. But I think maybe the reason why BPI seems a little weaker is because, di ba nga, it started out having a premium. Because in the past, in the 1990s, if you talk about BPI, best asset quality, most efficient, et cetera, et cetera. But now... Most expensive, yeah. [00:30:37] Speaker 1: Wala na eh. [00:30:38] Speaker 3: Parang, it's just another big bank. Mm-hmm. Si BDO na yung pinaka... [00:30:43] Speaker 1: I think that brings us to the next stock rent. I think BDO's the next stock. [00:30:47] Speaker 3: Yeah. So, BDO is... The next one, the next slide. Yeah. [00:30:51] Speaker 1: Yeah, BDO. Yeah. The biggest bank. But, not cheap anymore, di ba? [00:30:57] Speaker 3: Yeah. Yun lang ang issue namin. Pero, I think, in terms of story, it's the most exciting. People like it that, in terms of core income growth, it's the fastest. In terms of strategy, it's most aggressive. And, of course, the share of core income fees, lending income, it's really very big. So, yun yung nagugustahan ng mga tao. [00:31:23] Speaker 1: And if the flows really come back in, Wallace? [00:31:26] Speaker 2: Yeah, this is the example of the resilient stocks, right? Because they tend to resist coming down because they have the flows coming inside. So, I mean, every time it trades closer to the lower band, it should be a buying opportunity for you. Even though I know it's not cheap, but that's what you want to keep as a core position. [00:31:43] Speaker 1: Okay. So, I think we're running a bit late, but I'd like to open the floor now to questions. There are people who sent their questions to Slido. Yeah. And I think the most popular ones will be shown here. Can you show that? Yeah. Miss April, property prices are so high right now, but rental rates are relatively less stellar. Do you think we're having a property bubble from Spicyman? [00:32:14] Speaker 3: I think the problem is we're, yung nakikita kasi natin yung mga pre-sales, but if we look in other areas outside of Manila, the prices are not as high. And secondly, another realization, if you look at the secondary market outside of BGC, Makati, Bay Area, the prices are not that high. Mm-hmm. Secondary market, ibig sabihin, you have to borrow money or have cash to buy. The reason why the pre-sales are a lot more expensive right now is, Pansinin nyo, pagka pumunta kayo sa pre-selling ngayon, diba? Zero down payment, five years to pay 50%. Ganun na yung mga style ngayon. That's why the prices are so much higher. In the past, you needed 10, 20% down, then hulog-hulog the balance of 30, then you get a bank loan, diba? Mas, less affordable. Now, they just made it affordable. But for them to make it more affordable, they have to increase the price to justify it. So, from that perspective, I don't think… [00:33:22] Speaker 1: No price bubble yet. [00:33:23] Speaker 3: Yeah, I don't think it's really a bubble. Kasi it saka iba yung presyo sa secondary market eh. Hindi naman masyadong tumataas. Thank you. [00:33:31] Speaker 1: Next, next. Quickly. For new investors, what advice can you give them? And what are the things they should learn first before investing? Juan, if you were explaining it earlier. [00:33:42] Speaker 2: I mean, out of the technicals, but I think as they were talking about indexing earlier, it might be a good strategy if you're still learning what to do. Begin first with a good chunk of your portfolio into an index stock. That way, you can get your exposure into the market, especially with good quality issues. Then, what you do is maybe start off 20% of what you, let's say, what you're left. You can use those to try to test things that you're learning about the different stock or the kickers that April was talking about. And then, as your expertise grows, and if you feel that you can generate better returns on an index, then you widen the relationship of what you pick as compared to the index exposure that you have. But I think in the beginning, if you can get yourself started right away, just do an index basket first. Maybe do a small portion with your individual picks. [00:34:29] Speaker 1: Yeah. Thank you. Next. Was the Philippines ever relevant in recent years in emerging market allocation of foreign investments? We were really underperforming emerging markets in April. Yeah. So, are we going to be relevant? Are we going to hit that premium versus the other counterparts? [00:34:47] Speaker 3: Believe it or not, after the global financial crisis, we were the darling of foreign investors at the time because, you know, demographic sweet spot. Parang we were doing all the right things. We were a domestically dependent economy. We're not vulnerable. We don't have those, you know, complicated GFC products. Diba? Yeah. So, we were relevant before. Kunyari lang yan, actually, yung mga foreign investors, pag pangit yung market, naghahanap ng dahilan yan. Naghahanap ng dahilan yan. Naghahanap ng dahilan. Naghahanap ng dahilan yan. Naghahanap ng dahilan. Naghahanap ng dahilan yan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan yan. Naghahanap ng dahilan. Naghahanap ng dahilan yan. Naghahanap ng dahilan. Naghahanap ng dahilan. [00:35:38] Speaker 1: Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. [00:35:48] Speaker ?: Naghahanap ng dahilan. [00:35:49] Speaker 1: Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. [00:36:02] Speaker 2: Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. [00:36:42] Speaker 1: Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. [00:37:08] Speaker ?: Naghahanap ng dahilan. [00:37:09] Speaker 1: Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. [00:38:12] Speaker 3: Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. [00:38:33] Speaker 1: Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Naghahanap ng dahilan. Post-Pruce 2020. And Happy Chinese New Year. Thank you very much. Thank you so much to our panel for a very fruitful discussion. Once again, let's give them a round of applause.