May 25- Benjamin Multiple: SPC

Stock: SPC

Market price: P5.17

Date: May 24, 2013

Expensive Multiple as per Benjamin Graham is 22.5 (PE x P/BV)

16 cents            1Q EPS            

64 cents            Annualized eps 

P2.90                BV                      

8.08x                PE                   

1.78x                P/B.V               

14.38                PE X P/BV        

Upside to expensive level:

56.5% or P 8.07

*see legend below

Notes:

-650 MW Thermal Power Plant

The Operation and Maintenance Service Contract (OMSC) with PSALM for the 650 MW

Thermal Power Plant located in Pililla, Rizal (Facility) will expire on October 25, 2013.

-145.8 MW Naga Power Plant Complex (NPPC)

The Parent Company intends to actively participate in any further re-bidding and/or negotiation for the operation and maintenance of NPPC after September 25, 2013.

Action: Buying Below 5.20 (will change every earning report or when deemed fair)

Buying method: Fixed monthly amount for target buying price

Happy Investing!

Legend:

PE- Price to Earning

EPS- Earning per share

P/BV-Price to Book Value

SPC-Salcon Power Corporation