Dec.7 SPC Power--JUST WED

SPC Corporation Q3 2012

Out.shares                 1,495,121,903

MarCap                      7.236 Billion pesos

1Q-290.6M                617% up compared to same period in 2011

2Q-479.4M                247% up compared to same period in 2011

3Q-217.0M                26.1% up compared to same period in 2011

News: Unit 2 of KSPC shut down on July 2012 3Q

Cause: breakdown of ILP turbine and Labyrinth

Effect: Equity share of parent company amounted to 21M, a decreased of 78% compared to 95.2M same period.

Action: Item sent to Japan for refurbishment. Completed and received back on Oct.6

Update: Grid synchronization achieved to 100% capacity as of Oct 28, 2012.

Conclusion: Therefore the company is back to normal and profitable condition. More upside to improve earnings for 4Q

Annualised Earning:             1.316 Billion

EPS:                                   0.880

Comparative avg. PE with other companies at 12

Current price:  4.84 pesos

0.880 x 12 = 10.50 pesos

Current price to TP: 117% upside

Dividend History:

YEAR	STOCK	CASH	SPLITS	RIGHTS	EX-DATE	RECORD	PAYABLE
2012	-	0.10	-	-	11-Jun-2012	15-Jun-2012	03-Jul-2012
2010	-	0.25	-	-	10-Jun-2010	16-Jun-2010	30-Jun-2010

Other notes:

Net income 9M 2012: 987.1 million pesos
Net income 9M 2011: 350.7 million pesos
change: 181%

Return on Equity:       28%
Return on Assets:      23%
Net income margin:   56.5%

Current ratio:           4.45
Debt-to-equity:        0.15