CNPF Report 11.59.23 AM

Century Pacific Inc.

Century Pacific Food Inc.

BuyShareprice:P16.98TargetPrice:P20.65

Upside:21.61%

• StrongdemandforBrandedProducts

• CatalystinCoconut

• FavorableMacroeconomicstowardsmoreconsumpJon

MarketShare

Source: Bloomberg, Euromonitor, CLSA

Source: Bloomberg, Euromonitor, CLSA Source: Bloomberg, Euromonitor, CLSA

Source: Bloomberg, Euromonitor, CLSA

Source: CNPF Annual Stockholders Meeting President’s Report

Source: CNPF Annual Stockholders Meeting President’s Report

Source: CNPF Annual Stockholders Meeting President’s Report

Source: CNPF Annual Stockholders Meeting President’s Report

DistribuJonandProducJon

• 652kpointsofsale,270koutlets

• Tuna&Coconut:GenSan

• Meat:Laguna,24kcases

• Dairy:MetroManila,11kcases

• Tin-Can(P562m)&ColdstorageFacility(P450m)

Source: CNPF Annual Stockholders Meeting President’s Report

WorkingCapital

Notes:

Source: Bloomberg, Euromonitor,

Gearing

FY15:CapexbudgetatP820m(P450mforcoldstorage)FY16:CapexbudgetatP945m(P310mforcoconutproducJon)

Source: Bloomberg, Euromonitor, Source: Bloomberg, Euromonitor,

LocalPeers

Source: Bloomberg, Euromonitor, Source: Bloomberg, Euromonitor,

Source: Bloomberg, Euromonitor, Source: Bloomberg, Euromonitor,

• Keydifferences:ProductPor\olioandSalesMix

• Be]erliquidityandprofitability

ForeignPeers

Source: Bloomberg, Euromonitor,

Source: Bloomberg, Euromonitor,

Source: Bloomberg, Euromonitor,

• CPAVIgenerates8%ofrevenue

• Rollingoutproducts:70%Coconutwater,30%forVCO

Export

Macroeconomic Factors

1)EscalaJonofBusinessProcessOutsourcing

• AimingtogenerateP25bin2016

• Addingworkers:335,000workers

• 1/3ofrevenuesallotstopayrolls

MacroeconomicFactors

Source: Bloomberg, Euromonitor,

Source: Bloomberg, Euromonitor,

Macroeconomic Factors

2)Increasingremi]ances

• Remi]ancesfor1Q16upby4.3%to7.2b

• MoreconsumpJon

MacroeconomicFactors

Source: Bloomberg, Euromonitor, Source: Bloomberg, Euromonitor,

Source: Bloomberg, Euromonitor,

Macroeconomic FactorsMacroeconomicFactors

Source: Bloomberg, Euromonitor,

Commodity Prices

• Marketshareforpowdered:BirchTreearound2%,BearBrand36%

• PlusonemarkeJngstrategyonlygoodforshort-term

• Needanicheproduct

ExecuJonRisk

Drivers

1)BrandedBusiness

2)CatalystinCoconut

3)IncreaseinConsumpJon