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Guidance for Stock Market Investing Exclusively for TrulyRichClub Members
Note: To understand the Stocks Update, first read Bo’s e-book, My Maid Invests in the Stock Market.
Click here www.TrulyRichClub.com to download now.

Volume 15, No. 57 May 2023

Warren Buffett Is Still Betting

on Better Days
Plus: Stock Picks for May

So far, Warren Buffett is the greatest stock market investor of all history.
And what’s so fascinating is that he’s still at it.

In the language of my book, The Turtle Always Wins, Warren Buffett is the
original Turtle. He never loses hope. He’s always long term.

For example, when the financial crisis hit the U.S. and the world in 2007,
his stocks plummeted down by 40 percent.

Imagine how Buffett felt at that time—losing billions in a span of a few

days. Try to imagine that happening to you: Looking at your portfolio
at COLFinancial and seeing your P50,000, or P100,000, or P1 million go
down by 40 percent. How would you feel?

But Warren, the original Turtle, didn’t flinch. Instead, he got excited
and kept buying.

Today, his stocks are bigger than ever.

Be like Warren. Always think long term.

What I’m Buying This Month

This May, like Warren, I’m going long term and buying SMPH
and ALI. It’s really illogical that their prices are so cheap—they’re
almost reaching to what they were during the pandemic when the
economy was closed.

Once again, be very patient. These companies will not always be

selling at a bargain. One day, they will rise. Obviously, we don’t
know when these two companies will reach their Target Price, but
like everything else in life, our patience will be rewarded.

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So here are our BOSS recommendations for May 2023:

• Buy SMPH anytime price is below P35.20.

• Buy ALI anytime price is below P34.78.

Happy investing, future multimillionaire!

May you become truly rich,

Bo Sanchez

P.S. Are You New in TRC? You MUST join our FREE TWO-NIGHT “QuickStart of New TRC Members.”
It will give you the next steps you need to take to start your financial journey. You can also ask all
the questions you want in this ZOOM workshop. For more details, message our team at support@
trulyrichclub.com.

Wealth is not built in days;

wealth is built in decades.
- The Turtle Always Wins
(store.bosanchez.ph)

STOCKS UPDATE Volume 15 | No. 57 | May 2023 2

 Dim Outlook,
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But Don’t Be Dismayed
By Mike Viñas

Between September last year to January of this year, it seemed like the U.S. Federal Reserve was
successful in managing inflation and avoiding a recession and a hard landing. This is what caused
the Philippine Stock Exchange Index to rally by as much as 25 percent during that period.

However, the previous assumption that

the U.S. economy will be able to stave
off a recession is now questionable. The
Fed’s aggressive tightening has caused
funds to shift away from bank deposits
and into higher-yielding money market
funds. Banks are also struggling
with losses on their long-term bond
investments due to changes in market
value. These developments were a
major factor in the recent closures of
Silicon Valley Bank and Signature Bank,
which led to concerns and more large-
deposit withdrawals from smaller
banks.

These banking issues are likely to result

in more stringent credit requirements,
which already began last year. This
will cause a decrease in liquidity, as
banks become more careful in lending
to borrowers. This further increases
the possibility of the U.S. going into a
recession, and such a development will
not be good for corporate earnings as
well as the stock market.

Based on current valuations of U.S.

stocks, it does not seem that the
market has already accounted for the
possibility of a recession. The S&P500
is currently trading above its historical
average P/E ratio. Also, while earnings are expected to increase, previous bear markets have
seen lower P/E ratios and significant drops in corporate earnings. Thus, if the U.S. does go into a
recession, there is room for stocks to decrease in value. This may happen even if the Fed will most
likely be forced to lower interest rates. In the past, U.S. stocks continued to decline despite the

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rate cuts of the Fed during a recession. This is because of the decrease in earnings growth, even
if interest rates were lower.

Fortunately, local banks are not as vulnerable to such issues compared to banks in the U.S. The
effect of the 425-basis points rate hike of the Bangko Sentral ng Pilipinas (BSP) is not as impactful
on the Philippine as compared to the 475-basis points rate hike of the U.S. Fed. This is because the
long-term bond investments of local banks are still manageable. Furthermore, local banks have
not seen a decline in their deposit base despite increasing interest rates. This is because savings
and checking deposits, which are less sensitive to interest rates, make up 78 percent of total
deposits in the Philippines.

According to research analysts, Philippine

stocks may still be at risk if the U.S. market
declines. An example of this was during
the 2008-2009 global financial crisis, when
the Philippine market still went down by
56 percent even if it did not have the same
issues as the U.S. and Europe. However,
analysts are saying that there is a probability
that any decline in local stocks may be less
severe this time around. It’s good to note
that foreign investors have been net sellers
since mid-2019 and that local stocks are very
cheap. Compare this to 2008-2009 when
the PSEi was higher, move expensive, and
foreign investors were consistent net buyers for more than three years leading to the height of
the global financial crisis then.

So, here’s what research analysts are recommending for investors like us to do. Although local
stocks may go down if the U.S. market drops, analysts don’t recommend a complete exit from the
stock market. They’re saying keep your investments in Philippine stocks. This is because stocks are
already cheap and they say it might not decrease further. Instead, they recommend investors to
invest in cheap, large cap, defensive stocks that pay cash dividends, particularly in the power and
consumer sectors. This is because larger-cap defensive stocks are less prone to sell-offs and they
offer cash dividends. This makes it easier for investors to wait until valuations to recover, even
though it could take some time. Among our SAM stocks, AP, JFC, DNL, and PGOLD would fall into
the description mentioned above.

As our outlook is a bit dim, do not be dismayed. Stay invested as recommended, because historically,
such times of decline create opportunities for future potential growth.

*Sources: COL Financial Research, Caylum Trading Institute, Inquirer.net, Investopedia.com

Bo’s Strategic Stocks (BOSS)

SMPH and ALI
May 2023

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SAM Table as of MAY 2, 2023 Closing

CURRENT BUY-BELOW
STOCK TARGET PRICE RECOMMENDATION MAX %
PRICE PRICE

AC   640.00 788.70 907.00   Continue buying 15%

ALI   27.30 34.78 40.00 Continue buying 15%

ALLHC   2.92 4.00   5.40   Continue buying 10%

AP   38.10 39.30 45.20 Continue buying 10%

DNL   8.30 9.91 11.40 Continue buying 10%

FCG 0.77 1.00 1.20 Continue buying 10%

GTCAP   485.00 752.00 940.00 Continue buying   10%

JFC 225.20 254.78 293.00 Continue buying 12%

MBT   59.15 74.61 85.80 Continue buying   10%

MEG   2.03 3.72 4.28 Continue buying   10%

PGOLD   32.95 48.43 55.70 Continue buying   10%

RLC 14.58 20.80 26.00 Continue buying 10%

RRHI   54.30 67.60   84.50   Continue buying   5%

SECB   93.10 122.61 141.00 Continue buying   10%

SM 904.50 962.73 1,059.00 Continue buying 15%

SMPH 33.80 35.22 40.50 Continue buying 10%

BDO   141.90 115.65 133.00 Hold 10%

FGEN 15.94 27.70 31.85 Hold 10%

GLO   1,706.00 2,043.48 2,350.00   Hold 10%

MONDE   9.52 9.39 10.80 Hold 5%

TEL   1,203.00 1,530.43 1,760.00 Hold 10%

BPI   110.10 95.65 110.00 Hold 10%

MPI   4.41 7.64 8.79 Sell or Tender 10%

MER 335.00 329.17 395.00 Stop buying 15%

URC   146.00 141.74 163.00 Stop buying   10%

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TRC-RECOMMENDED MUTUAL FUNDS

FUND CODE FUND

XCOLEIF COL Equity Index Unitized Mutual Fund

XPEEQ Philequity Fund

XPEIF Philequity Index Fund

XSLEQ Sunlife Prosperity Equity Fund

TRC-RECOMMENDED REITs

ESTIMATED
PRICE AS OF CURRENT
REIT DIVIDEND YIELD GAIN/LOSS RECOMMENDATION
RECOMMENDATION PRICE
(2023)

AREIT 5.98% 29.90 33.90 13.38% Continue buying

FILRT 5.02% 7.00 5.29 -24.43% Stop buying

RCR 6.61% 6.45 5.77 -10.54% Continue buying

MREIT 6.83% 16.10 14.70 -8.70% Continue buying

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SAM PRICE WATCH
CHEAP % FROM TARGET PRICE ESTIMATE EXPENSIVE

lower than -45% to -30% to -15% to 0% to higher than

-45% -30% -15% 0% 15% 15%

Banking & BDO

Financials SECB MBT BPI

Commercial
ALLHC
& Industrial

Holding MPI
AC SM
Companies GTCAP

PGOLD
Consumer & JFC URC
RRHI
Retail DNL MONDE
FCG

Gaming

Mining

Power FGEN AP MER

ALI
Property MEG SMPH
RLC

Telecoms TEL GLO

LEGEND CONTINUE BUYING STOP BUYING HOLD/SELL

Mike Viñas is a stock market investment trainer, Certified Securities Representative, and Certified
Investment Solicitor of COL Financial Group, Inc.

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8
Volume 15 | No. 57 | May 2023
STOCKS UPDATE
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