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Conservative Estimate (Dividend Yield): PHP 538 Base Case (P/E & Blended): PHP 684 Optimistic Case (DDM Growth Model): PHP 860 Fair Value Estimate: PHP 616 per share, with a possible trading range of PHP 538 - 860.

Enables Drones to fly beyond the visual line of sight through coms. Military, Deliveries, Inspection, communication Elsight limited is engaged in providing ground-breaking hybrid (on-the-move or fixed) video/ data capturing, recording and transmission for various real- tactical security and surveillance purposes/applications.

Catalysts Are there any products or services that could move sales or earnings meaningfully? Are there any industry tailwinds this stock is benefitting or hindered from?

DCF based on current analyst estimates of FCF, defensively reduced Using my standard discount rate of 15% Terminal PE of

Intro Amazon Web Services (AWS) continues to be the company’s most important profit driver. As enterprise demand for cloud and AI infrastructure grows, AWS has maintained strong revenue momentum and margin expansion.

Intro Apple Inc. (AAPL) has long been one of the most beloved stocks in the market, celebrated for its sleek products and loyal customer base.

Smartcenters has a diversified portfolio of clients that are pretty recession proof and immune to standard retail challenges Occupancy rate is higher than industry standards while also being able to charge more due to their quality locations Top-tier management that is financially conservative allows them to keep their incredibly high dividend in times of economic downturn while competitors were forced to lower dividends The company's financial position is solid and the giant dividend they are paying is still maintained by cash flows Expanding into mixed use facilities and self-storage will create a more diversified and secured revenue base Decrease in interest rates will lower costs and improve margins giving the company a better cash position to decrease debt or encourage growth

DCF based on current analyst estimates of FCF Using my standard discount rate of 15% Terminal PE of 20

DCF based on current analyst estimates of FCF Using my standard discount rate of 15% Terminal PE of 25